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The purpose of this paper is to examine the transfer of Shenzhen's hi‐tech industries, with particular emphasis on its motives, characteristics and influence on Shenzhen's economy and industrial upgrading.

The paper uses an empirical approach and case study methodology mainly based on a survey of 1,573 hi‐tech companies in Shenzhen, in the form of questionnaires and interview.

Hi‐tech companies moved out to other cities on a small scale, revealing an accelerating trend. Most companies moved out (or plan to move out) with the purpose of seeking low production costs or meeting the needs of resources for development. Moreover, companies with different types of ownership transfer at different levels. In general, reasonable transfer of hi‐tech industries facilitates Shenzhen's industrial upgrading; however, the government should at the same time take precautions against industry transfer on a large‐scale.

Upgrading of Shenzhen's hi‐tech industry is imperative. To meet this end, policy makers should draw up appropriate guidelines on the transfer of backward hi‐tech industries and at the same time build sound supporting environment to attract and retain advanced hi‐tech companies.

Few empirical studies have been conducted to explore industry transfer within China. By examining the motive and characteristics of transfer of hi‐tech industries in Shenzhen, a pioneering city in China, this paper contributes to our understanding of the ongoing industrial restructuring in China.

This study aims to analyze Chinese and Western visitors’ on‐line reviews of Shenzhen under five dimensions: catering, accommodation, transportation, travel and shopping.

This study used a multidimensional discourse analysis to assess visitors’ experience, perception and emotional evaluations of Shenzhen in reviews on TripAdvisor.com.

The findings suggest that both Chinese and Western visitors show positive perceptions of Shenzhen’s transportation convenience and options and show great interest in folk culture. Both groups focus on shopping, service and price but believe that the prices in Shenzhen are high.

The classification of reviews highlights tourism elements in Shenzhen, which can offer implications for destination image formation for similar destinations.

This study offers suggestions on how to build an appealing destination that meets both Chinese and Western tourists’ needs.

This study enriches the theory of tourism image perception of Shenzhen as it relates to language and culture.

This study offers implications on building an appealing destination that meets Chinese and Western tourists’ expectations.

深圳目的地形象感知：基于中西方游客在线评论的话语分析

摘要

本研究从餐饮、住宿、交通、旅游、购物五个维度分析中西方游客对深圳的评价。

本研究采用多维语篇分析来评估访问者对深圳的体验、感知和情感评价。

调查结果表明, 中国和西方游客对深圳的交通便利和选择都表现出积极的看法, 并对民俗文化表现出浓厚的兴趣。两组都关注购物、服务和价格, 但认为深圳的物价偏高。

评论的分类突出了深圳的旅游元素，可以为相似目的地形象的构建提供启示。

本研究丰富了深圳旅游形象感知与语言相关的理论。它为建设一个满足中国和西方游客期望的吸引人的目的地提供了启示。

旅游目的地形象, 话语分析, 深圳, 多维话语分析, 中西方游客

文章类型： 研究型论文

The aim of this paper is to develop a model based on system dynamics (SD) approach, which integrates three subsystems for simulating construction and demolition (C&D) waste management in Shenzhen, Mainland China.

SD approach was first used to construct the model for C&D waste management in Shenzhen. The model was then converted for running on computer through the software package “iThink”, which was specifically designed for SD modeling. The data required for model simulation was derived through various ways, including literature review, examination of official reports and yearbooks, and questionnaires. After all the parameters in the model were determined, simulation was carried out.

The model proposed in this research can provide an experimental simulation platform to investigate the complexity and interdependencies of factors in managing C&D waste in Shenzhen, Mainland China. The simulation results show that the pressing situation of C&D waste management in Shenzhen would aggravate if no effective measures were taken to address it during the simulation period. Participants' active participation and cost consideration are the two major factors affecting C&D waste reduction. Furthermore, new landfills should be planned to properly handle the C&D waste accumulated in Shenzhen over the past few years.

Although some studies have been conducted under the topic of C&D waste management during the past few years in Shenzhen – how to effectively and efficiently handle the waste is still unsolved. Factors affecting the effectiveness of C&D waste management have separately been examined in the previous studies, without considering their interrelations. The SD‐based model is developed in this research to investigate the complex and interdependent relationships among these factors. The model can deepen participants' understandings about C&D waste management and help explore the major factors affecting the effectiveness of management activities. The measures, which are proposed based on the simulation results, can serve as a valuable reference for planning C&D waste management in Shenzhen.

This study investigates the impact of economic policy uncertainty on corporation innovation in innovative cities. The study sheds light on different results from the previous literature by testing the moderator effects of entrepreneurial risk appetite on such impact.

A static panel estimator is applied to a Chinese sample of 416 firm-year observations from 2010 to 2019. This paper uses regression model to test the impact of uncertainty on enterprise innovation in innovative cities, and to test the regulatory role of entrepreneurial risk appetite. For a series of robustness analysis conducted by the author to deal with endogeneity, the results are robust.

The author finds reliable evidence that the economic policy uncertainty can promote corporations to invest more in R&D in innovative cities. In addition, the role of the entrepreneurial initiative is significant, and there is a positive moderating effect of entrepreneurial risk appetite between policy uncertainty and corporation innovation.

