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The purpose of this paper is to examine the difference of credit enhancement of variously secured bonds issued by local government financing platform bond (LGFPB).

The approaches to secure the bonds usually include mortgage, collateral, guarantee, etc.

Using a sample of LGFPBs issued during the 2007-2013 period, the authors find that all of the approaches to secure the bonds would increase the bond rating and that compounded approaches have a higher credit enhancement effect than single approaches. Among these approaches, the requirement of collateral has the strongest enhancement effect. Moreover, the authors find that the guarantee provided by a state-owned bank or enterprise increases the bond rating more than the guarantee provided by other local government financing platforms.

The findings in this study suggest that the credit enhancement would be deeply affected by the approach used to secure the bond.

These results can help the local government make better decisions when issuing bond.

This study empirically analyzes the different credit enhancement approaches for securing LGPFBs for the first time and contributes to the literature regarding credit ratings of local government bonds.

The purpose of this paper is to shed light on the deleveraging impact of the anti-corruption campaign since the 18th National Congress of the Communist Party of China (CPC) on private firms with political connections, relative to those without political connections.

In this paper, taking the anti-corruption campaign employed from the end of 2012 as an exogenous shock, the authors design a quasi-experiment difference-in-difference approach to examine how the loss and failure of political connections impacts private firms’ debt financing.

The authors find that the loss and failure of political connections following the anti-corruption campaign since the 18th CPC National Congress causes the yearly new debt ratios of treatment firms with political connections to decrease, relative to those of control firms without political connections. This outcome is more pronounced for provinces with more cadres excluded in the anti-corruption campaign since the 18th CPC National Congress, which rendered politically connected firms susceptible to lose connections with central or provincial cadres. To explore the mechanism, the authors find that following the anti-corruption campaign since the 18th CPC National Congress, politically connected firms limit rent-seeking activities, whereas resource acquisition is weakened. The authors also find that the impact of the anti-corruption campaign since the 18th CPC National Congress on the debt financing of politically connected firms, relative to their counterparts, is more pronounced for groups with high levels of information asymmetry and for less explicit guarantee groups. Finally, politically connected firms are more likely to be dominated by internal funds in dealing with a loss of advantages in debt financing, compared with their counterparts without political connections.

The findings in this study suggest that the loss or failure of previous political connections following Xi’s anti-corruption campaign make politically connected firms lose the advantages in debt financing through the rent-seeking, resource acquisition, information asymmetry, implicit guarantee channels, which provide new evidence for research on the impact of the anti-corruption campaign since the 18th CPC National Congress on private firms’ financing behaviors via the loss or failure of existing political connections.

The findings in the study will have some inspiration for policy makers and entrepreneur.

This study provides new evidence on the different impacts of Xi’s anti-corruption campaign on private firm’s debt financing between politically connected and unconnected firms.

Banks are the major suppliers of external funds for companies in China. The purpose of this paper is to examine whether Chinese banks exercise effective monitoring over borrowers in two lending decisions, including loan interest rates and loan renewals.

Using a sample of Chinese public industrial firms from 2000 to 2005, the authors perform multivariate regression analysis to investigate whether banks adjust their loan interest rates and consider loan renewal decisions in response to borrowers financial performance. The authors also examine these bank lending decisions before and after 2003, when the major banking reforms started to take place in China.

A negative relation was found between the loan interest rate spread and the financial performance of borrowers. However, a negative relation was found between loan renewals and the financial performance of borrowers, consistent with firms in financial difficulties being in need of more funding and hence more likely to get its bank loans renewed. Additionally, it was found that the factors banks consider when making loan decisions vary before and after 2003.

The authors' findings suggest that Chinese banks play a limited role in monitoring and disciplining borrowers through adjustments of loan interest rates, and that their loan renewal decisions for firms with poor financial performance highlight banks' financing, instead of monitoring role in this transition economy. These findings provide empirical evidence on bank governance in a transition economy dominated by state‐owned enterprises. The paper contributes to the literature by constructing an alternative loan renewal measure using financial statement information.

