上海财经大学商学院坚持“顶天立地”的科研发展战略，积极引导教师聚焦聚焦学科前沿和国家重大需求，开展“中国问题、国际范式”的国际化高水平研究。2022年以来，商学院科学研究和社会服务能力稳步提升，研究领域的标志性理论创新成果不断涌现。本期学术成果专题，我们摘选2022年部分教师、学生发表在国际一类和国内权威A期刊上的论文，以飨读者。

面向新时代，商学院将继续深入贯彻党的二十大精神和习近平新时代中国特色社会主义思想，坚持以多元化、高质量为原则，以服务国家需求、引领学术发展为标准，大力激发师生科研创新活力，不断提升科研成果水平和社会服务能力，为中国式现代化建设贡献更多财经智慧。

  • (以下按论文发表时间、先国际后国内期刊排序。)

谢天

世经国贸系

出版

2022年1月

期刊

Management Science

论文题目

The Bigger Picture: Combining Econometrics with Analytics Improves Forecasts of Movie Success

作者

谢天 等合作发表

论文摘要

There exists significant hype regarding how much machine learning and incorporating social media data can improve forecast accuracy in commercial applications. To assess if the hype is warranted, we use data from the film industry in simulation experiments that contrast econometric approaches with tools from the predictive analytics literature. Further, we propose new strategies that combine elements from each literature in a bid to capture richer patterns of heterogeneity in the underlying relationship governing revenue. Our results demonstrate the importance of social media data and value from hybrid strategies that combine econometrics and machine learning when conducting forecasts with new big data sources. Specifically, although both least squares support vector regression and recursive partitioning strategies greatly outperform dimension reduction strategies and traditional econometrics approaches in forecast accuracy, there are further significant gains from using hybrid approaches. Further, Monte Carlo experiments demonstrate that these benefits arise from the significant heterogeneity in how social media measures and other film characteristics influence box office outcomes.

魏航

运营管理系

谢磊

运营管理系

出版

2022年1月

期刊

Production and Operations Management

论文题目

Mitigating Product Quality Risk under External Financial Pressure: Inspection, Insurance, and Cash/Collateralized Loan

论文摘要

We consider a single-period manufacturing problem wherein a risk-neutral manufacturer procures product components from an upstream supplier. Component quality is uncertain. Dysfunctional components result in defective products associated with an external failure cost. There is external financing pressure related to financial stress. The manufacturer can use the internal cash-flow and a collateralized loan to manage product quality risk through incoming inspection, business insurance, and cash hoard. We find that there is no cash hoard if a collateralized loan is used, and the cash hoard's value increases as external financing pressure decreases. Interestingly, more initial internal cash-flow does not always lead to more investments in inspection and insurance. We also find that business insurance may improve a manufacturer's inspection effort. Finally, we reveal that, as the initial internal cash-flow increases, inspection and insurance first substitute and then complement each other.

王诗翔

战略与创新创业系

出版

2022年5月

期刊

Journal of International Business Studies

论文题目

Shopping as locals: A study of conduit acquisition by multinational enterprises

作者

王诗翔 等合作发表

论文摘要

Foreign acquirers often encounter severe legitimacy challenges caused by the institutional distance between the home and host countries. In this study, we propose that conduit acquisition, in which an ultimate acquirer initiates a cross-border acquisition through one of its majority-owned subsidiaries already located in the host country or countries similar to the host country, can be used as a strategic response to institutional distance. Invoking institutional theory, we argue that the local presence of the conduit acquirer can help the ultimate acquirer interpret and meet the legitimacy requirements in the host country. This effect is weaker if an ultimate acquirer has alternative sources of legitimacy and is stronger if the acquisition triggers larger legitimacy concerns. Our empirical analyses of 6365 cross-border acquisitions in the United States from 2000 to 2016 support our hypotheses. We further find that conduit acquisition indeed lowers the deal failure rate and reduces the time to completion. By highlighting the organizational structure of cross-border acquisitions, this study points to a new strategic option for multinational enterprises.

