This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 com...This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 companies were selected to empirically examine the impact and moderating role of female executives on corporate digital transformation.Findings reveal that the proportion of female executives positively promotes corporate digital transformation.Further analysis indicates that female executives drive digital transformation by enhancing corporate innovation investment and risk control capabilities.Supported by the heterogeneity analysis,it shows that this effect is more pronounced in high-tech industries,non-state-owned enterprises,and companies in economically developed regions.This study provides a gender-perspective theoretical explanation for the drivers of digital transformation and offers practical insights for optimizing corporate executive teams.展开更多
According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pres...According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pressure is a huge psychological burden and desire generated by the combined action of the self-interested value orientation of the economic man and the value-oriented market economy in the pursuit of wealth.Opportunity refers mainly to the weak restrain on the asset operation responsibility of the executives,the cultural atmosphere of advocating the status and authority in the enterprises,and the lack of necessary power balance and internal control,all of them are caused by the system defects of the company systems under the public ownership.Excuses mainly have such forms as"kickbacks","borrowed money"and unreasonable design of remuneration and incentive systems,etc.The effective way to prevent executives of state-owned enterprises from committing professional embezzlement is to select the personnel with excellent conduct and ability as executives,create the corporate culture of honesty and trustworthiness,perfect a variety of mechanisms and systems,urge the effective implementation of the system,and maintain the normal operation of the mechanism.展开更多
After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions b...After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions between the higher executives and administrative sections and further construes with cost and benefit utility model, and finally put up some countermeasures.展开更多
Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of di...Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of digital transformation.The results show that:(1)there is a positive correlation between female executives and financial performance;(2)the improvement in digital transformation inhibits the positive impact of female executives on financial performance.Enterprises should provide more career development opportunities,eliminate gender bias,and select women with leadership qualities to join management,thereby creating value for the organization.Simultaneously,female executives should enhance their awareness of technological innovation and adopt a“digital”mindset.In the wave of the digital economy,they should leverage digital technologies for research,design,production,and operations,seize opportunities for reform,and help enterprises improve quality and efficiency.展开更多
In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and ...In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and other enterprises. Therefore, executive replacement as an important part of corporate governance, will affect the growth of the company. This paper analyzes the factors of the change of executive, so as to study the effect of the performance of the company after the replacement of the executives.展开更多
This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the ...This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the mechanism.Empirical analysis confirms that the increase in the degree of economic policy uncertainty promotes enterprise innovation.Further results show that this promotion effect is more significant in enterprises with male executives,low educational level,no financial experience and political background.Moreover,the positive impact is only found in enterprises with moderate executive ability,and the overconfidence of senior executives plays a positive regulating role in it.展开更多
Utilizing an event study methodology,this research examined the impact of the US semiconductor restrictions on corporate valuation.The findings reveal that publicly traded Chinese semiconductor firms suffered signific...Utilizing an event study methodology,this research examined the impact of the US semiconductor restrictions on corporate valuation.The findings reveal that publicly traded Chinese semiconductor firms suffered significantly diminished stock returns following the onset of the restrictions.The market's anticipation of disrupted business ties and the potential withdrawal of these key executives drove the decline in firm value.This negative impact was most acute in companies lacking prior US supply chains or cross-border mergers and acquisitions experience.Further analysis show that the presence of US CEOs exacerbated these losses while high levels of foreign shareholding served as a mitigating factor.Long-term data indicates that exposed firms aggressively scaled up R&D personnel to compensate for the loss of external expertise.This research highlights the importance of diversifying executive team,supply chain,and capital structure to mitigate geopolitical risks.展开更多
This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism...This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism,and further explore the effectiveness boundary of science and technology policy.The results show that there is a significant positive correlation between science and technology policy and executive compensation;there is a significant positive correlation between technology policy and enterprise innovation;there is a significant positive correlation between science and technology policy and enterprise innovation;executive compensation plays a partial intermediary effect between technology policy and enterprise innovation.Further research on the effectiveness boundary of science and technology policy shows that:first,management power can strengthen the positive correlation between science and technology policy and executive compensation;second,regional factors have a greater impact on the relationship between science and technology policy and enterprise innovation.The ethnic regions and western regions with poor economic development level weaken the positive incentive effect of science and technology policies on enterprise innovation.展开更多
Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executive...Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.展开更多
Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among execu...Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among executives at listed Chinese companies--in some years even larger than that between rank-and-file employees--is mainly caused by the exorbitant executive compensation at a minority of companies. （2） Between 2005 and 2012, the compensation gap first widened dramatically and then diminished gradually. The leading factor in this fluctuation was the drastic rise and fall in the level of executive compensation at a handful of financial enterprises. The main reason for the narrowing of the compensation gap is central government regulation, which has helped to curb the excessive growth of executive compensation in society as a whole. （3） Even in the same round of fluctuation, state-owned listed companies differ markedly from non-state-owned listed companies in the way their executive compensation is decided. （4） State-owned listed companies＇ executive compensation strategies and their internal governance structure have not played their due role in moderating the overly rapid growth of their executives＇ compensation or in reducing the compensation gap.展开更多
This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018...This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018.Previous studies tend to conclude that female executives are risk averse,preventing firms from participating in high-risk financial investments.However,the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization,with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization.Further tests show that gender inequality is a possible mechanism influencing female executives'financial investment preferences in the unique gender culture context of China.This paper expands the research on the impact of non-institutional factors on corporate financialization,and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization,and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization.Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions.展开更多
In the process of programmable networks simplifying network management and increasing network flexibility through custom packet behavior,security incidents caused by human logic errors are seriously threatening their ...In the process of programmable networks simplifying network management and increasing network flexibility through custom packet behavior,security incidents caused by human logic errors are seriously threatening their safe operation,robust verificationmethods are required to ensure their correctness.As one of the formalmethods,symbolic execution offers a viable approach for verifying programmable networks by systematically exploring all possible paths within a program.However,its application in this field encounters scalability issues due to path explosion and complex constraint-solving.Therefore,in this paper,we propose NetVerifier,a scalable verification system for programmable networks.Tomitigate the path explosion issue,we developmultiple pruning strategies that strategically eliminate irrelevant execution paths while preserving verification integrity by precisely identifying the execution paths related to the verification purpose.To address the complex constraint-solving problem,we introduce an execution results reuse solution to avoid redundant computation of the same constraints.To apply these solutions intelligently,a matching algorithm is implemented to automatically select appropriate solutions based on the characteristics of the verification requirement.Moreover,Language Aided Verification(LAV),an assertion language,is designed to express verification intentions in a concise form.Experimental results on diverse open-source programs of varying scales demonstrate NetVerifier’s improvement in scalability and effectiveness in identifying potential network errors.In the best scenario,compared with ASSERT-P4,NetVerifier reduced the execution path,verification time,and memory occupation of the verification process by 99.92%,94.76%,and 65.19%,respectively.展开更多
Exploring the mechanisms underlying willingness to buy(WTB)will help us identify neural indicators for predicting the performance of innovative products.Using functional magnetic resonance imaging,we asked participant...Exploring the mechanisms underlying willingness to buy(WTB)will help us identify neural indicators for predicting the performance of innovative products.Using functional magnetic resonance imaging,we asked participants to view products created by combining two components,including high applicability new combinations(HANCs),which provide a novel and practical application;and low applicability new combinations(LANCs),which provide no additional value.First,we found that WTB generally involves activation of the parahippocampal gyrus.For HANC,activation in the pars opercularis of the inferior frontal gyrus(IFG oper)is associated with WTB.Second,representational similarity analysis revealed that for HANC,the interrelation between the elements and combinations in the IFG oper predicts WTB.Third,multivoxel pattern analysis found that classification accuracy in the IFG oper predicts the difference in WTB between HANCs and LANCs.In conclusion,WTB requires default mode network-based associative processing.For HANC products,executive control network-based processes are necessary for value construction.展开更多
