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The purposes of this paper are to analyze whether digital finance can contribute to enterprises' innovation performance and to determine the mediating effect of government subsidies.

This paper empirically examines the impacts of digital finance on enterprises' innovation performance by looking at Chinese companies listed on the SME and GEM boards from 2011 to 2018 to build an econometric model to test our hypotheses. The mediating effect of government subsidies, the moderating effect of financial constraints are examined, as well as shareholding of the largest shareholders in each selected company and the asset-liability ratio.

The results show that digital finance has a significant promotional effect on firms' innovation performance and that government subsidies play a partial mediating role in digital finance's contribution to firms' innovation performance. In addition, financial constraints and the shareholding of the largest shareholders in each selected company have a negative moderating effect on the relationship between government subsidies and firms' innovation performance. On the contrary, the asset-liability ratio is found to positively affect the relationship.

There has been limited research to date on the relationship between digital finance and firms' innovation performance, particularly with regard to the extent to which digital finance can influence innovation performance and the mechanisms for doing so. Therefore, it is of great significance to examine the relationship between digital finance and enterprises' innovation performance, which can also provide guidance for both the Chinese government and enterprises.

Interactive mobile technologies (IMT) offered to hotel guests during their stay represent an interesting development in consumer technologies in the hotel industry. Such technologies are designed to facilitate transactions and enhance the quality of guest experience. This research explains how hotel guests develop attitudes and intentions to use IMT in hotels. The paper aims to discuss these issues.

Using data from students enrolled in a large hospitality program located in the Southwestern USA, the study validates a variant of the technology acceptance model, extended with constructs such as cognitive absorption and security that capture better the context of IMT in hotels.

The conceptual model explained a large part of variability in intentions to use IMT. Among several predictors, cognitive absorption was the stronger predictor of attitudes. The analysis also revealed the dimensions of cognitive absorption as a second-order factor in the context of mobile commerce in the hotel industry.

This research offers a number of notable theoretical contributions. First, it provides an unique perspective on adoption of immersive technologies that enhance the experiential value of the hotel stay. Second, it revisits and validates the multidimensional construct of cognitive absorption. Finally, it ascertains the roles of cognitive absorption, playfulness, and security in the adoption of IMT.

This research provides specific suggestions to integrate IMT in hotels based on system characteristics and users’ perceptions.

To date, the research examining the immersive aspects of technology is scant. This research provides a novel platform for the systematic examination of the adoption of immersive technologies as they mediate the experiences in hotel service settings.

This study aims to discuss the formation mechanism of members’ emotional attachment to virtual travel communities from an online–offline perspective, focusing on the role of offline tourism experiences.

A questionnaire was designed to survey active travel enthusiast clubs that hold frequent offline tourism activities. A structural equation modeling method was used to estimate the model and test the research hypotheses.

Results demonstrated that offline travel experiences positively influenced online community attachment (i.e., community dependence and identity), and this effect was more pronounced than that of one’s sense of community (i.e., belonging, trust and immersion) on community attachment. Therefore, compared with online interaction, offline travel experiences played a greater part in strengthening virtual community attachment.

The study presents a pioneering effort on understanding how offline activities help shape the community attachment to virtual communities.

本研究从线上-线下的角度探讨了人们对虚拟旅行社区的情感依恋形成机制, 着重关注线下旅游体验的作用。

本研究设计了问卷, 对经常举办线下旅游活动的驴友俱乐部进行了调查。采用结构方程建模方法估计模型并验证研究假设。

结果表明, 线下旅游体验积极地影响着线上社区依恋, 并且这种影响比社区感对社区依恋的影响更为显著。因此, 相较于线上互动, 线下旅游体验在增强虚拟社区依恋方面起到了更大的作用。

本研究首次探讨了线下活动如何帮助塑造虚拟社区成员对虚拟社区的依恋。