李卓政

产业经济系

出版

2022年8月

期刊

AMERICAN ECONOMIC JOURNAL: MICROECONOMICS

论文题目

Experience Goods and Consumer Search

作者

李卓政 等合作发表

论文摘要

We introduce a search model where products differ in horizontal attributes and unobserved quality ("experience goods"), and firms can establish quality reputation. We show that the inability of consumers to observe quality before purchase significantly changes how search frictions affect market performance. In equilibrium, higher search costs reduce match values and increase price but can boost firms' investment in product quality. Under plausible conditions, both consumer and total welfare initially increase in search cost, whereas both would monotonically decrease if quality were observable from search. We apply the analysis to online markets, where low search costs coexist with low-quality products.

刁文

市场营销系

出版

2022年9月

期刊

Marketing Science

论文题目

Consumer Fairness Concerns and Dynamic Pricing in a Channel

作者

刁文 等合作发表

论文摘要

The extant literature has shown that when a firm increases its price because of increased demand, some consumers may have fairness concerns and experience psychological disutility when buying the firm’s product. This paper provides a two-period model to study the effects of consumers’ fairness concerns on firms’ dynamic pricing strategies and profits in a channel. Our analysis reveals a strategic link between the two periods—the retailer has a cost-reduction incentive of lowering its first-period price to induce the manufacturer to reduce the wholesale price in the second period. When the retailer’s cost-reduction incentive prevails, in equilibrium, the retail price stays unchanged, whereas the wholesale price decreases over time. Hence, our results provide an alternative explanation for the empirical observation that retail prices typically do not decrease when wholesale prices do. Further, we find that a higher demand increase in the second period can lead to a decrease in both wholesale and retail prices. Importantly, we show that consumer fairness concerns can result in a win-win outcome for the manufacturer and the retailer, which suggests that firms may prefer not using tactics such as price framing to alleviate fairness concerns.

苏东灵

世经国贸系

出版

2022年10月

期刊

Journal of Public Economics

论文题目

Political manipulation of urban land markets: Evidence from China

作者

苏东灵 等合作发表

论文摘要

Over the last forty years, China has experienced extraordinary growth under output market reforms, but the growth rates are now tapering off. Reforms in factor markets and city governance have been much slower and are viewed as having the potential to yield considerable efficiency gains. In this paper, we explore this possibility, tackling the key issues of local political manipulation of land markets and objectives of local leaders, constraints on the local budgetary process to finance infrastructure and capital market favoritism of certain cities. We use a structural general equilibrium model with trade and migration frictions, based on prefecture level data. We model the political process of land misallocation within cities which drives up housing prices and estimate city-by-city local leaders’ preferences over economic performance versus residents’ welfare. Counterfactual analysis shows that equalizing capital prices across cities, changing the political scorecard for city leaders to reward just maximization of local consumer welfare, and relaxing local budget constraints together increase welfare of consumers and returns to capital by 13.7% and 2.25% respectively. Housing prices would decline in almost all cities; and the reforms would reduce the current excessive, often showcase investment in local public infrastructure by 49% nationally. These reforms would significantly reduce the population of favored cities with low capital costs like Tianjin and Beijing and raise the population of cities with high costs of capital and low local-leader weights on consumer welfare like Shenzhen and Dongguan.

谢天

世经国贸系

出版

2022年11月（在线发表）

期刊

The Review of Economics and Statistics

论文题目

ℓ2-Relaxation: With Applications to Forecast Combination and Portfolio Analysis

作者

谢天 等合作发表

论文摘要

We propose ℓ2-relaxation, which is a novel convex optimization problem, to tackle forecast combination with many forecasts or minimum variance portfolio with many assets. ℓ2-relaxation minimizes the squared Euclidean norm of the weight vector subject to a set of relaxed linear inequalities to balance the bias and variance. It delivers optimality with approximately equal within-group weights when latent block equicorrelation patterns dominate the high dimensional sample variance-covariance matrix of the individual forecast errors or the assets. Its wide applicability is highlighted in three real data examples in microeconomics, macroeconomics, and finance.