Since the advent of smart contracts,security vulnerabilities have remained a persistent challenge,compromsing both the reliability of contract execution and the overall stability of the virtual currency market.Consequ...Since the advent of smart contracts,security vulnerabilities have remained a persistent challenge,compromsing both the reliability of contract execution and the overall stability of the virtual currency market.Consequently,the academic community has devoted increasing attention to these security risks.However,conventional approaches to vulnerability detection frequently exhibit limited accuracy.To address this limitation,the present study introduces a novel vulnerability detection framework called GNNSE that integrates symbolic execution with graph neural networks(GNNs).The proposedmethod first constructs semantic graphs to comprehensively capture the control flow and data flow dependencies within smart contracts.These graphs are subsequently processed using GNNs to efficiently identify contracts with a high likelihood of vulnerabilities.For these high-risk contracts,symbolic execution is employed to perform fine-grained,path-level analysis,thereby improving overall detection precision.Experimental results on a dataset comprising 10,079 contracts demonstrate that the proposed method achieves detection precisions of 93.58% for reentrancy vulnerabilities and 92.73% for timestamp-dependent vulnerabilities.展开更多
Against the backdrop of a widely spread-ing global economic crisis, coupled with the slowdown facing China’s own economy, cases of fraud and corruption are becoming a
Xu Liuping,director of the board of Chang'an Auto Group,had just come back from Japan and north America before the opening of this year's Shanghai auto show.He knew something about the financial crisis towards...Xu Liuping,director of the board of Chang'an Auto Group,had just come back from Japan and north America before the opening of this year's Shanghai auto show.He knew something about the financial crisis towards the overseas auto industry from reports and during this展开更多
This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided fo...This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.展开更多
Since last year,25 provinces across the country have revealed their payment reform schemes for state-owned enterprise（SOE）executives,aiming to impose certain limits on their salaries.In most areas,SOE executives’ba...Since last year,25 provinces across the country have revealed their payment reform schemes for state-owned enterprise（SOE）executives,aiming to impose certain limits on their salaries.In most areas,SOE executives’basic annual salaries are set to be no more than two times those of ordinary workers.展开更多
文摘This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 companies were selected to empirically examine the impact and moderating role of female executives on corporate digital transformation.Findings reveal that the proportion of female executives positively promotes corporate digital transformation.Further analysis indicates that female executives drive digital transformation by enhancing corporate innovation investment and risk control capabilities.Supported by the heterogeneity analysis,it shows that this effect is more pronounced in high-tech industries,non-state-owned enterprises,and companies in economically developed regions.This study provides a gender-perspective theoretical explanation for the drivers of digital transformation and offers practical insights for optimizing corporate executive teams.
文摘According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pressure is a huge psychological burden and desire generated by the combined action of the self-interested value orientation of the economic man and the value-oriented market economy in the pursuit of wealth.Opportunity refers mainly to the weak restrain on the asset operation responsibility of the executives,the cultural atmosphere of advocating the status and authority in the enterprises,and the lack of necessary power balance and internal control,all of them are caused by the system defects of the company systems under the public ownership.Excuses mainly have such forms as"kickbacks","borrowed money"and unreasonable design of remuneration and incentive systems,etc.The effective way to prevent executives of state-owned enterprises from committing professional embezzlement is to select the personnel with excellent conduct and ability as executives,create the corporate culture of honesty and trustworthiness,perfect a variety of mechanisms and systems,urge the effective implementation of the system,and maintain the normal operation of the mechanism.
文摘After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions between the higher executives and administrative sections and further construes with cost and benefit utility model, and finally put up some countermeasures.
文摘Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of digital transformation.The results show that:(1)there is a positive correlation between female executives and financial performance;(2)the improvement in digital transformation inhibits the positive impact of female executives on financial performance.Enterprises should provide more career development opportunities,eliminate gender bias,and select women with leadership qualities to join management,thereby creating value for the organization.Simultaneously,female executives should enhance their awareness of technological innovation and adopt a“digital”mindset.In the wave of the digital economy,they should leverage digital technologies for research,design,production,and operations,seize opportunities for reform,and help enterprises improve quality and efficiency.
文摘In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and other enterprises. Therefore, executive replacement as an important part of corporate governance, will affect the growth of the company. This paper analyzes the factors of the change of executive, so as to study the effect of the performance of the company after the replacement of the executives.
基金the support of Humanities and Social Sciences Foundation of the Ministry of Education"Research on policy uncertainty,non-financial enterprises’shadow banking activities and its economic effects"(20YJC790040)School Level Special Research Project of Beijing International Studies University(KYZX20A008).
