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The planning and construction of innovative university science and technology parks are facilitated on the basis of urban planning reconstruction, and the sustainable development of our country is the main basis for the implementation of the innovation plan and future design of university science and technology parks. However, some aspects of the transformation of a city have impeded the planning and development of university science parks. In order to solve this problem, in this study, the overall planning and successful establishment of science and technology parks in well-known universities were analyzed; and “Cambridge Future” was selected as the practical example and basis for the construction of innovative university science and technology parks; and then CATIC Science City in Nanjing was used as the object of empirical analysis. In addition, the construction of these parks in universities was evaluated through the case analysis and the excellent design strategies and results, and the planning model and construction concept of these parks were proposed after the contradiction between the transition stage of cities and the design of university science parks was resolved.

While the Chinese securities market is booming, the phenomenon of listed companies falling into financial distress is also emerging, which affects the operation and development of enterprises and also jeopardizes the interests of investors. Therefore, it is important to understand how to accurately and reasonably predict the financial distress of enterprises.

In the present study, ensemble feature selection (EFS) and improved stacking were used for financial distress prediction (FDP). Mutual information, analysis of variance (ANOVA), random forest (RF), genetic algorithms, and recursive feature elimination (RFE) were chosen for EFS to select features. Since there may be missing information when feeding the results of the base learner directly into the meta-learner, the features with high importance were fed into the meta-learner together. A screening layer was added to select the meta-learner with better performance. Finally, Optima hyperparameters were used for parameter tuning by the learners.

An empirical study was conducted with a sample of A-share listed companies in China. The F1-score of the model constructed using the features screened by EFS reached 84.55%, representing an improvement of 4.37% compared to the original features. To verify the effectiveness of improved stacking, benchmark model comparison experiments were conducted. Compared to the original stacking model, the accuracy of the improved stacking model was improved by 0.44%, and the F1-score was improved by 0.51%. In addition, the improved stacking model had the highest area under the curve (AUC) value (0.905) among all the compared models.

Compared to previous models, the proposed FDP model has better performance, thus bridging the research gap of feature selection. The present study provides new ideas for stacking improvement research and a reference for subsequent research in this field.

The purpose of this paper is to analyse the characteristics of environmental protection behaviours of community residents from the perspective of system dynamics.

Documentation method is used to collect the factors and environmental improvement intervention strategies that influence the environmental protection behaviours of community residents from the top journals. To analyse the characteristics of the environmental protection behaviours of community residents which are nonlinear and dynamic, system dynamics (SD) are drawn. The initial value for simulation is obtained from the investigation report of some communities in China by questionnaires method.

The simulation shows that a process of continuous and interactional feedback is formed among environmental improvement intervention strategies, living context, environmental behavioural intention and environmental protection behaviours. These influences affect how environmental protection behaviour is affected by frequency of community environmental publicity, frequency of community participation regulation and local government investment, all of which are significant and decrease successively. Living context and environmental behavioural intention, which are intervened by the three strategies, can promote community residents’ environmental protection behaviours and reduce the degree of environmental pollution in communities.

The goal of reducing the community environmental pollution may be achieved, because the community environmental management departments can use this system dynamics approach to intervene the environmental protection behaviours of community residents.

The nonlinear and dynamic interactions among influencing factors are illustrated for an in-depth understanding of the environmental protection behaviours of community residents in this study. In addition, the initial parameter value and correlation coefficients are obtained for simulation through the questionnaire survey given to Chinese community residents to avoid the subjectivity of system dynamics.

This paper aims to take International SPOrt (ISPO) as a typical case to study how exhibition organizers can reshape their relationship with users through business model innovation to answer the question that how enterprises can help the exhibition industry to upgrade and develop through business model innovation in the internet environment.

Faced with the development of internet technology, the impact of online platforms, the relationship between exhibition organizers and their customers are facing unprecedented challenges. On the basis of the literature review, this study analyzed the innovation of exhibitors’ business model from three modules: value proposition, revenue logic and cost base and how to reshape their interaction with users through innovation. This study systematically analyzed the innovation of the ISPO business model and the process of reshaping its relationship with users and dynamic interaction with a single case study method.

The main conclusions are as follows: the starting point of reshaping the relationship between exhibition organizer and users in the internet era is to re-understand the needs of customers, the key point of reshaping the relationship is to further cultivate the industrial value and the sustainability of the relationship lies in the customer life cycle management.

From the perspective of exhibition organizers filling the gap of case study in the field of the exhibition. In the area of the exhibition, previous studies rarely started from the perspective of exhibition organizers, but, this paper discusses the interaction between exhibition organizers, exhibitors and visitors from this perspective in this study.