殷倩波

运营管理系

出版

2022年12月（在线发表）

期刊

Production and Operations Management

论文题目

Effects of consumers' context-dependent preferences on product bundling

作者

殷倩波 等合作发表

论文摘要

Bundling can change consumers' choice set and affect their purchase decision. It is well documented that consumers' preferences depend on the bundling context. In this paper, we investigate the effects of consumers' context-dependent preferences (CDPs) on the firm's optimal bundling strategy in various competitive situations. We consider a market where a monopolist firm in product category A also sells a product in product category B. We analyze three scenarios in category B: (1) an independent firm selling a higher quality product, (2) two independent firms selling the higher quality product, and (3) the monopolist in category A is also a monopolist in category B. We find that CDPs can indeed change the firm's optimal bundling strategy. When the firm has a competitive disadvantage in category B, CDPs encourage the firm to offer the bundle (by either pure bundling or mixed bundling). Furthermore, if category B market is so competitive that the firm possesses negligible market power, mixed bundling can be strictly more effective at increasing the firm's profit than pure bundling because mixed bundling can better take advantage of CDPs. In contrast, if the firm has monopoly power in both categories, CDPs discourage the introduction of the bundle, and pure-component selling is optimal.

蔡亚华

人力资源管理系

李劲松

人力资源管理系

程佳琳(学)

19级企业管理博士

初版

2022年1月

期刊

心理学报

论文题目

礼之用, 和为贵？和谐管理理论视角下团队亲社会违规氛围对团队绩效的影响

作者

蔡亚华，李劲松，程佳琳(学) 合作发表

论文摘要

当前关于亲社会违规行为的研究主要集中于个体层面，但实践和理论都表明我们有探究团队亲社会违规氛围的必要性。为此，本研究聚焦于团队亲社会违规氛围这一概念，以和谐管理理论为基础，分别引入团队和谐作为中介变量和团队互依性作为调节变量，探讨团队亲社会违规氛围对团队绩效的影响机制和作用边界。本文以74个团队和334名团队成员为研究对象，通过对三阶段所获取的数据进行分析，结果显示：（1）团队互依性对团队亲社会违规氛围与团队和谐的关系具有调节作用:当团队互依性高时，团队亲社会违规氛围对团队和谐的负向影响更强；（2）团队和谐对团队绩效具有显著的正向影响；（3）团队互依性调节了团队亲社会违规氛围通过团队和谐对团队绩效的间接效应：当团队互依性水平较高时，团队亲社会违规氛围通过团队和谐对团队绩效的负向效应会被增强。本研究证实了团队亲社会违规氛围对团队绩效的作用机制与边界条件，拓宽了亲社会违规行为和团队和谐的相关 团队和谐对团队绩效具有显著的正向影响；（3）团队互依性调节了团队亲社会违规氛围通过团队和谐对团队绩效的间接效应：当团队互依性水平较高时，团队亲社会违规氛围通过团队和谐对团队绩效的负向效应会被增强。本研究证实了团队亲社会违规氛围对团队绩效的作用机制与边界条件，拓宽了亲社会违规行为和团队和谐的相关研究。

贺小刚

战略与创新创业系

出版

2022年4月

期刊

管理科学学报

论文题目

家族控制、经济期望与企业绿色责任的关系研究：来自中国上市公司的经验数据

作者

贺小刚 等合作发表

论文摘要

基于社会情感财富保护的动机，家族企业会更多地履行绿色责任吗？这种社会情感财富保护的动机会否因为经济期望的差异而有所不同？聚焦上述两个问题，利用2010年~2016年上市家族企业的数据，得到如下发现：第一，家族对企业的控制能力（包括家族所有权控制、家族成员参与管理以及家族控制时间）越强，则越会更多地履行绿色责任；家族对企业的控制意愿（包括家族命名和家族传承意愿）也影响到家族企业绿色责任的履行，尤其是当家族企业有较强的传承意愿时，其履行绿色责任的动力会更强。第二，企业的经济期望在家族控制与企业绿色责任之间发挥了一定的调节作用：当家族企业处于期望顺差的状态时，家族控制能力对企业绿色责任的促进作用会有所强化，家族传承意愿对企业绿色责任的促进作用也会有所强化；当家族企业处于期望落差的状态时，其调节作用没有得到验证。