文摘This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the mechanism.Empirical analysis confirms that the increase in the degree of economic policy uncertainty promotes enterprise innovation.Further results show that this promotion effect is more significant in enterprises with male executives,low educational level,no financial experience and political background.Moreover,the positive impact is only found in enterprises with moderate executive ability,and the overconfidence of senior executives plays a positive regulating role in it.
基金support from the National Natural Science Foundation of China(No.72203061)the Fundamental Research Funds for Central Universities(No.CXJJ-2023-429)+1 种基金the Fundamental Research Funds for the Provincial Universities of Zhejiang(No.3091JYN9924002G-09)the Major Project of the Central Marxist Theory Research and Construction Program(No.2024MZD032).
文摘Utilizing an event study methodology,this research examined the impact of the US semiconductor restrictions on corporate valuation.The findings reveal that publicly traded Chinese semiconductor firms suffered significantly diminished stock returns following the onset of the restrictions.The market's anticipation of disrupted business ties and the potential withdrawal of these key executives drove the decline in firm value.This negative impact was most acute in companies lacking prior US supply chains or cross-border mergers and acquisitions experience.Further analysis show that the presence of US CEOs exacerbated these losses while high levels of foreign shareholding served as a mitigating factor.Long-term data indicates that exposed firms aggressively scaled up R&D personnel to compensate for the loss of external expertise.This research highlights the importance of diversifying executive team,supply chain,and capital structure to mitigate geopolitical risks.
基金supported by the National Natural Science Foundation of China under Grant No.72362001,titled'Compensation Incentive Mechanism of Accounting Firms:Theoretical Framework,Incentive Effect TestOptimization Reconstruction,'and the Guangxi Philosophy and Social Sciences Planning Project under Grant No.21BGL013,titled'Research on the Incentive Effects and Mechanisms of State-owned Capital Reverse Mixed Reform Promoting High-quality Development of Private Enterprises.
文摘This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism,and further explore the effectiveness boundary of science and technology policy.The results show that there is a significant positive correlation between science and technology policy and executive compensation;there is a significant positive correlation between technology policy and enterprise innovation;there is a significant positive correlation between science and technology policy and enterprise innovation;executive compensation plays a partial intermediary effect between technology policy and enterprise innovation.Further research on the effectiveness boundary of science and technology policy shows that:first,management power can strengthen the positive correlation between science and technology policy and executive compensation;second,regional factors have a greater impact on the relationship between science and technology policy and enterprise innovation.The ethnic regions and western regions with poor economic development level weaken the positive incentive effect of science and technology policies on enterprise innovation.
基金the financial support from the National Natural Science Foundation of China(No.71272202)
文摘Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.
基金supported by Ministry of Education as a major project in philosophy and social sciences(11JZD015,12JZD030)the Special Fund for Basic Research at Central Universities(2012CXQT11,310400086)
文摘Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among executives at listed Chinese companies--in some years even larger than that between rank-and-file employees--is mainly caused by the exorbitant executive compensation at a minority of companies. （2） Between 2005 and 2012, the compensation gap first widened dramatically and then diminished gradually. The leading factor in this fluctuation was the drastic rise and fall in the level of executive compensation at a handful of financial enterprises. The main reason for the narrowing of the compensation gap is central government regulation, which has helped to curb the excessive growth of executive compensation in society as a whole. （3） Even in the same round of fluctuation, state-owned listed companies differ markedly from non-state-owned listed companies in the way their executive compensation is decided. （4） State-owned listed companies＇ executive compensation strategies and their internal governance structure have not played their due role in moderating the overly rapid growth of their executives＇ compensation or in reducing the compensation gap.
基金the Major Program of the National Social Science Fund of China“Study on Building a Community of a Shared Future between China and ASEAN in the Context of Accelerated Evolution of the Great Changes”(23&ZD333)The Bagui Scholars Program of Guangxi Zhuang Autonomous Region China-ASEAN Big Data Research"(2019A39).
文摘This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018.Previous studies tend to conclude that female executives are risk averse,preventing firms from participating in high-risk financial investments.However,the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization,with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization.Further tests show that gender inequality is a possible mechanism influencing female executives'financial investment preferences in the unique gender culture context of China.This paper expands the research on the impact of non-institutional factors on corporate financialization,and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization,and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization.Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions.