From a practical point of view, this study examines the impact of economic policy uncertainty on corporation innovation in innovative cities for the first time. It emphasizes the role of entrepreneurial risk-taking in the development of corporation innovation in Shenzhen, an innovative city. This research is of great significance to the formulation of government policies and the innovative choice of entrepreneurs. In addition, the research shows that the entrepreneurial risk appetite in innovative cities can have a positive impact on enterprise innovation. Therefore, when formulating policies, the government should take the subjective factors of entrepreneurs into account and support enterprises with innovation potential. The evidence of this study also helps entrepreneurs make innovative decisions and enhance their confidence in enterprise development.

By studying the impact of economic policy uncertainty on enterprise innovation under the regulation of enterprise risk appetite, this study shows the subjective and positive role of entrepreneurs in risk grasp in innovative cities for the first time. In addition, it fills the gap of the impact of policy uncertainty on innovative urban enterprises. In fact, although it is traditionally believed that economic policy uncertainty has a negative impact on enterprise innovation, the sensitive findings of this study reveal completely different results from previous studies.

The purpose of this paper is to present a method for ultrasonically molding polymer powder in a micro plastic part mold. In the method, a printed circuit board (PCB) in which micro‐hole arrays are drilled is used as a micro cavity insert. With the utilization of ultrasonic vibration, the polymer powder, which is prefilled and compacted in a micro cavity, mutually generates great sliding friction heat so as to be rapidly plasticized and molded.

Micro carbide drill bits of which the diameters are 100.0 μm, 150.0 μm and 200.0 μm, respectively, are used for drilling the PCB to form a micro‐hole array insert. Next, two kinds of various ultra‐high molecule weight polyethylene (UHMW‐PE) powder with various grain diameters are directly filled into a charging barrel and a mold cavity with the micro‐hole array insert. Proper process parameters are set on ultrasonic plasticizing and molding equipment so that a molding test can be performed. The melt of UHMW‐PE can be rapidly filled into the cavity. Finally, micro‐column array plastic parts are successfully prepared.

The micro‐hole array PCB is a mold insert which is quite applicable for the ultrasonic molding of the powder in the mold. When a molding material is the coarse UHMW‐PE powder with the grain diameter of about 350 μm, the diameter replication rates of the micro‐column array plastic parts become good in order with the increased micro‐hole diameter of the PCB. When the fine UHMW‐PE powder with the grain diameter of about 80 μm is adopted, the diameter replication rates of the micro‐column array plastic parts become good in order with the decreased micro‐hole diameter of the PCB.

In this paper, the micro‐column array plastic parts with good replicability are successfully prepared by a technique for ultrasonically plasticizing and molding in the cavity. The technique can be applied to the fields of medical treatment, communication, optics, chemistry and so on, such as biological micro needle arrays, micro biological chips, optical memories, and micro chemical reaction chips.

External knowledge should not be limited in one zone or level. Researchers have paid more attention to the perspective of multilevel cluster networks. However, little research has empirically studied the various dimensions of external knowledge. The purpose of this paper is to study different levels of external knowledge, their relation with trade and non-trade interdependence and their relation with different kinds of innovations, namely, exploitation and exploration.

Both quantitative and qualitative research methods were adopted in this study. In terms of the quantitative research method, data were collected from 168 companies in the Shenzhen Hi-Tech Industrial Park of China using convenience sampling. As for the qualitative research method, a total of 35 interviews were carried out in this study.

The quantitative results indicate that different levels of external knowledge in the Shenzhen Hi-Tech Park have different effects. First of all, the results indicate that cross-national connections have a positive influence on trade interdependence, which helps firms to produce exploration. Second, cross-regional connections have a positive influence on both trade and non-trade interdependence, which further help firms to create innovative exploitation and exploration. Third, inter-regional connections have a positive influence on non-trade interdependence, which helps firms to increase innovative exploitation. The qualitative result makes a plausible explanation for the quantitative results. The interview results indicate that as the telecommunications industry has so much to do with China’s national security, there are several initiatives of market protection strategies and political interventions, which help firms to form different levels of knowledge flow in Shenzhen.

There are several limitations of this study which primarily relate to the case study method. The results can be contextually generalized to the domestic-oriented cluster in developing countries.

This study has several managerial implications. First, this research ensures that it is important to consider the multilevel nature of external knowledge before starting with the decision-making process of a firm in a cluster. Second, all levels of administrators and managers in a company should investigate what kinds of involvement and innovation are needed and most highly valued for organizational development. Third, the research framework of this study can be applied to understand which level of external knowledge influences organizational performance.

This study is an initial attempt to provide an examination of external knowledge, organizational involvement and innovation performance of an industrial cluster via a mixed method.

The purpose of this paper is to present results from a pilot research into the Chinese real estate confidence index, called CRE index, with regard to three diverse aspects, including effective demand and supply, potential demand, and potential supply, and to develop an effective tool for diversity management at different levels in the Chinese real estate market.

