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    On the Implication of Historical Materialism in the Concept of “Upholding Fundamental Principles and Breaking New Ground”
    Yong-jie CHEN, Ze-guang YANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 12-21.   DOI: 10.16382/j.cnki.1000-5579.2023.03.002
    Abstract274)   HTML189)    PDF (703KB)(156)      

    In the report of the 20th National Congress of the CPC, XI Jin-ping repeatedly stresses that “we must uphold fundamental principles and break new ground”. “Upholding fundamental principles and breaking new ground” reflects the distinct meaning of historical materialism. As far as the philosophical premise is concerned, “upholding fundamental principles and breaking new ground” rejects external reflection and requires in-depth social and historical reality, showing the persistence of the materialization principle and innovative characteristics of historical materialism. As far as its development direction is concerned, “upholding fundamental principles and breaking new ground” follows historical materialism and guides new practice with new theories, and promotes the Chinese path to modernization in the social-historical orientation. As far as the value orientation is concerned, “upholding fundamental principles and breaking new ground” has always adhered to the clear position of people first, brought into play of the people to realize the free and comprehensive development of human beings, and actively created a new form of human civilization while committed to the great rejuvenation of the Chinese nation.

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    Entrepreneurial Leadership,Challenging Stress,and Employee Innovation Behavior:The Moderating Role of Team Identification
    Ling-feng YI, Teng LI, Qin LIN, Jie SONG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 143-154.   DOI: 10.16382/j.cnki.1000-5579.2023.03.014
    Abstract271)   HTML18)    PDF (721KB)(217)      

    Based on the job demands-resources (JDR) theoretical model, this paper conducts a questionnaire survey and analysis on employees of high-tech start-ups in the Yangtze River Delta. The results show that: (1) entrepreneurial leadership positively influences employee innovation behavior; (2) entrepreneurial leadership positively influences employee challenging stress; challenging stress positively affects employee innovation behavior; challenging stress has a significant mediating role in the relationship between entrepreneurial leadership and employee innovation behavior; (3) team identification positively moderates the relationship between entrepreneurial leadership and employee innovation behavior. These findings enrich the empirical research on the impact mechanism of entrepreneurial leaders on employees’ innovative behavior in the context of modern China. Meanwhile, the uncovering of the intermediate effect of challenging stress and the moderating effect of team identification has provided practical insights for enterprise stress management practice.

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    Structure Dimensions and Model Construction of Internet Platform Enterprises’ Social Responsibility:An Exploratory Research based on the Rooting Theory
    Gui-sun CHENG, Zhong-cheng ZHANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 155-168.   DOI: 10.16382/j.cnki.1000-5579.2023.03.015
    Abstract260)   HTML24)    PDF (1147KB)(191)      

    With the rapid development of China’s Internet platform enterprises, the resulting problem of lack of social responsibility and governance of platform enterprises has become a social focus issue, and the key to solving this problem lies in fundamentally clarifying the structural dimensions and boundaries of social responsibility of Internet platform enterprises. Based on the social responsibility reports released by 12 local Internet platform enterprises, such as Alibaba, DDT and Meituan, this paper uses Nvivo 12.0 software to conduct open coding, spindle coding and selective coding on the original data, and takes advantage of the rooting theory analysis method to inductively extract the social responsibility of China’s internet platform enterprises. The results show that China’s internet platform enterprises’ social responsibility contains nine structural dimensions, namely, economic responsibility, political responsibility, legal responsibility, environmental responsibility, employee responsibility, user responsibility, partner responsibility, charity and public welfare responsibility, and industry ecological responsibility. Based on these dimensions, a pyramid model of internet platform enterprises’ social responsibility is constructed from the perspective of responsibility to stakeholders. The model contains three main levels, that is, bottom-line social responsibility, safeguarding social responsibility, and expectation social responsibility. This provides a new theoretical basis for further research and definition of the structural dimensions and system of social responsibility of internet platform enterprises. It also provides a theoretical reference for internet platform enterprises to improve their social responsibility system in practice.

