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Article
Publication date: 19 May 2020

Hongling Guo and Keping Wu

This study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.

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Abstract

Purpose

This study aims to investigate how opening high-speed railways affects the cost of debt financing based on China's background.

Design/methodology/approach

Using panel data on Chinese listed firms from 2008 to 2017, this study constructs a quasi-natural experiment and adopts a difference-in-difference model with multiple time periods to empirically examine the relation between the high-speed railway openings and debt financing cost.

Findings

Our results show that opening high-speed railways reduces the cost of debt financing, and this negative correlation is more significant in non-state firms, firms with weaker internal control, and firms that hire non-Big Four auditors. Besides, we explore the impact mechanisms and find that opening high-speed railways improves analyst attention, institutional investor participation, and information disclosure quality, which in turn lowers the cost of debt financing.

Research limitations/implications

The results imply that the opening of high-speed railways helps to alleviate the information asymmetry and adverse selection between firms and creditors and ultimately reduces the cost of corporate debt financing.

Practical implications

This paper can inform firms and stakeholders about the impact of opening high-speed railways on debt financing cost: it improves the information environment, reduces the geographical location restrictions of debt financing, ensures the reasonable pricing of corporate debt, and thus promotes the healthy and sound development of the debt market.

Originality/value

This paper provides theoretical support and empirical evidence for the impact of infrastructure construction on the information environment of the debt market in China, which enriches the research on the “high-speed railway economy.” In addition, as an exogenous event, the opening of high-speed railways instantly shortens the time distance between firms and external stakeholders, which gives us a natural environment to conduct empirical research, thus providing a new perspective for financial research on firms' geographical location.

Details

China Finance Review International, vol. 10 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 28 March 2023

Juan Chen, Hongling Guo and Zuoping Xiao

This study aims to investigate how high-speed railway (HSR) development affects urban construction investment (UCI) bond yield spreads based on China’s background.

192

Abstract

Purpose

This study aims to investigate how high-speed railway (HSR) development affects urban construction investment (UCI) bond yield spreads based on China’s background.

Design/methodology/approach

This study constructs a quasi-natural experiment and adopts regression analyses to empirically examine the relation between HSR development and UCI bond yield spreads. The empirical analysis is based on a Chinese sample of 15,109 bond offering observations from 2008 to 2019.

Findings

The results show that HSR development reduces UCI bond yield spreads. Mechanistic analysis shows that HSR development increases land prices and the level of urbanization, which in turn lowers the UCI bond yield spreads. In addition, the impact of HSR development on UCI bond yield spreads is more significant at higher marketization levels and lower degrees of dependence on land finance cities where UCI corporations are located.

Research limitations/implications

The results imply that transportation infrastructure improvement, such as HSR development, helps to enhance the credit of local governments and the solvency of UCI corporations and ultimately reduces the financing cost of UCI bonds.

Originality/value

This paper provides theoretical support and empirical evidence for the impact of transportation infrastructure construction on the implicit debt risks of local governments in China, which enriches the research on the “HSR economy” from a micro perspective and expands the research on the influencing factors of local governments’ debt risk.

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Article
Publication date: 9 October 2009

Ting Huang, Heng Li, Hongling Guo, Neo Chan, Stephen Kong, Greg Chan and Martin Skitmore

The introduction of Building Information Model (BIM) tools over the last 20 years is resulting in radical changes in the architectural, engineering and construction industry. One…

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Abstract

Purpose

The introduction of Building Information Model (BIM) tools over the last 20 years is resulting in radical changes in the architectural, engineering and construction industry. One of these changes concerns the use of virtual prototyping – an advanced technology integrating BIM with realistic graphical simulations. Construction virtual prototyping (CVP) has now been developed and implemented on ten real construction projects in Hong Kong in the past three years. The purpose of this paper is to report on a survey aimed at establishing the effects of adopting this new technology and obtaining recommendations for future development.

Design/methodology/approach

A questionnaire survey was conducted in 2007 of 28 key participants involved in four major Hong Kong construction projects – these projects being chosen because the CVP approach is used in more than one stage in each project. In addition, several interviews are conducted with the project manager, planning manager and project engineer of an individual project.