To undertake this research, a novel methodology framework is introduced in terms of the three aspects. Extensive literature review and questionnaire survey are systematically adopted accordingly to work out three individual sub‐indices, and to compose the entire CRE index.

The research put forward a novel approach to describing the changing situations of the Chinese real estate market by means of the CRE index, which is synthetically calculated based on its three sub‐indices to reflect the three different aspects. For the calculation of the CRE index, data collected from government statistics and specific questionnaire survey are effectively used, and this proves a practical approach as proposed for the research.

Although the CRE index is proposed to be a generic indicator for the Chinese market, this research focuses only on a synthesized CRE index for the local real estate market in Shenzhen, and data collected are also limited from 1999 to 2003. However further research with more comprehensive data can draw an entire picture and provide more reliable forecast based on either local or national data in China.

As it is a generic indicator to reflect changes in the Chinese real estate market, the CRE index provides all stakeholders with a quantitative method to verify history and detect tendency with regard to the progressive development of the market which is influenced by dynamic social and natural conditions.

The CRE index has been developed as a tool to support diversity management in the Chinese real estate market, and it is assumed that governors at local, regional, and national levels can all use this tool in macroeconomic regulation and control towards the Chinese real estate market. Others, including developers, investors as well as consumers can all make informed judgments based on the value and trend of the CRE index.

The CRE index uniquely incorporates comprehensive market data and statistics, including historic data from government statistics and current information from questionnaire survey and literatures, into confidence index calculation. In this regard, comparing with other confidence indices for the real estate market, this method is capable of providing more informed predications, especially when statistical data are full and accurate.

This paper looks at one relatively less‐visited issue in market timing: switching investments on common stocks between different stock markets, namely, “intermarket timing”. By employing the stock price data for the period of 1992‐2002 from a developed market, Hong Kong, and two emerging markets, Shanghai and Shenzhen, this paper examines potential gains and the required predictive accuracy for intermarket timing between Hong Kong and Shanghai, and between Hong Kong and Shenzhen from Hong Kong investors’ perspective. Potential gains could be obtained from such timing strategy, and the non‐high minimum forecasting ability required for successful timing is fairly attainable for Hong Kong investors, even after taking into account the assumed transaction costs.

This paper aims to investigate Chinese bull and bear markets. The Chinese stock market has experienced a long period of bear cycle from early 2000 until 2006, and then it fluctuated greatly until 2010. However, the cyclical behaviour of stock markets during this period is less well established. This paper aims to answer the question why the Chinese stock market experienced a long duration of bear market and what factors would have impacted this cyclical behaviour.

By comparing the intervals of bull and bear markets between stocks and indices based on a Markov switching model, this paper examines whether different industries or A- and B-share markets could lead to different stock market cyclical behaviour and whether firm size can determine the relationship between the firm stock cycles on the market cycles.

This paper finds a high degree of overlapping of bear cycles between stocks and indices and a high level of overlapping between the bear market and a fraction of stock with increasing stock prices. This leads to the conclusion that the stock performance and trading behaviour are widely diversified. Furthermore, the paper finds that the same industry may have different overlapping intervals of bull or bear cycles in the Shanghai and Shenzhen stock markets. Firms with different sizes could have different overlapping intervals with bull or bear cycles.

This paper fills the literature gap by establishing the cyclical behaviour of stock markets.

The purpose of this paper is to pay more attention to four different research questions at least. One is that this study intends to explore the changes of the risk-return relationship over time, because the institutions and environment have changed a lot and might tend to influence the risk-return regime in the Chinese stock markets. The second question is whether there is any difference for the risk-return relationship between Shanghai and Shenzhen stock markets. The third question is to compare the similarities and dissimilarities of the risk-return tradeoff for different frequency data. The fourth question is to compare the explanation power of different GARCH-M type models which are all widely used in exploring the risk-return tradeoff.

This paper investigates the risk-return tradeoff in the Chinese emerging stock markets with a sample including daily, weekly and monthly market return series. A group of variant specifications of GARCH-M type models are used to test the risk-return tradeoff. Additionally, some diagnostic checks proposed by Engle and Ng (1993) are used in this paper, and this will help to assess the robustness of different models.

The empirical results show that the dynamic risk-return relationship is quite different between Shanghai and Shenzhen stock markets. A positive and statistically significant risk-return relationship is found for the daily returns in Shenzhen Stock Exchange, while the conditional mean of the stock returns is negatively related to the conditional variance in Shanghai Stock Exchange. The risk-return relationship usually becomes much weaker for the lower frequency returns in both markets. A further study with the sub-samples finds a positive and significant risk-return trade-off for both markets in the second stage after July 1, 1999.

This paper extends the existing related researches about the Chinese stock markets in several ways. First, this study uses a longer sample to investigate the relationship between stock returns and volatility. Second, this study estimates the returns and volatility relationship with different frequency sample data together. Third, a group of variant specifications of GARCH-M type models are used to test the risk-return tradeoff. In particular, the author employs the Component GARCH-M model which is relatively new in this line of research. Fourth, this study investigates if there is any structural break affecting the risk-return relationship in the Chinese stock markets over time.