基金supported by the National Key Research and Development Program of China under Grant 2023YFB2903902in part by the Science and Technology Innovation Leading Talents Subsidy Project of Central Plains under Grant 244200510038.
文摘In the process of programmable networks simplifying network management and increasing network flexibility through custom packet behavior,security incidents caused by human logic errors are seriously threatening their safe operation,robust verificationmethods are required to ensure their correctness.As one of the formalmethods,symbolic execution offers a viable approach for verifying programmable networks by systematically exploring all possible paths within a program.However,its application in this field encounters scalability issues due to path explosion and complex constraint-solving.Therefore,in this paper,we propose NetVerifier,a scalable verification system for programmable networks.Tomitigate the path explosion issue,we developmultiple pruning strategies that strategically eliminate irrelevant execution paths while preserving verification integrity by precisely identifying the execution paths related to the verification purpose.To address the complex constraint-solving problem,we introduce an execution results reuse solution to avoid redundant computation of the same constraints.To apply these solutions intelligently,a matching algorithm is implemented to automatically select appropriate solutions based on the characteristics of the verification requirement.Moreover,Language Aided Verification(LAV),an assertion language,is designed to express verification intentions in a concise form.Experimental results on diverse open-source programs of varying scales demonstrate NetVerifier’s improvement in scalability and effectiveness in identifying potential network errors.In the best scenario,compared with ASSERT-P4,NetVerifier reduced the execution path,verification time,and memory occupation of the verification process by 99.92%,94.76%,and 65.19%,respectively.
基金supported by the National Natural Science Foundation of China(32271097)the Major Project of the National Social Science Foundation of China(19ZDA043).
文摘Exploring the mechanisms underlying willingness to buy(WTB)will help us identify neural indicators for predicting the performance of innovative products.Using functional magnetic resonance imaging,we asked participants to view products created by combining two components,including high applicability new combinations(HANCs),which provide a novel and practical application;and low applicability new combinations(LANCs),which provide no additional value.First,we found that WTB generally involves activation of the parahippocampal gyrus.For HANC,activation in the pars opercularis of the inferior frontal gyrus(IFG oper)is associated with WTB.Second,representational similarity analysis revealed that for HANC,the interrelation between the elements and combinations in the IFG oper predicts WTB.Third,multivoxel pattern analysis found that classification accuracy in the IFG oper predicts the difference in WTB between HANCs and LANCs.In conclusion,WTB requires default mode network-based associative processing.For HANC products,executive control network-based processes are necessary for value construction.
基金supported by the National Key Research and Development Program of China(2020YFB1005704).
文摘Since the advent of smart contracts,security vulnerabilities have remained a persistent challenge,compromsing both the reliability of contract execution and the overall stability of the virtual currency market.Consequently,the academic community has devoted increasing attention to these security risks.However,conventional approaches to vulnerability detection frequently exhibit limited accuracy.To address this limitation,the present study introduces a novel vulnerability detection framework called GNNSE that integrates symbolic execution with graph neural networks(GNNs).The proposedmethod first constructs semantic graphs to comprehensively capture the control flow and data flow dependencies within smart contracts.These graphs are subsequently processed using GNNs to efficiently identify contracts with a high likelihood of vulnerabilities.For these high-risk contracts,symbolic execution is employed to perform fine-grained,path-level analysis,thereby improving overall detection precision.Experimental results on a dataset comprising 10,079 contracts demonstrate that the proposed method achieves detection precisions of 93.58% for reentrancy vulnerabilities and 92.73% for timestamp-dependent vulnerabilities.
文摘Against the backdrop of a widely spread-ing global economic crisis, coupled with the slowdown facing China’s own economy, cases of fraud and corruption are becoming a
文摘Xu Liuping,director of the board of Chang'an Auto Group,had just come back from Japan and north America before the opening of this year's Shanghai auto show.He knew something about the financial crisis towards the overseas auto industry from reports and during this
文摘This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.
文摘Since last year,25 provinces across the country have revealed their payment reform schemes for state-owned enterprise（SOE）executives,aiming to impose certain limits on their salaries.In most areas,SOE executives’basic annual salaries are set to be no more than two times those of ordinary workers.