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    A New “Brand” Story:On Value Creation Mechanism in the Rapid Internationalization Process of Digital Enterprises
    Hui XU, Yi SUN, Qi ZHOU, Xin-yu ZHU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 134-153.   DOI: 10.16382/j.cnki.1000-5579.2023.05.013
    Abstract198)   HTML9)    PDF (1419KB)(170)      

    In the process of rapidly expanding into the international market, digital enterprises have shaped competitive advantages in the global market by forming unique value creation methods, narrating a brand-new corporate story. This article focuses on the rapid internationalization process of social digital enterprise “TikTok” and transactional digital enterprise “Shein”, and explores the value creation mechanism of digital enterprises from the perspective of LLL theory. It shows that firstly, connectivity is a key entry point for digital enterprises to quickly expand into international markets, forming a prerequisite for value creation. The differentiation of business attributes determines the goals and types of connectivity. Social digital enterprises are centered around relational connectivity, while transactional digital enterprises are centered around resource connectivity. Secondly, different types of connectivity affect the logic of value creation actions in digital enterprises. Among them, digital enterprises with relational connections as the entry point are based on the “leverage learning” action logic of massive user participation, with a focus on attracting overseas users to interact and participate, forming scalable digital relationships, and shaping a diverse value network; the digital enterprise that takes resource connectivity as the entry point is based on the “learning leverage” action logic of platform model innovation, with a focus on upgrading platform models through experiential learning, which can support the implementation of composite leverage strategies and achieve simple innovation value creation. The theoretical framework ultimately formed in this article can contribute to the theoretical gap caused by insufficient exploration of value creation paths in the rapid internationalization process of digital enterprises in existing literature, and further extend the application scope of LLL theory.

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    Empire’s “Blue Highways”:Space Imagination in Commentary on the Waterways Classic
    Xiaofei Tian
    Journal of East China Normal University (Philosophy and Social Sciences)    2024, 56 (1): 38-56.   DOI: 10.16382/j.cnki.1000-5579.2024.01.005
    Abstract188)   HTML16)    PDF (1233KB)(176)      

    To elucidate its meaning and significance, a reconstruction of the textual ecology of Li Daoyuan’s Commentary on the Waterways Classic (Shuijing Zhu) from two angles will be conducive: the first is highlighting the commentarial nature of Li’s work, which draws attention to the constraints faced by the commentator as well as to the creative potential of a commentary relating to the primary text; the second is putting Li’s work in conversation with contemporary southern poetic writings on landscape to illuminate its special mode of space perception and representation. Li constructs an infrastructure of rivers based on an imperial vision. Although the empire was largely imaginary at this historical juncture, the riverine system is a powerful emblem of the medieval Sui and Tang polities, whose great canals supplemented the rivers.

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    “Making the Voice of Ultimate Sincerity”:On the Concept of “Sincerity” in “The Poetic Power of Mora”
    Yao-tian SUN
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 74-84.   DOI: 10.16382/j.cnki.1000-5579.2023.03.008
    Abstract181)   HTML16)    PDF (1017KB)(67)      

    In his early years, LU Xun believed that Chinese nationalism lacked the quality of “sincerity” the most. In “The Poetic Power of Mora”, he not only warmly called for the “voice of ultimate sincerity”, but also formed a relatively complete discourse of “sincerity”. “Sincerity” had important significance and profound influence in the emergence stage of LU’s literature and thought. Meanwhile, the meaning of this concept was quite complex in the context of the late Qing Dynasty, so that LU had to express his understanding through argumentation. Due to adopting the views of romanticists such as Carlyle, his approach differs from the interpretation of “sincerity” based on Confucian tradition or scientific rational principles. Different from the direction to external and objective truths, “sincerity” in LU reflects the feelings and changes of the subject’s inner world, which can be finally reduced to intuitive life experience. LU emphasized the reshaping of the subject’s spirit with the words “pure heart” (baixin) and “brightness of the mind” (neiyao). For him, “sincerity” was related to the theme of “life” and opened up an alternative path to understand and reform Chinese society. This shows the unique significance of Romantic poetics at the intersection of Confucian civilization and modern science.

