基于国内知名网贷平台的数据,采用固定效应模型和双重差分分析方法,研究了智能投顾的使用对于投资者的投资金额和风险偏好的影响。实证结果表明,智能投顾的使用会减少投资者的单笔投资金额,增加投资者的总投资金额,并使得投资者的风险偏好趋于保守。研究结果丰富了智能投顾和行为金融学的研究内容,加深了智能投顾企业对于投资者行为的理解,使其可以更好地设计和完善相关服务。
人类正阔步迈进智能时代、智能社会.人工智能作为一种应用场景广泛、开放性的技术正深刻地改变着零售行业,并对零售价值链持续优化,技术的突破覆盖到每一个业务阶段,使它们相互叠加并彼此影响.人工智能对零售行业变革的核心内涵是以技术为核心驱动,通过提供价值触达供应端和需求端,直接造成人与企业的互动的颠覆性变化,促成了"AI+零售"的创新融合新格局.全面梳理了人工智能在零售行业应用的具体实例,分析了人工智能处理任务的4种类型,归纳出人工智能在零售行业的应用和新零售场景的塑造.剖析了人工智能应用场景落地引起零售行业变革升级的底层逻辑,将其归纳为有效性价值、效率性价值、体验性价值和增强性价值4大关键因素.最后,提出消费者和企业分别所面临的显性和隐性的挑战.
现有的随机波动率模型存在这样一个问题:给定一组参数,在一定的标的资产波动率水平下,单因子模型只能产生陡峭或平滑的期权隐含波动率曲线,而不能同时存在两种形态,这与实际观察的数据不符。为了更准确地刻画市场隐含波动率曲面,研究一种双因子4/2随机波动率模型,该模型结合了Heston模型和3/2模型。采用Lewis的基础变换法将期权定价问题转化为求解偏微分方程（PDE）的问题;利用标普500指数期权数据估计模型的参数,并且比较了不同模型在期权定价上的差异。结果表明,4/2模型的期权价格拟合误差小于另外两种模型,弥补了原模型的不足。
在碳交易政策下的两级低碳供应链中,针对供应商可能利用私有成本信息增加自身利润损害零售商和供应链绩效的问题,探讨供应商投资减排后不同主导力量下供应商的成本信息谎报行为和供应链协调策略。研究发现:供应链主导力量对供应链利润在供应链成员间的分配、供应链的整体绩效和供应商的最优成本谎报策略均有影响。供应商主导型供应链中,供应商不会谎报其成本信息;零售商主导型供应链中,供应商在一定条件下会采取相应的谎报策略以使自身利润最大化,影响减排量、低碳产品零售价格以及零售商和供应链的绩效等。因此,设计一种固定减排量下依赖于批发价格的线性补贴惩罚机制进行协调。在合适的契约参数设置下,此机制在激励供应商反馈真实成本信息的同时能够实现低碳供应链的完美协调,并且能将供应链利润在零售商和供应商之间进行自由划分。最后,通过数值分析对结论进行验证并探讨了谎报因子与零售商和供应商利润的关系。
以上证50ETF期权为研究对象,重点分析上证50ETF的隐含偏度与市场情绪之间的关系.与以往的相关研究不同,对于可能引致期权隐含分布左偏的市场情绪进行了分解,通过对所分解的情绪成分及其与左偏分布特征的关系进行实证检验,重点研究了情绪中的非理性成分在原生市场和衍生市场之间的跨市场传递,以进一步探究出影响市场稳定性的根源.研究表明:上证50ETF隐含分布的左偏程度与市场中的非理性情绪紧密相关,非理性情绪越高涨,隐含分布越呈现左偏;并且,在对已实现波动率、期权相对需求等变量加以控制后,结论依然成立.这意味着,现阶段,仅从中国ETF期权市场中提取关于ETF未来预期信息的想法不可行.