The purpose of this paper is to reveal the unique thermal property of Mongolian clothing from the current western clothing and explain their environmental adaptation to the climate of Mongolian plateau in China.

Thermal insulation and the temperature rating (TR) of eight Mongolian robe ensembles and two western clothing ensembles were investigated by manikin testing and wearing trials, respectively. The clothing area factor (f_cl) of these Mongolian clothing was measured by photographic method and estimated equation from ISO 15831. Finally, the TR prediction model for Mongolian clothing was built and compared with current models for western clothing in ISO 7730 and for Tibetan clothing in previous article.

The results demonstrated that the total thermal insulation of Mongolian robe ensembles was much bigger than that of western clothing ensembles and ranged from 1.81clo to 3.11clo during the whole year. The f_cl of the Mongolian clothing should be determined by photographic method because the differences between these two methods were much bigger from 0.6 to 13.9 percent; the TR prediction model for Mongolian robe ensembles is TR=25.57−7.13Icl, which revealed that the environmental adaptation of Mongolian clothing was much better than that of western clothing and similar to that of Tibetan clothing.

The research findings give a detailed information about the thermal property of China Mongolian clothing, and explain the environmental adaptation of Mongolian clothing to the cold and changing climate.

This study aims to take advantage of the unprecedented anti-corruption campaign launched in China in December 2012 and examine the effect of improved public governance on tunneling.

This study uses a sample of Shanghai and Shenzhen Stock Exchange listed companies from 2010 to 2014 and conduct regression analyses to investigate the effect of improved public governance attributed to the anti-corruption campaign on tunneling.

This study finds that the level of tunneling decreased significantly after the anti-corruption campaign, suggesting that increased public governance effectively curbs tunneling. Cross-sectional results show that this mitigating effect is more pronounced for non-SOE firms, especially non-SOE firms with political connections, firms audited by non-Big 8 auditors, firms with a large divergence between control rights and cash flow rights and firms located in areas with lower marketization.

This study highlights the importance of anti-corruption initiatives in improving public governance and in turn reducing tunneling. This study provides important implications for many other emerging economies to improve public governance.

This study contributes to the literature on the role of public governance in constraining corporate agency problems and advances the understanding of the economic consequences of China's anti-corruption campaign in the context of tunneling.

Information sharing helps improve the efficiency of the supply chain. However, there are some problems in the multi-stage structure supply chain, such as untimely information feedback and distortion. Despite recent progress in ensuring improved collaboration in the past decade or so, the inefficiency status continues to persist. It is also difficult to add value to the supply chain. The information sharing framework and decentralized model designed in this paper are to deal with existing problems.

This paper is based on the theoretical research of supply chain information asymmetry and synergetics. We attempt to introduce blockchain technology into supply chain operation management, reconstruct information sharing architecture and provide a new decentralized mode to promote the collaborative operation of all nodes. The information sharing and decentralization operational model are built, which has changed the hierarchical relationship between upstream and downstream enterprises, regarding customers as the center of the whole system and effectively reducing the bullwhip effect. Finally, we selected the home supply chain as an example design and performed system dynamics simulation on the blockchain-based operation process.

The model of setting up the scene application mode based on blockchain is helpful to realize the goal of supply chain management to reduce cost, improve quality and enhance the overall efficiency of the system.

Based on the blockchain technology, this paper constructed a new supply chain operation mode and used the synergetic theory and the concept of the product–service system to explain the process of value increment in detail.

This paper aims to investigate how project nature affects the effectiveness of knowledge transfer between projects in project-based organizations (PBOs) and to analyze the roles of inter-project communication, transfer intention and information technology (IT) in the influencing process.

This paper adopted a questionnaire survey method to collect data from construction enterprises in China and subsequently proceeded to structural equation modeling analysis with a total of 261 samples.

The results indicate that the similarity of projects could promote the inter-project communication and improve transfer intention, which further influences knowledge transfer effectiveness positively within PBOs. The urgency of projects has a negative impact on inter-project communication and transfer intention. The temporality of projects also negatively affects inter-project communication. They consequently hinder the knowledge transfer behaviors between projects. Additionally, the application of IT improves the frequency of communication and makes up for the negative impact of geographical distance between projects on knowledge transfer.

Based on the results, a series of strategies is recommended to improve knowledge transfer effectiveness between projects, including standardizing project management, promoting information construction, establishing a post-project evaluation system and creating a shared culture, so that the competitive advantages of PBOs could be improved.