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    Living in Peace and Working in Contentment:On Factors Influencing Migrant Young Talents’ Settlement Intention in Metropolises
    Kai-ze WU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 162-175.   DOI: 10.16382/j.cnki.1000-5579.2023.04.014
    Abstract176)   HTML14)    PDF (981KB)(239)      

    Based on the data from the China Migrants Dynamic Survey in 2014, 2016, and 2017 (CMDS 2014, CMDS 2016, and CMDS 2017), this paper develops an attraction-repulsion model from the perspective of immigration cities, focusing on the impact of occupation type, housing type, and living cost on the settlement intention of migrant young talents in China’s metropolises. The results indicate that migrant young talents who work in an in-system unit, or are engaged in management and professional technical work are more likely to settle down. Those who own property or live in the public rental housing also have strong settlement intention, whereas living in unit’s dormitories has a significant negative impact on their settlement intention. This study also finds an inverted U-shaped correlation between housing price-income ratio and settlement intentions among migrant young talents in metropolises. The settlement intention of migrant young talents differs among cities, while the influence of occupation status and housing type remains stable, the impact of relative housing prices exhibits significant heterogeneity across cities. To conclude, living in peace and working in contentment are crucial factors influencing migrant young talents’ settlement intention, and governments should take measures to ensure affordable and stable housing for young people to retain young talents.

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    A New Examination of the Needham Puzzle:Any Other Prerequisites for the Birth of Science?
    Xiao-nong ZHU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 37-53.   DOI: 10.16382/j.cnki.1000-5579.2023.04.004
    Abstract163)   HTML10)    PDF (986KB)(188)      

    In his previous paper on the Needham Puzzle in 2015, the author offered a conclusion that science could not originate spontaneously in China due to the lack of logic and the subject-predicate structure in antient Chinese sentences. This paper further explores the following issue: Are there any other prerequisites for the birth of science? The answer is uniformitarianism and positivism. The generation of uniformitarianism is in high correlation with the necessity of subject in a sentence. Positivism did exist in the practice in Chinese history, but it was absent in epistemology. In this way, this paper argues for three prerequisites for the emergence of science: uniformitarianism, logic and positivism. Moreover, why science did not emerge in Indian, Arabic, native American and other cultures? The reason is that they lack one or more of the three prerequisites for science. The Needham Puzzle is asked in a negative form for a specific phenomenon, i.e., “Why did something not emerge in somewhere?” This tends to induce ad hoc hypotheses. The question should be asked in an affirmative form: “What are the general conditions for the emergence of something?” Only this question will lead to scientific research.

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    How Modern Individuals Can Be Mutually Sympathetic:Hume and Rousseau on Sympathy
    Pei-tao JIA
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 38-47.   DOI: 10.16382/j.cnki.1000-5579.2023.03.005
    Abstract162)   HTML18)    PDF (812KB)(184)      

    In the discussion about how the self and others can coexist harmoniously, Hume and Rousseau provide two internally consistent and synergistic conceptions of sympathy. As typical modern theorists, their focus on sympathy and their common emphasis on moral sentiments reflect modern ethical life’s introspective exploration of humanity and morality and affirmation of everyday life. Starting from this common problem awareness, these two secular and equalized sympathy views emphasize the modern human’s ability to exert the power of moral emotions based on the natural construct of the mind, maintain the natural virtues of sympathy, and adhere to a universalism-inspired sympathetic attitude beyond positions and interests, focusing on the care of humankind. Furthermore, in terms of specific sympathy mechanism, Hume’s sympathy embodies “fellow-feeling” for all the feelings of pleasure and pain, praise and blame, while Rousseau’s sympathy embodies “putting oneself in the other’s shoes” in the face of others’ pain; the former underlines a dispassionate and compassionate observation of sorrow, while the latter emphasizes a passionate self-concerned action, which jointly leads to the issue of justice. Contemporary interpreters need to distinguish between the transformative implications of these two sympathy views and explore how to use sympathy to improve society.

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    “The Debate of the Boundary”: Revisiting the “Identity” of Intellectual History Research
    Hong-tu LI
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 1-11.   DOI: 10.16382/j.cnki.1000-5579.2023.03.001
    Abstract161)   HTML189)    PDF (704KB)(171)      

    How to achieve the organic integration of “thoughtfulness” and “historicalness” has always been a focus in the research of intellectual history. This issue is also related to whether the identity of intellectual history is legitimate. Through theoretical study of the legitimacy crisis of the identity of intellectual history research, and with the help of some examples of intellectual history research, this paper analyzes the texts of thinkers in detail. In such a way, it would be possible to achieve a fusion of “thoughtfulness” and “historicalness” in future intellectual history research, create a distinct research paradigm, resolve the “identity crisis” of current intellectual history research, and finally establish the legitimacy of the “identity” of intellectual history.

