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- All Subjects: Business Administration
- Creators: Jiang, Zhan
- Status: Published
Description中国乳制品（液态奶）行业进入成熟期，伊利、蒙牛等乳企寡头垄断，新乳业作为后进入者，洞察消费者购买乳制品除了获得实物产品外，还期望获得产品相关的附加服务和体验，因此开展了大量体验营销活动。企业独创性地推出了“食育乐园”活动，定期邀请消费者参观公司的牧场、工厂，开展知识互动、现场体验、自助DIY产品、美照话题分享等活动，获得了良好的消费者反馈。本文基于新乳业的体验营销活动，研究体验营销对消费者购买意愿的影响。本文研究研究了三个部分。首先从SOR理论（外部刺激、个体状态、个体反应）出发，以五种体验要素为自变量、以感知价值和品牌信任为中介变量、以购买意愿为因变量建立了体验营销对购买意愿的影响模型。通过问卷法收集了301份消费者数据，用实证分析检验了模型的有效性。结果显示：体验营销五要素中，感官、情感、思考和关联体验对购买意愿产生正影响，行动体验对购买意愿没有显著影响。在除了关联体验外的三个要素对购买意愿的正影响中，感知价值和品牌信任均有中介作用。分性别来看，男性组，感官、思考和关联体验对购买意愿有显著正影响；女性组，情感和关联体验对购买意愿有显著正影响。关联体验对购买意愿的正影响中，女性大于男性。
然后，本文采取事件法，分析比较消费者在参加体验营销活动前后购买意愿的变化，验证了体验营销对购买意愿的提升作用，整体提升7.1%。分人群来看：体验营销对购买意愿提升较大的群体为：女性； 40岁以上；家庭饮奶次数在3-7次/周；近期购买过竞品的消费者。据此，本文认为该类消费者可以作为未来体验营销活动的主力群体。
最后，本文对比分析了活动前后消费者的体验变量，并以此对新乳业的体验营销活动进行评价和优化。活动前后，关联体验提升幅度最大（11.4%），行动体验虽然提升幅度排第二（9.2%），但理论研究表明行动体验的提升并不能对购买意愿产生显著正影响。因此在未来活动设计中，重视与关联体验有关的设计、适度简化行动体验、强化感官体验、情感体验等更加直观的体验有利于提升活动效果。
ContributorsZhu, Chuan (Author) / Chen, Pei-Yu (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Wang, Yongxiang (Committee member) / Arizona State University (Publisher)
Created2021
Description
This paper focuses on the path of business model digitalization and its impact on corporate performance, and empirically tests the relationship between the path of business model digitalization and corporate performance of listed companies in China.The empirical results show that: digital transformation will improve enterprise performance, the technological innovation capability of enterprises helps to improve the business performance of enterprises; the level of enterprise technological innovation has a strengthening effect on the positive impact of digitalization on enterprise performance; corporate financing constraints will weaken the positive effect of corporate digital transformation on corporate performance; the improvement of technological innovation capability is conducive to the improvement of the performance of digital transformation enterprises; technological innovation of manufacturing enterprises is difficult to have a greater impact on enterprise performance by improving production efficiency.
Based on the empirical results of this paper, in order to fully grasp the development opportunities of the digital economy, the government should take the digital transformation of enterprises as a way to help enterprises develop with high quality. At the industrial level, we should promote the digital transformation of economic industries based on the principle of differentiation. At the enterprise level, we should strengthen the financial services and R&D investment that match the financing needs of enterprises, effectively play the positive regulatory role of enterprises' technological innovation ability on the performance of enterprises' digital transformation, and effectively weaken the negative regulatory role of financing constraints on the performance of enterprises' digital transformation.
ContributorsWang, Minghui (Author) / Chen, Pei-Yu (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm’s market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm’s and the target firm’s industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.
ContributorsZhou, Wei (Author) / Shen, Wei (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income). This paper examines how changes of key contents of VAM agreement affect firms’ ability to meet performance commitments from the perspective of incentive effects. Empirical results show that as the performance goals set in VAM agreement becomes higher, the incentive for management to meet performance commitments will initially increase and then decrease, so that the ratio of actual profits to promised profits for target firms will reach peak at some reasonable performance goal and then decrease. Second, as the level of the information asymmetry between buyer and seller turns higher, the incentive effect of performance goals becomes lower. Third, compared with cash-based compensation, stock-based compensation shows significantly higher incentive effects on promisors thus increasing the ability for target firms to achieve performance commitments.
ContributorsWang, Yixin (Author) / Gu, Bin (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018