The performance of new firms depends very much on the heterogeneity of entrepreneurial team,but the existing studies do not provide reasonable evidence of the path between them.Using a questionnaire survey consisting 256 new technology enterprises,we empirically investigate the relationship between entrepreneurial team heterogeneity,dynamic capabilities,and the performance of new firms.The results show that the social heterogeneity (age and education) and functional heterogeneity (industry experience and occupational experience) of entrepreneurial teams are positively related to the performance of new firms significantly.This relationship is mediated by firms' dynamic capability.The results have theoretical enlightenment for the study of the important factors affecting new firm performance,and significant practical implications on the construction and management of entrepreneurial team.
根据网络的无标度特性建立了基于知识创造行为的组织知识网络演化模型,选用Matlab软件进行数理仿真.研究结果表明:不同的演化时间对网络结构能够产生影响;相比于随机网络和普通网络,小世界网络是个体进行自主研发和知识流动的最优选择;知识贬值率越高,网络知识创造的收益越小,越能激发个体的知识交流欲望,知识变化幅度越大;知识活性程度越高,网络的平均知识存量越少,个体对现有知识的保护意识越强,对自主研发能够起到促进作用,但不利于个体间的知识流动.
Performance management is a very important in enterprise management.Performance appraisal can be achieved by various departments within the enterprise management,and the reasonable selection of performance indicators is the foundation and basis in designing agency contract.We include interrelated performance measures and interactive effort into the project of the optimal incentive contract,employing the comparative static analysis method to study how interrelated performance measures and interactive effort affect the choice of optimal incentives.The study indicates that both performance measures and managerial tasks interact with each other.The incremental information that the various performance measures has brought about depends on the agent's tasks(i.e.,substitute or complementary).Moreover,we find that under certain conditions increases in performance measure interrelations translates into increased profits.if the task is mutual substitutable,the impact on the level of profits depends on the relative variance between indicators.Based on this,we put forward some policy suggestions.For example,when the principal designs the incentive contract,he or she should include non-financial indicators,and analyze both various interrelated performance measures and interactive effort.Meanwhile,attention should be paid to how to use the comprehensive performance measures and disaggregate performance measures.
Utilizing the closing price of A shares in Shanghai and Shenzhen stock market from 2002to2012,we establish the dynamic weighted stock correlation networks from the perspective of complex network,and analyze the topology structures,resilience and its influencing factors.The empirical results demonstrate that the topology structures are highly linearly correlated.The higher the average price fluctuation correlation among the stocks,the smaller and highly clustered are the networks.The topology structures and market trends have strong relationships.The clustering coefficient and stock returns are positively correlated with resilience,and the node entropy and stock return volatility are negatively correlated with resilience.
Taking the single-purpose commercial prepaid card with a fixed nominal value(businesses often call it stored value cards)of a company in Shandong province of China as a case,we establish a multi-channel queuing model of the commercial prepaid cards precipitation capital(M/M/c/∞)and perform the empirical test.The results show that a large number of precipitation funds is formed under the conditions that the average funding service rate is less than the average capital arrival rate.For the precipitation funds utilization,according to the money arrival rate,we obtain the time probability distribution that the consumers are willing to wait for and the corresponding balance.Then,by comparing the three kinds of fund use plan,we find that although it is possible to improve the precipitation efficiency of the funds by improving the average service rate,the company in this case usually bought the bank financial products before the related regulations were issued.Currently,the company just deposits precipitation funds into the bank to obtain stable interests or buys bank financial products more unobtrusively.
Relationship conflict is one of the inevitable phenomenon of the interactive processes in work teams,meaning that it is important to pay more attention to relationship conflict management.The present study integrates contingency theory,social cognitive theories and emotion theories to examine the effects of relationship conflict,team efficacy and team emotional intelligence on team performance.The results based on 68 teams show that relationship conflict is negatively related to team performance,whereas team efficacy and team emotional intelligence significantly improves team performance.Furthermore,team efficacy plays as an important moderator between relationship conflict and team performance,which means relationship conflict has a strong negative impact on team performance in low efficacy teams and the negative effect disappears in high efficacy teams.However,the moderating effect of team emotional intelligence on the relationship between relationship conflict and performance is not significant.