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    On the Mechanism of Decriminalization of Misdemeanor Cases:Practice,Logic and Path
    Wen-jun DU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 81-94.   DOI: 10.16382/j.cnki.1000-5579.2023.05.009
    Abstract159)   HTML9)    PDF (784KB)(277)      

    Misdemeanor legislation fundamentally promotes major changes in the criminal structure, and constructing a mechanism of decriminalization for the special attributes of misdemeanors is the core issue to adapting to the modernization of crime governance. It is important to seek legislative solutions to solve problems, but it is even more critical to respect reality and explore existing normative systems. Since the current misdemeanor legislation has been formed, it is necessary to rationally realize that the promotion of the establishment of the mechanism of decriminalization of misdemeanors is supported by firm policy logic, sufficient practical logic, and internal theoretical logic. Therefore, in terms of governance concepts, it is necessary to complete the transformation from positive justice to negative justice, from guilt thinking to not-guilt thinking; in terms of substantive norms, we shall activate the existing normative crime function, and strengthen the role of rules such as saving clause and conviction but Exemption from Punishment causes in the governance of misdemeanors; in terms of procedural settings, we shall take the reform of the existing system as an opportunity to deeply explore the value of independent decriminalization such as discretionary non-prosecution.

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    The Impact of Collaborative Development of Green Finance and Digital Technology on Enterprise Green Technology Innovation
    Xiu-zhen LI, Xia FANG, Zhen-yu YANG, Yun ZHANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (6): 139-158.   DOI: 10.16382/j.cnki.1000-5579.2023.06.012
    Abstract150)   HTML6)    PDF (998KB)(80)      

    Green technology innovation of enterprises is an important path to achieve green and low-carbon economic development. The coordinated development of green finance and digital technology is of great significance for green technology innovation and high-quality economic development. This paper introduces green finance and digital technology to expand the endogenous economic growth model, deduces and analyzes the mechanism of the coordinated development of green finance and digital technology to drive green technology innovation of enterprises, and constructs the coordinated development index of green finance and digital technology. Using data from A-share listed companies from 2011 to 2020 for measurement analysis and empirical testing, it is confirmed that the coordinated development of green finance and digital technology can promote green technology innovation. The mechanism test shows that the coordinated development of green finance and digital technology promotes the green technology innovation of enterprises by reducing financial costs and improving the level of assumption of risk. Further analysis finds that for the enterprises located in areas with strong environmental regulations, intellectual property protection, and high initial financial endowment and pollution properties, the role of green finance and digital technology in the development of synergy is more obvious in promoting high-quality green technology innovation in enterprises. To fully leverage the synergistic development of green finance and digital technology to promote green innovation in enterprises in the context of developing the digital economy, it is necessary to build a new digital green finance system, improve the top-level design of green finance, and formulate effective incentive systems for green innovation.

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    Concepts,Objectives,Issues,and Methods:Rethinking the Study of “National Language Ability”
    Fan-zhu HU
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (6): 1-14.   DOI: 10.16382/j.cnki.1000-5579.2023.06.001
    Abstract149)   HTML23)    PDF (888KB)(157)      

    Inspired by the concept of “key language” abroad and driven by the trend of “telling good Chinese stories”, “national language ability” has become a hot topic in linguistic research in China in recent years. However, a series of fundamental questions, including what constitutes national language ability, and why and for what national language ability is studied, still need to be reconsidered. Language ability is the ability of human subjects to create and use language symbols for communication and cognitive needs. There are at least three kinds of the “subjects” of modern language ability: individuals, populations and institutions. A country is essentially an “institution” that is “artificially established based on certain principle”. National language ability is the ability of a country to ensure its own development through language. Consisting of the ability to “govern language” and the ability to “govern based on language”, it is an important component of national governance ability. Goal setting determines problem discovery, and problem selection determines method design. The fundamental goal of the study of “national language ability” should be to use language and linguistic research to promote the internal governance of a country, its participation in global governance, and then the harmonious development of the whole society, and the construction of a community with a shared future for mankind. Without an awareness of such fundamental goal, the study of national language ability will easily go astray. Therefore, we need to discover what the problems are in the country’s language mobilization ability, language institutional governance ability, language behavior employment ability, and language knowledge production capacity, and how to solve them. Furthermore, it is necessary to recognize that the top priority in building national language ability is to build an authentic and unprecedented learning-oriented country.