In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting indicators: company residual income and book value of net asset. In 2000, Zhang introduced the thought of option pricing and developed a new accounting valuation model. The purpose of this paper is to investigate the valuation deviation and the influence of some market transaction characteristics on pricing models.

The authors use listed companies from 1999 to 2013 as samples, and conduct comparative analysis with multiple regression.

The main findings are: first, the accounting valuation model is applicable to the capital market as a whole, and its pricing effect increases as years go by; second, in the environment of out capital market, the maturity of investors is one of important factors that causes the information content of residual income less than that of profit per share and lower pricing effect of valuation models; third, when the price earning (PE) of listed companies reaches certain level, the overall explanation capacity of accounting valuation models will become lower as PE gets higher; fourth, as for companies with higher turnover rate and more active transaction, the pricing effect of accounting valuation model is obviously lower; fifth, the pricing effect of accounting valuation models in a bull market is lower than in a bear market.

These findings establish connection between accounting valuation and market transaction characteristics providing an explorable orientation for the future development of accounting valuation theories and models.

This paper aims to examine whether labour unions influence labour conflicts and this mechanism is different in China compared with other countries.

This paper uses the data from the China Employer–Employee Survey that interviewed 1,208 firms and 10,087 workers in 2016 as the measurement of variables, and it uses Logit regression model to do the empirical research.

Unions cannot significantly influence labour conflicts. More active unions and unions whose leaders are appointed by the firms’ management are associated with a higher incidence of labour conflicts.

This paper finds a new mechanism that explains the relationship between unions and labour conflicts. The existing literature states that unions may increase labour conflicts via “monopoly power” and may also mitigate labour conflicts via “voice mechanisms”. This paper’s findings show that the positive correlation between unions and labour conflicts may be explained by the lack of “voice mechanism” rather than “monopoly power”. The findings imply that labour unions should represent the interest of workers to mitigate the increasing labour conflicts.

Traffic density is one of the most important parameters to consider in the traffic operation field. Owing to limited data sources, traditional methods cannot extract traffic density directly. In the vehicular ad hoc network (VANET) environment, the vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) interaction technologies create better conditions for collecting the whole time-space and refined traffic data, which provides a new approach to solving this problem.

On that basis, a real-time traffic density extraction method has been proposed, including lane density, segment density and network density. Meanwhile, using SUMO and OMNet++ as traffic simulator and network simulator, respectively, the Veins framework as middleware and the two-way coupling VANET simulation platform was constructed.

Based on the simulation platform, a simulated intersection in Shanghai was developed to investigate the adaptability of the model.

Most research studies use separate simulation methods, importing trace data obtained by using from the simulation software to the communication simulation software. In this paper, the tight coupling simulation method is applied. Using real-time data and history data, the research focuses on the establishment and validation of the traffic density extraction model.

The purpose of this paper is to present the benefits of using the Lagrangian relaxation (LR) and subgradient methods in scenario studies for wavelength division multiplexing (WDM) network planning. The problem of WDM network planning for a given set of lightpath demands in a mesh topology network is to select lightpath routes and then allocate wavelength channels to the lightpaths. In WDM network planning, a scenario study is to find out the network performance under different lightpath demands and/or different network resource configurations.

A scenario study must solve a series of related static WDM network planning problems. Each static WDM network planning problem is an optimization problem, and may be formulated as an integer linear programming problem, which can be solved by the proposed Lagrangian relaxation and subgradient methods. This paper uses the Lagrange multipliers that are obtained from previous scenarios as initial Lagrange multiplier values for other related scenarios.

This approach dramatically reduces the computation time for related scenarios. For small to medium variations of scenarios, the method reduces the computation time by several folds. The proposed method is the first method that effectively considers the relations between related scenarios, and uses such relations to improve the computation efficiency of scenario studies in WDM network planning.

The method improves the efficiency of a scenario study in WDM network planning. By using it, many “what‐if” type of scenario study questions can be answered quickly.