容琰

人力资源管理系

出版

2022年5月

期刊

心理学报

论文题目

领导权力和地位对下属建言的影响——心理安全感的作用

作者

容琰 等合作发表

论文摘要

通过实验研究（研究1、2）和多来源、多时点的实地问卷调查（研究3），本文发现：领导权力对下属建言有消极作用，领导地位对下属建言有积极作用；领导地位调节领导权力对下属建言的影响，当领导地位较低时，领导权力对下属建言的负面作用增强，反之则不显著；领导地位对权力的调节作用通过下属心理安全感传递至下属建言行为。这一研究结果有助于阐明组织层级差异（如权力、地位）是如何影响下属建言行为的。

谢家平

运营管理系

朱卫君（学）

17级企业管理博士

出版

2022年6月

期刊

管理科学学报

论文题目

风电与火电的竞争性上网定价优化——碳约束政策的影响研究

作者

谢家平，朱卫君(学) 等合作发表

论文摘要

电力行业的高排放问题加速了碳约束时代的到来。本研究考虑不同的碳约束政策，针对由发电商-售电商组成的电力供应链，建构成本共担契约，研究碳约束下电力竞价与上网策略问题，并为碳排放规制政策在电力市场的推行提出建议。本研究表明：1)在竞争性的供电市场中解决风电上网难题，不但需平衡风电间歇性，而且需关注火电发电成本；2)在激进型的碳配额政策或碳税政策下，成本共担契约的引入既能促进风电上网，亦能实现电力供应链利润的帕累托改进；3)不同碳约束环境对参与主体的影响取决于税率以及碳配额的大小。碳配额与碳交易政策虽对售电商没有益处，但在适当的碳配额下，却是促进整个电力供应链发展的最优政策，此时，政府减少碳排放的有利举措为缩减碳配额或提高碳价，本研究揭示了政府策略选择应遵循的临界点。

牛晴晴（学）

19级国际贸易博士

出版

2022年7月

期刊

经济学季刊

论文题目

出生地对个体工资的影响：代际流动性与空间固化

作者

牛晴晴(学) 等合作发表

论文摘要

代际传递和空间差异共同影响社会不同阶层的晋升渠道，这对经济发展乃至中国梦的实现至关重要。本文研究发现个体出生环境对未来收入的影响由家庭代际传递能力和本地人力资本外部性共同决定。（1）城市人力资本水平和家庭代际传递对个体工资存在长期影响；（2）人口在城市间的流动会弱化出生地城市对个体工资的固化作用。利用相关外生冲击，如计划生育政策、《中华人民共和国义务教育法》和三线建设等准自然实验，发现个人收入的空间固化特征并未被显著削弱。政府应提升地区间教育资源均等化水平，推动人力资本在城市间的流动。

贺小刚

战略与创新创业系

出版

2022年10月

期刊

管理世界

论文题目

财富预期与企业家冒险行为：进取还是越轨？

作者

贺小刚 等合作发表

论文摘要

本文将企业家自身的财富预期纳入冒险性决策的理论模型，并对比分析了在财富预期看糟与财富预期看好两种状态下企业家选择进取式冒险还是越轨式冒险的偏好。基于中国民营上市公司的数据，本文得到以下研究结论：（1）在财富预期看糟状态下，企业家增加研发投入的动力随看糟程度的恶化而逐渐减弱，而其租金占用动机则随看糟程度的恶化逐渐增强。（2）在财富预期看好状态下，企业家呈现出“富则思安”的倾向，研发投入动力逐渐下降；同时又呈现出“好了还要更好”的倾向，租金占用动机显著增强。（3）产权环境的完善有助于遏制企业家在财富预期看好及看糟状态下的占用租金动机，且显著提高其在财富预期看糟状态下的研发投入动力。本文立足于行为理论，为深入理解转型经济背景下企业家如何在进取与越轨间进行权衡并作出选择提供了新的研究视角。

来源 ｜ 商学院学科科研办公室

责编 ｜ 吕建华 审编 ｜ 刘益如、沈梦雪