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    “Defending against Barbarians” and “Acquiring Economic Needs through Trade”:The Policymaking Tendency of Overseas Trade in Ancient China
    Chun-yan HUANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 26-36.   DOI: 10.16382/j.cnki.1000-5579.2023.04.003
    Abstract148)   HTML18)    PDF (905KB)(157)      

    In order to comprehend the nature of overseas trade policy in ancient China, one needs to overcome the limitation of judging it by the binarism of “opening up-closing off” and uncover its historical logic. The absolute principle of the Sino-barbarian dichotomy and the order of the world dictates that the overseas trade policy first and foremost gravitated towards “defending against barbarians”, which made equal trading relationships between ancient Chinese dynasties and overseas nations impossible. The complementary economic demands of China and overseas nations led to “acquiring economic needs through trade” in overseas trade policy - a trend that intensified and gradually prioritized financial demands over goods demand. After the Song Dynasty, south-eastern coastal regions’ maritime characteristics became increasingly prominent. Asian maritime trade developed rapidly and became an internal and external driving force that pushed maritime trade policy towards openness, professionalization, and systematization. From the Han Dynasty and the Tang Dynasty to the early period of the Qing Dynasty, overseas trade policy had always adhered to “defending against barbarians” and “acquiring economic needs through trade” under the notion of Sino- barbarian dichotomy and the tributary system, which led to quantitative increase but no qualitative reform. Through the mutual interactions between this quantitative accumulation and the militarily advanced Western powers, as well as different rules of international relations, the Qing Dynasty was made to gradually change its pre-existing course and passively accept new systems and concepts.

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    The Reconstruction of Rural Cultural Space under the Background of Urbanization:A Case Study of the Garden Community in S Province
    Cui-cui ZHAO
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 119-128.   DOI: 10.16382/j.cnki.1000-5579.2023.03.012
    Abstract147)   HTML17)    PDF (679KB)(117)      

    How to reconstruct the cultural life space and satisfy the spiritual and cultural needs of the public in order to enhance people’s sense of acquisition, happiness and security is an important issue that cannot be ignored in the modernization of rural areas and the integration of urban and rural development in the process of urbanization. The folk belief space and its ritual activities, which are an important component of the public spiritual and cultural needs, can help relocated people adapt to their new community life, and reconstruct their cultural space, identity and meaning in urban life to some extent. Based on an in-depth investigation of the relevant measures and current characteristics of folk belief space management in the garden community, this paper focuses on the issues of the off-site reconstruction and mental adaptation of the public spiritual life and order after the centralized placement of village deities in urban Daoist temples. It can be found that based on the rural regional worship, folk beliefs entering urban civilization will face the dissolution and weakening of their spatial efficacy and sacredness, as well as the possibility of reconstruction. These space reconstructions indicate that the diversification of public cultural needs and preferences, the individualized changes of family relationships and generational differences, and other individualized changes, have significant implications for reshaping folk beliefs and their rural modern values, as well as reconstructing the public spiritual and cultural space.

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    “The Solitary Mortuary”:The Meanings of Remains in the Context the Medicalization of Death
    Tian-shu PAN, Shen-qi TANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 96-110.   DOI: 10.16382/j.cnki.1000-5579.2023.04.009
    Abstract144)   HTML10)    PDF (1100KB)(168)      

    In modern society, the scope of the flow of remains is continually exceeding the boundaries of family organizations and being taken over by larger and impersonal social organizations. Under the trend of the medicalization of death, the hospital has become the focal point of death and dying. As a spatial device of medical knowledge and a constituent of the hospital system, the mortuary has become a place for taking charge of patients’ remains. In the mortuary, there are two concepts of remains: one pertains to the Western medical system’s knowledge and cultural tradition that objectifies and dissects dead bodies, the other is the emotional, ethical, and mutually permeable concept of remains within the context of Chinese social thought. Despite the tension between them, anthropological research finds that these two concepts can be reconciled in commercial activities in the mortuary.