From the view of community succession,we divide the stages of technology evolution in industry.We then use the improved Echo Model to establish a simulation model of technology evolution in industry,and do the agent-based simulation with NetLogo.The results show that,technology evolution in industry can be divided into four stages,namely,noninterference stage,mutual-interference stage,sharing stage and co-evolutionary stage.In the early times of the evolution,the agents in the industry mainly show relationships of competition;as the evolution goes,relationships among agents tend to be increasingly complex.When there are appropriate competition and stable cooperation among agents,technology evolution in industry enters into a stable stage;the interaction and evolution relationships of technologies in industry are determined by the changes of CAE;the evolution direction of industry technology depends on the integral roles of environmental choices,exclusion and attraction,and has the characteristics of pathdependence;severe environmental fluctuations and the bottleneck of faultare the key elements that influence the stability of technology evolution in industry;the cooperation in strategic alliance is the indicator of modern technology evolution in industry.
While information technology outsourcing today occupying a higher proportion of the whole outsourcing business,the outsourcing party faces high risk after choosing an IT vendor.Using the Deuel Philippines method,we quantify the outsourcing risks based on the related literature.We invite industry experts to give the quantitative evaluation twice and screen the pre-listed risks.Using the risk matrix method analysis,we divide the information technology outsourcing risks into different levels.We then use the Fuzzy Analytic Hierarchy Process(FAHP)to measure the risk based on the studies of the ITO from an enterprise,and find that among risk nodes,there are three high risk level,nigh teen higher risk level and two medium risk level.
In this paper common volatility spillover among the main counties is analyzed by the spectral clustering-independent component analysis-Granger Model.First,we use GARCH model to describe the volatility of the main countries,and the spectral clustering method to partition the volatility data sets.We then use the independent component analysis and Granger causality test to analyze spillover among the main counties in different periods.The results show that the proposed model can effectively describe the common volatility spillover of the three financial crisis.
With many regional synergetic science and technology innovation practices in the domestic and foreign countries,there is lack of theoretical research on how to correctly evaluate the performance of regional synergetic science and technology innovations. However,performance evaluation of regional synergetic science and technology innovation is an important tool to measure and control the regional synergetic science and technology innovation.We construct the performance evaluation index system for this,and based on this index system,we use a Two-Tuple Linguistic Model to avoid the evaluation information losses.Through the empirical study,we show that the evaluation model is effective.
The global innovation landscape is changing open innovation.In open innovative team,electronic argumentation based on Web is becoming one of the most primary and important innovative activities.It is very important to mine,identify and visualize the argumentation topic of mass argumentation information in the process of open team innovation.These benefit not only mastering the whole team progress and the latest development rapidly and accurately,but also recommending appropriate knowledge and field experts to team members according to their argumentation topics.In order to strike on the main problems of classic text topic mining,an automatic topic identification method is studied and proposed in this paper.A semantic computing method based on argumentation ontology and argumentation tree structure is proposed and built during documentation modeling phase.AntSA algorithm is employed for short-text clustering during topic mining phase.The contribution ratio of the nouns in each category node to argumentation topics is proposed and computed to identify topics of each category.Consequently,the visualization system of topic identification for open team innovation argumentation is designed anddevelopment based on the proposed method.The visualization system is able to automatically identify and intuitively exhibit semantic relationships and structural relationships between various argumentation topics.Experiment study of topic identification method for open team innovation argumentation is conducted as well.
With growing constraints on resources and environments,strategic emerging industries are regarded as a key to the plan of future industries by governments.With the case of new energy car,we extend the N-W model and history friendly model,and characterize the old and new technology paradigms via product performance,sale price and consumer expenditure,and construct the market selection mechanism with business decision,consumer choice and market competition.Using system simulation,we simulate the car industry evolution process under the new technology shock,and study the support effect of public policy for new energy car companies.The results show that,when traditional cars enter the market first,they can become the market leader with the advantages of product performance and sale price,only a small part of the new energy car companies can survive in the market,but the profit level and market share are very limited;consumer subsidies help reduce the price threshold of new energy car and stimulate the purchase of new energy car in the short term,and the effect of policy is responsive;infrastructure construction through improved consumer satisfaction of subsequent use to expand the scale of demand,although the effect being relatively slow,enhances the competitiveness of new energy carcompanies fundamentally.