Findings

All the respondents and interviewees give a positive response to the CVP approach, with the most useful software functions considered to be those relating to visualisation and communication. The CVP approach is thought to improve the collaboration efficiency of the main contractor and sub‐contractors by approximately 30 percent, and with a concomitant 30 to 50 percent reduction in meeting time. The most important benefits of CPV in the construction planning stage are the improved accuracy of process planning and shorter planning times, while improved fieldwork instruction and reducing rework occur in the construction implementation stage. Although project teams are hesitant to attribute the use of CVP directly to any specific time savings, it is also acknowledged that the workload of project planners is decreased. Suggestions for further development of the approach include incorporation of automatic scheduling and advanced assembly study.

Originality/value

Whilst the research, development and implementation of CVP is relatively new in the construction industry, it is clear from the applications and feedback to date that the approach provides considerable added value to the organisation and management of construction projects.

Details

Construction Innovation, vol. 9 no. 4
Type: Research Article
ISSN: 1471-4175

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Article
Publication date: 2 October 2017

Sujun Dong, Fanchao Meng, Dechun Guo and Hongling Kang

The time of tightly coupled transient calculation and the accuracy of conventional loosely coupled algorithm make it difficult to meet the engineering design requirements for…

114

Abstract

Purpose

The time of tightly coupled transient calculation and the accuracy of conventional loosely coupled algorithm make it difficult to meet the engineering design requirements for long-term conjugate heat transfer (CHT) problems. The purpose of this paper is to propose a new loosely coupled algorithm with sufficient accuracy and less calculation time on the basis of the quasi-steady flow field. Through this algorithm, it will be possible to reduce the update frequency of the flow field and devise a strategy by which to reasonably determine the update steps.

Design/methodology/approach

In this paper, the new algorithm updates the flow field by solving the steady governing equations in the fluid region and by calculating the transient temperature distribution until the next update of the fluid flow, by means of solving the transient energy equations in the entire computational domain. The authors propose a strategy by which to determine the update step, by using the engineering empirical formula of the Nusselt number, on the basis of the changes of the inlet and outlet boundary conditions.

Findings

Taking a duct heated by an inner forced air flow heating process as an example, the comparison results for the tightly coupled transient calculation by Fluent software shows that the new algorithm is able to significantly reduce the calculation time of the transient temperature distribution with reasonable accuracy. For example, the respective computing times are reduced to 22.8 and 40 per cent, while the duct wall temperature deviations are 7 and 5 per cent, using the two flow update time steps of 100 and 50 s on the variable inlet-flow rate conditions.

Originality/value

The new algorithm outlined in this paper further improves the calculated performance and meets the engineering design requirements for long-term CHT problems.

Details

Engineering Computations, vol. 34 no. 7
Type: Research Article
ISSN: 0264-4401

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Article
Publication date: 13 June 2016

Bing Shi, Dan Zhang, Hongling Xie and Yinghui Zhou

This study aims to examine factors affecting Chinese adolescents’ purchase intention for local brands; this study focuses on the effects of perceived social status value and…

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Abstract

Purpose

This study aims to examine factors affecting Chinese adolescents’ purchase intention for local brands; this study focuses on the effects of perceived social status value and materialistic values.

Design/methodology/approach

A theoretical model relating perceived social status value of brands to purchase intention, including materialistic values as a moderator, was developed and tested, using a sample of 587 Chinese adolescent respondents. Another experimental study examined the variability of the moderation of materialistic values across different levels of peer pressure in a product usage occasion.

Findings

Perceived social status value associated with local and foreign brands significantly influences purchase intention for local brands. Moreover, influence of perceived social status value of local versus foreign brands on local brand purchase intention is greater for materialistic adolescents. Additionally, the moderation of materialistic values is found in a product usage occasion with high peer pressure, but not in an occasion with low peer pressure.

Research limitations/implications

The findings show that perceived social status value associated with brands shapes purchase intention for local brands. The moderating effect of materialistic values is complex and suggests further research. The study’s scope is limited to Chinese adolescents.

Practical implications

The findings provide understanding of the drivers of purchase intention, and thus serve as a guideline for Chinese firms and foreign marketers seeking to enter the growing Chinese market, as well as consumer educators in China.