The study explores the factors influencing knowledge transfer between projects from the perspective of project nature and provides guidance for enhancing knowledge management and project management practices.

The purpose of this paper is to examine the evolutionary nature of herding phenomenon in the context of a frontier stock market, the Colombo Stock Exchange of Sri Lanka.

This study applies the cross-sectional absolute deviation methodology for daily frequencies of data of all the common stocks listed during the period from April 2000 to March 2018. The regression coefficients are estimated by using both the ordinary least square and the quantile regression procedures.

The findings reveal significant changes to the pattern of herding over different market periods, each with specific characteristics. Herding is strongly evident in up and down market days in the 2000-2009 period, during which the market was highly uncertain with the impact of the political instability of the country due to the Civil War on the stock trading. Even after this Civil War period, herd tendency is strongly manifested toward the up market direction as a result of the investors’ optimism about the country’s economy and political stability, which caused to a speculative bubble in the market. After that, it is turned into negative herding due to the panic selling occurred in view of the uncertainty of the inflated prices, which led to a market crash. Notably, herding appears to be consistently absent over the period after the crash, despite the presence of herd motives such as high market uncertainties triggered by political instability and economic crisis during that period.

The findings suggest that herd behavior is an evolving phenomenon in financial markets. Consistent with the adaptive market hypothesis, the absence of herding evident after the market crash could be attributed to the investors’ learning of the irrationality of herding/negative herding for adapting to market conditions. As a result, herding and negative herding tendencies declined and disappeared at the aggregate market level.

This study contributes to the literature by providing novel evidence on the evolutionary nature of behavioral biases, particularly herding, as predicted by the adaptive market hypothesis. With the application of the quantile regression procedure, in addition to customary used ordinary least squares approach, it also provides robust evidence on this phenomenon.

This study intends to explore the relationship between digital finance and the vertical specialization of firms. The following questions are discussed: (1) As a representative new financial development model, what is the role of digital finance in the vertical specialization of firms? (2) If digital finance improves the level of vertical specialization of firms, what is the mechanism behind such improvement? (3) How does digital finance impact the vertical specialization of firms in different regions, industries, and firms?

A two-way fixed-effect model of panel data is proposed to verify the relationship between digital finance and the vertical specialization of firms. This model is constructed by matching the city-level data of digital finance with the data of China's A-share listed companies from 2011 to 2018. Meanwhile, the instrumental variable (IV) method and difference-in-difference (DID) method are adopted to deal with the endogeneity problem of the model.

The authors' study finds that digital finance has significantly improved the level of vertical specialization of firms. The result is robust under the endogeneity consideration and a series of robustness tests. After the dimensionality of the index is reduced, the depth of digital finance usage is more conducive to the improvement of the vertical specialization of firms compared with the width of digital finance coverage and the level of financial digitization. Digital finance mainly improves the level of vertical specialization of firms by reducing transaction costs and increasing the market thickness of the intermediate products. Moreover, digital finance has certain heterogeneity in promoting the vertical specialization of firms, an effect that is more significant in the eastern region, manufacturing industry and state-owned enterprises (SOEs).

The first limitation is the mechanism test. This research only analyzes the mechanism from transaction cost and the market thickness of the intermediate products. With the rapid development of information technology, digital finance will be further integrated into people's production and life. There will then be more mechanisms that should be explored between digital finance and the vertical specialization of firms. Another limitation is the data sample of this paper. The conclusions of this research are based only on the data of listed companies. However, in the authors' opinion, the specialization level of small and medium-sized enterprise (SMEs) should be higher. Therefore, the conclusions of this work are underestimated, which can be considered as the lower limit of digital finance for enterprise specialization.

As a favorable financing channel to supplement traditional financial service functions, digital finance plays a critical role in the operating efficiency of enterprises and the effective allocation of macro resources. The authors' research shows that digital finance has significantly improved the vertical specialization of firms. This conclusion provides guides to improve the production efficiency of enterprises and the quality of economic development.

This paper has three main contributions. (1) The relationship between financial development and the vertical specialization of firms is innovatively discussed from the perspective of digital finance, which implies that digital finance can effectively promote the level of vertical specialization of firms. (2) This paper provides new perspectives and ideas to reveal the impact mechanism of digital finance on the real economy by systematically analyzing the mechanism of digital finance on the vertical specialization of firms from the perspectives of transaction costs and financing constraints. (3) The regional differences in the development of digital finance, industry differences in the vertical specialization of firms and differences in the nature of enterprise property rights are all under consideration, which improves the effectiveness and pertinence of digital finance in promoting the vertical specialization of firms.