Business process outsourcing( BPO) plays an increasingly important role in the strategic development of firms. While successful implementation can bring many benefits to enterprises,the poor implementation of BPO will bring many risks. One possible factor causing the failure of BPO is the mismatch among contracts,outsourced business processes and service providers. How to design effective incentive contracts by combining the characteristics of outsourced business processes is an important topic. In the currentresearch on outsourcing contract design,very few of them investigate the impact of factors related to the outsourced business or service,in particular, modularity. As an important attribute of business process, business process modularity has influence on the implementation of BPO. Thus,in the design of incentive contracts it is necessary to consider the impact of business process modularity.Since there is no research available on how business process modularity affects the design of incentive contracts in the context of outsourcing,this paper designs an incentive contract with the impact of business process modularity in the context of BPO by using the principal-agent model. This paper also analyzes the impact of business process modularity,observability,outcome uncertainty on revenue sharing coefficient( i. e. incentive intensity coefficient),reward-punishment( R-P) intensity coefficient,outsourcing firm's expected profit,agency costs and the value of monitoring information systems. To improve the performance of the contract,the model uses revenue sharing mechanism and R-P mechanism simultaneously.The results show that increasing modularity,observability and output uncertainty of business process can reduce moral hazards from service providers,and improve outsourcing firm 's profit. When business process modularity and the value of monitoring information system are low,outsourcing firms are not inclined to purchase information systems. In both cases of using and not using monitoring information system,business process modularity affects revenue sharing coefficient differently. When the outsourcing firm does not use information systems,the revenue sharing coefficient is an increasing function of business processes modularity. When the outsourcing company uses information systems,the revenue sharing coefficient will firstly increases and then decreases as business processes modularity increases.When the outsourcing company does not use information systems,R-P intensity coefficient is always less than its maximum value and increases as business process modularity becomes bigger. When the outsourcing firm uses information systems,R-P intensity coefficient may be equal to its maximum value. In addition,as business process modularity gets bigger,R-P intensity coefficient may increase or remain to be the maximum value. Under the situation of the outsourcing firm not using the information system and when the output of outsourced business process is more certain,the revenue sharing coefficient will be higher,R-P intensity coefficient will be lower,the service provider will work harder,and the outsourcing company will obtain more profit and pay lower agency cost. When business processes are more observable,the revenue sharing coefficient will be lower,R-P intensity coefficient will be higher,the service provider will work harder,and the outsourcing company will obtain more profit and pay lower agency costs.
During the last several decades,IS projects are becoming more and more sophisticated.The study for IS project management is moving to project governance.However,the IS project governance study in China is just starting.To promote the research on IS project governance in China,we analyze the concepts for IS project governance,and introduce the IS project governance based on five perspectives model,We discuss the details from the viewpoints of strategy alignment,decision control,risk and resource management,and value creation.We identify the future research based on real problems in organizations.
RD needs continuous investment for a long time,while enterprises' financing,especially high-tech enterprise'financing is full of risks.The fluctuations of RD spending may lead to high adjustment costs,thus firms should maintain a stable RD spending.Based on eighty listed high-tech companies,we examine the effect that cash holdings have on RD spending and its impact on firm's competitive performance in product market.We find that cash holdings has a significant smoothing effect on RD spending,and the smoothing effect has a positive impact on firm's performance on product market.Both RD spending and cash holdings have a greater impact on firm's performance on product market in firms keeping a higher levels of investment smoothing.Moreover,when firms are financial constraints,the smoothing effect is more significant,and cash holdings' positive effect on the performance of product market competition is more obvious in firms keeping a higher levels of investment smoothing.