Originality/value

This study contributes to the limited empirical research into the factors shaping country-of-origin effects. Moreover, the findings suggest the need to consider the moderating role of materialistic values on purchase intention for local brands.

Details

Journal of Consumer Marketing, vol. 33 no. 4
Type: Research Article
ISSN: 0736-3761

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Article
Publication date: 25 October 2022

Hongling Yang, Zhibin Lin, Xiao Chen and Jian Peng

This study aims to explore whether and how workplace loneliness leads to cyberloafing and the role of leader problem-focused interpersonal emotion management in buffering this…

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Abstract

Purpose

This study aims to explore whether and how workplace loneliness leads to cyberloafing and the role of leader problem-focused interpersonal emotion management in buffering this relationship.

Design/methodology/approach

Drawing on ego depletion theory, the authors propose that employees' workplace loneliness leads to cyberloafing via ego depletion, while leader interpersonal emotion management (i.e. leadership behavior targeted at managing employees' negative emotions) can help to alleviate the situation. To test this study’s predictions, the authors collected multisource data at three time points from a sample of 219 employee–colleague dyads.

Findings

The results show that workplace loneliness is positively related to cyberloafing and that ego depletion mediates this relationship. Leader problem-focused interpersonal emotion management weakens the relationship between workplace loneliness and ego depletion and the indirect relationship between workplace loneliness and cyberloafing via ego depletion such that the above relationships are weak (versus strong) when leader problem-focused interpersonal emotion management is high (versus low).

Originality/value

The study results suggest that workplace loneliness is an important hidden danger that leads to cyberloafing because lonely employees suffer more from ego depletion. Leaders' interpersonal emotion management strategy serves as a potential buffer for such a negative effect.

Details

Internet Research, vol. 33 no. 4
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 1 June 2022

Xiaopeng Wang, Kun Peng, Meiyun Zhao, Hongliang Tian and Hongling Qin

The purpose of this paper is to propose a wheel/rail mixed lubrication model to study the water lubrication behavior of wheel/rail contact interface.

154

Abstract

Purpose

The purpose of this paper is to propose a wheel/rail mixed lubrication model to study the water lubrication behavior of wheel/rail contact interface.

Design/methodology/approach

The numerical simulation method is applied in this paper. A deterministic mixed lubrication model considering surface roughness and transient state is established. The quasi-system numerical and finite difference method are used for numerical solution. The model is verified by comparing with the experimental data in the literature under the same conditions.

Findings

Under wet conditions, the change of train speed will change the lubrication state of the wheel/rail contact interface. With an increasing speed, the average film thickness and the film thickness ratio increase, while the adhesion coefficient, the contact load ratio and the contact area ratio decrease. When the creep ratio increases from 0% to 0.5%, the wheel/rail adhesion coefficient and subsurface stress increase sharply. With the increase of axle load, the average film thickness decreases and the adhesion coefficient increases.

Practical implications

This paper aims to improve the mixed lubrication theory by analyzing the characteristics of wheel/rail friction and lubrication, so as to provide some guidance and theory for train driving behavior.

Originality/value

Using the deterministic model, the lubrication state of the wheel/rail contact interface affected by various external factors and the adhesion behavior of wheel/rail progressive process from boundary lubrication to mixed lubrication are studied.

Details

Industrial Lubrication and Tribology, vol. 74 no. 6
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 31 August 2021

Kexin Zhang, Tianyu Qi, Dachao Li, Xingwei Xue and Zhimin Zhu

The paper aims to investigate effectiveness of the strengthening method, the construction process monitoring, fielding-load tests before and after strengthening, and health…

143

Abstract

Purpose

The paper aims to investigate effectiveness of the strengthening method, the construction process monitoring, fielding-load tests before and after strengthening, and health monitoring after reinforcement were carried out. The results of concrete strain and deflection show that the flexural strength and stiffness of the strengthened beam are improved.

Design/methodology/approach

This paper describes prestressed steel strand as a way to strengthen a 25-year-old continuous rigid frame bridge. High strength, low relaxation steel strand with high tensile strain and good corrosion resistance were used in this reinforcement. The construction process for strengthening with prestressed steel strand and steel plate was described. Ultimate bearing capacity of the bridge after strengthening was discussed based on finite element model.