Unlike other existing methods that treat each scenario individually, this method effectively uses the information of the relation between different scenarios to improve the overall computation efficiency.

The purpose of this study is threefold. The first is to conduct a comprehensive examination of the various board attributes to corporate social responsibility (CSR) reporting in the Chinese technology industry. The second is to investigate the impact of ownership and board attributes on CSR. The third is to examine the moderating effect of media reporting on the relationship between CSR and company financial performance.

All A-share listed Chinese companies during the years 2011–2019 with 1,573 firm-year observations have been investigated for this study. The data are analysed by CSR metrics in the form of environmental, social and governance (ESG) scores using an ordinary least squares regression analysis and fixed effect regression models.

The results of this longitudinal study reveal that; no matter whether the companies are state-own or non-state-own, there is a significant positive effect of board independence, monetary incentives, director’s age and board size on the CSR disclosure of the Chinese technology industry. Also, the results support the importance of CSR performance in promoting the corporate financial performance (CFP) of the technology sector. Specifically, media reporting has a positive impact on the CSR reporting of both state-own and non-state-own technological companies in China.

To the best of the authors’ knowledge, this is the first study based on the ESG metrics for analysing the CSR and firm performance relationship conducted in the unique setting of the state-own and non-state-own technological companies in China. The study is an attempt to fill the gap in the extant literature, which has a scarce number of studies focused on the influence of media reporting on the relationship between CSR performance and CFP. This paper not only updates the existing understanding of CSR performance by board attributes and company ownership but also explains the significance of media reporting in enhancing the CSR performance of the Chinese technology industry.

This study aims to explore the influence of topic familiarity on the four stages of college students' learning search process.

This study clarified the effects of topic familiarity on students' learning search process by conducting a simulation experiment based on query formulation, information item selection, information sources and learning output.

The results characterized users' interaction behaviors in increasing topic familiarity through their use of more task descriptions as queries, increased reformulation of queries, construction of more purposeful query formulation, reduced attention to a topic's basic concept content and increased exploration of academic platform contents.

This study proposed three innovative indicators which were proposed to evaluate the effects of topic familiarity on college students' learning search process, and the adopted metrics were useful for observing differences in college students' learning output as their topic familiarity increased. It contributes to the understanding of a user's search process and learning output to support the optimization function of learning-related information search systems and improve their effect on the user's search process for learning.

To extend the reuse method and rate of straw biomass, this paper investigated the effect of lignin synthetic phenolic resin (LPF) on the rheological properties of asphalt binder.

Four LPFs with 25%, 50%, 75% and 100% substitution rates were prepared by replacing phenol with lignin in synthetic resins and using it as a modifier to prepare a bio-asphalt binder. Temperature sweep tests were conducted to evaluate aging resistance and temperature sensitivity of the bio-asphalt binder. The rutting resistance of the bio-asphalt binder was evaluated by frequency sweeps and multiple stress creep recovery (MSCR) test. Linear amplitude sweep (LAS) tests were conducted to evaluate the fatigue resistance of the bio-asphalt binder. A master curve was constructed to further analyze the rheological properties of the bio-asphalt binder at different frequencies. The low-temperature cracking resistance of the binder was evaluated by G-R parameters, critical temperatures and ΔTc. Fourier transform infrared spectroscopy (FTIR) was performed to investigate the changes in the functional groups of the binder before and after aging.

The results indicated that adding LPF could improve the high-temperature rutting resistance, fatigue resistance, aging resistance of asphalt and the binders are less affected by temperature. Additionally, LPF slightly prohibited the low-temperature performance of the asphalt binder, which, however, was significantly lower than the base asphalt degradation during aging. Compared with base asphalt binders, the bio-asphalt binder showed no new absorption peaks generated after adding LPF, identifying that the improved asphalt binder performance by LPF was a mainly physical modification.

The main objective of this paper is to further improve the substitution rate (i.e. the mass substitution ratio of lignin to phenol) of lignin and broaden the application of biomass resins, thus realizing resource sustainability.