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    On the Reliability Regulation Function of Evidential Marker “Cong X Lai Shuo
    Jian-gang HU, Jing-min SHAO
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 63-76.   DOI: 10.16382/j.cnki.1000-5579.2023.04.006
    Abstract143)   HTML8)    PDF (970KB)(111)      

    This paper tries to make a new explanation from the specific angle of reliability regulation of the evidential marker “cong X lai shuo”. The core function of the evidential marker is to provide indispensable support for the insufficient confidence assertion Y. According to the semantic character of X, “cong X lai shuo” can be divided into definite perspective type and fuzzy perspective type. For Y with sufficient reliability, “cong X lai shuo” assumes the function of enhancing reliability by the following means: (1) making the proposition omnidirectional; (2) focusing the statement object; (3) making the presentation content precise; (4) making the judgment criterion clear. For Y with insufficient reliability, “cong X lai shuo” assumes the function of improving reliability by the following means: (1) blurred perspective; (2) degree adjustment; (3) perspective change; (4) specific conditions.

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    Technology Development and Human Life
    Guo-rong YANG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (5): 1-5.   DOI: 10.16382/j.cnki.1000-5579.2023.05.001
    Abstract130)   HTML25)    PDF (532KB)(104)      

    The development of AI is of positive significance to human beings. In general, the development of science and technology, including AI, is both a necessary step in the gradual realization of humanity and human freedom, and a prerequisite or condition for approaching this prospect. AI is based on big data. Logically speaking, “big data” means exhausting relevant information. So, under the background of big data, we can grasp all possible aspects of the situation, at least in theory, which provides a premise or condition for a comprehensive grasp of the object, and consequently we may overcome various one-sided views. Another important feature of AI is the ability to process data efficiently, which makes it possible for us to respond to changing phenomena and make accurate judgments and responses in a timely manner. The positive significance of the development of AI is reflected in scientific research, the exploration of humanities, production labor, economic activities, and daily life, and its evolution has positive significance for promoting the progress of human life and tending to a society conforming to human nature. Of course, the development of science and technology can lead to both positive aspects and some negative effects. How to restrain the negative effects that AI may cause and make it develop in a positive way is an issue that we cannot avoid. This involves the issue of value guidance and constraints on the development of science and technology, including AI, and the value principle that man is the purpose provides the basic premise for such guidance.

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    Normativity:The Distinction and Unity of Explanation and Interpretation
    Yu-jian ZHENG
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (4): 1-12.   DOI: 10.16382/j.cnki.1000-5579.2023.04.001
    Abstract130)   HTML64)    PDF (928KB)(118)      

    Within a broad naturalistic framework as a common background for the contemporary science and philosophy, we try to give a generic and unified account for normativity as well as its foundational status by taking a particular angle of the relation between two major representational means, i.e., explanation and interpretation, at the level of methodology. This relation can be revealed via their connections with other conceptual pairs (such as posteriori induction vs apriori principle, cause vs reason, token vs type, description vs norm, disenchantment vs re-enchantment of the world). Explanation draws on one-directional cognition while interpretation involves two-directional construction. When we understand or explain natural phenomena, certain kinds of normativity are involved; whereas the kinds of interdependence or interaction between interpreters and interpretational objects all rely on the first-person perspective of the perceivers doing the interpretation.

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    A Case Portrait of “Wrong M & A” of Chinese Companies:Empirical Evidence from Goodwill Impairment
    Fa-qin LAN, Zheng GAO
    Journal of East China Normal University (Philosophy and Social Sciences)    2023, 55 (3): 129-142.   DOI: 10.16382/j.cnki.1000-5579.2023.03.013
    Abstract124)   HTML14)    PDF (901KB)(104)      

    This study takes the Chinese listed companies that recorded a significant impairment loss of goodwill from 2018 to 2020 as the sample, and conducts exploratory analysis on the common features and corresponding weights of these companies during the M& A period, using descriptive statistics and factor analysis methods. The study constructs a case portrait of “wrong M& A” and finds that strong profitability, small asset size, weak risk resistance, and excessive self-confidence of management are the main common characteristics of the acquiring companies in “wrong M& A”. Furthermore, the study applies factor analysis to summarize and classify the indicator system of the case portrait, and extracts five common factors, including company size, profitability, growth confidence, debt-paying ability, and governance supervision. The corresponding weights of these factors in explaining the information of the “wrong M& A” sample are 0.384, 0.190, 0.146, 0.144, and 0.134, respectively. Among them, the strong profitability of the “wrong M& A” companies is a “profit curse” characteristic that deserves attention. Therefore, listed companies should not only be cautious of the misleading effect of high profitability on M& A decision-making but also strengthen their internal monitoring mechanisms and carry out diversified M& A rationally.

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