Findings

The cumulative upward deflection of the second span the third span was 39.7 mm, which is basically consistent with the theoretical value, and the measured value is smaller than the theoretical value. The deflection value of the second span during data acquisition was −20 mm–10 mm, which does not exceed the maximum deflection value of live load, and the deflection of the bridge is in a safe state during normal use. Thus, this strengthened way with prestressed steel wire rope is feasible and effective.

Originality/value

This paper describes prestressed steel strand as a way to strengthen a 25-year-old continuous rigid frame bridge. To investigate effectiveness of the strengthening method, the construction process monitoring, fielding-load tests before and after strengthening and health monitoring after reinforcement were carried out.

Details

International Journal of Structural Integrity, vol. 12 no. 6
Type: Research Article
ISSN: 1757-9864

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Article
Publication date: 2 December 2022

Lijun Dong, Naichao Chen, Jiawen Liang, Tingting Li, Zhanlin Yan and Bing Zhang

The purpose of this study is to provide an in-depth understanding about the indoor-orbital electrical inspection robot, which is useful for motivating the further investigation on…

588

Abstract

Purpose

The purpose of this study is to provide an in-depth understanding about the indoor-orbital electrical inspection robot, which is useful for motivating the further investigation on the inspection of electrical equipment. Currently, electric energy has a strong correlation with the economic development of the country. Intelligent substations play an important role in the transmission and distribution of the electricity; the maintenance of the substation has attracted intensive attention due to the requirement of reliability and safety. The indoor-orbital electrical inspection robot has increasingly become the main tool to realize the unmanned. Hence, a systematic review is conducted systematically reviewing the current technical status of the indoor-orbital electrical inspection robot and discuss the existed problems.

Design/methodology/approach

In this paper, the most essential achievements in the field of indoor-orbital electrical inspection robots were reported to present the current status, and the mechanical structures and key inspective technologies were also discussed.

Findings

Four recommendations are provided from the analyzed review, which have made constructive comments on the overall structural design, functionality, intelligence and future development direction of the indoor-orbital electrical inspection robot, respectively.

Originality/value

To the best of the authors’ knowledge, this is the first systematic review study on indoor-orbital electrical inspection robots; it fills the theoretical gap and proffers design ideas and directions for the development of the indoor-orbital electrical inspection robot.

Details

Industrial Robot: the international journal of robotics research and application, vol. 50 no. 2
Type: Research Article
ISSN: 0143-991X

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Article
Publication date: 21 October 2021

Ailing Pan, Qian Wu and Jingwei Li

This paper aims to study the impact of external fairness of executive compensation on M&A premium, and examine the moderate role of institutional investors. The high M&A premium…

561

Abstract

Purpose

This paper aims to study the impact of external fairness of executive compensation on M&A premium, and examine the moderate role of institutional investors. The high M&A premium is the main factors that induce the huge impairment of listed companies’ goodwill and the plummeting performance. Executives are the decision-makers of M&As, and their decision-making process is inevitably affected by the psychological factors. In recent years, institutional investors have become an important external force that can affect the governance of listed companies.

Design/Methodology/Approach

The authors use M&A data of listed companies from 2008 to 2018 and use OLS regression to test the relationship between executive compensation fairness and M&A premium.

Findings

The results show that the lower the external fairness of executive compensation, the greater the M&A premium. Institutional investors can effectively reduce the impact of external compensation unfairness on M&A premiums. The mechanism tests show that executives' psychological perception of fairness induced by external unfairness reduces their motivation to work and prompts them to use high premium to seek alternative compensation incentives. Further examinations of executive characteristics and corporate characteristics show that the role of external unfairness in executive compensation in driving M&A premiums is more pronounced in companies with longer executive tenure, weaker executive reputation incentives and private property.

Originality/Value

This paper enriches the research on the pre-factors of M&A premiums from the perspective of executives’ psychological perception of fairness, provides evidence that institutional investors play a positive governance role and provides decision-making references for companies to take corresponding measures to reduce M&A premium risks.

Details

Nankai Business Review International, vol. 13 no. 1
Type: Research Article
ISSN: 2040-8749

Keywords

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