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For the past years, the population of firms in China has increased fast. However, the financial research has always fallen behind the financial practice. Also, the Western financial theory may not be completely consistent with China’s context. In addition, appearing internet technology with big data and its applications to business bring some challenges not only to financial practice but also to the financial literature. Thus, the purpose of this paper is to review historical development of research in corporate finance, discuss the current issues and propose 16 key research topics in China context.

This paper surveys Western classical literature and some important literature by Chinese scholars in the field of corporate finance. On this basis, the authors point out the shortcomings of existing research and opportunities for future research.

The authors propose 16 key research topics in the near future considering the current reforms on economic development strategy, financial and taxation system and SOE’s property right under the institutional background in China.

This paper makes a contribution to corporate finance research by exploring frontier topics for future research according to the China context and the global trend. These topics represent the demand from enterprises in China and are challenges for the academic world. It is of practical significance and great theoretical value to implement these studies. It will help the management to solve their financial problems and provide a fundamental basis for constructing the financial management theory with Chinese characteristics.

The purpose of this research is to provide insights into the daily search strategies of users, which can inform the enhancement of search experiences across multiple applications. By understanding how users navigate and interact with different apps during their search processes, the study seeks to contribute to the design of more intuitive and user-friendly app systems.

This study employs a mixed-methods approach to analyze users' daily search strategies in a natural cross-app interactive environment. Data collection was conducted using the Critical Incident Technique and the Micro-Moment Time Line, involving 204 participants to capture their real-time search experiences. Open coding techniques were utilized to categorize sequential search tactics, while the PrefixSpan algorithm was applied to identify patterns in frequently applied search strategies.

The study findings unveil a comprehensive framework that includes a variety of intra-app search tactics and inter-app switching tactics. Five predominant search strategies were identified: Iterative querying, Selective results adoption, Share-related, Recommended browsing, and Organizational results strategies. These strategies reflect the nuanced ways in which users engage with apps to fulfill their information needs.

This research represents a pioneering effort in systematically identifying and categorizing daily search strategies within a natural cross-app interaction context. It offers original contributions to the field by combining intra-app and inter-app tactics, providing a holistic view of user behavior. The implications of these findings are significant for app developers and designers, as they can leverage this knowledge to improve app functionality and user manuals, ultimately enhancing the overall search experience for users.

Jute fibre, a natural composite of cellulose, hemicellulose and lignin, occupies the second place to cotton in economic importance. Recently many attempts have been made to produce fine jute blended yarn with other textile fibres. In this paper, the two types of jute/cotton blended yarn whose jute and cotton fibres were respectively blended at the opening and drawing stages were spun by using the ring spinning technology. The tensile properties of both blended yarn at gauge lengths from 150 mm to 500 mm were investigated, and the evenness and imperfections for both blended yarn were also evaluated. The results show that the draw frame blended yarn was of better quality than the opener blended yarn. The breaking tenacities of both blended yarn increased with the decrease in the gauge length. The equations derived from two-parameter Weibull distribution and based on experimental strength at length of 300 mm can predict the breaking strength of both blended yarn accurately. The scale effect study indicates that the opener blended yarn strength decreased more sharply than draw frame blended yarn as the gauge length increased.

Utilizing electrical discharge machining (EDM) to process micro-holes in superalloys may lead to the formation of remelting layers and micro-cracks on the machined surface. This work proposes a method of composite processing of EDM and ultrasonic vibration drilling for machining precision micro-holes in complex positions of superalloys.

A six-axis computer numerical control (CNC) machine tool was developed, whose software control system adopted a real-time control architecture that integrates electrical discharge and ultrasonic vibration drilling. Among them, the CNC system software was developed based on Windows + RTX architecture, which could process the real-time processing state received by the hardware terminal and adjust the processing state. Based on the SoC (System on Chip) technology, an architecture for a pulse generator was developed. The circuit of the pulse generator was designed and implemented. Additionally, a composite mechanical system was engineered for both drilling and EDM. Two sets of control boards were designed for the hardware terminal. One set was the EDM discharge control board, which detected the discharge state and provided the pulse waveform for turning on the transistor. The other was a relay control card based on STM32, which could meet the switch between EDM and ultrasonic vibration, and used the Modbus protocol to communicate with the machining control software.

The mechanical structure of the designed composite machine tool can effectively avoid interference between the EDM spindle and the drilling spindle. The removal rate of the remelting layer on 1.5 mm single crystal superalloys after composite processing can reach over 90%. The average processing time per millimeter was 55 s, and the measured inner surface roughness of the hole was less than 1.6 µm, which realized the  micro-hole machining without remelting layer, heat affected zone and micro-cracks in the single crystal superalloy.

The test results proved that the key techniques developed in this paper were suite for micro-hole machining of special materials.

This study aims to explore the formation mechanism of aerodynamic noise of a high-speed maglev train and understand the characteristics of dipole and quadrupole sound sources of the maglev train at different speed levels.

Based on large eddy simulation (LES) method and Kirchhoff–Ffowcs Williams and Hawkings (K-FWH) equations, the characteristics of dipole and quadrupole sound sources of maglev trains at different speed levels were simulated and analyzed by constructing reasonable penetrable integral surface.

The spatial disturbance resulting from the separation of the boundary layer in the streamlined area of the tail car is the source of aerodynamic sound of the maglev train. The dipole sources of the train are mainly distributed around the radio terminals of the head and tail cars of the maglev train, the bottom of the arms of the streamlined parts of the head and tail cars and the nose tip area of the streamlined part of the tail car, and the quadrupole sources are mainly distributed in the wake area. When the train runs at three speed levels of 400, 500 and 600 km·h⁻¹, respectively, the radiated energy of quadrupole source is 62.4%, 63.3% and 71.7%, respectively, which exceeds that of dipole sources.

This study can help understand the aerodynamic noise characteristics generated by the high-speed maglev train and provide a reference for the optimization design of its aerodynamic shape.

Timoshenko deformation calculation theory is suited to open section beam, which is not suited to closed section beam due to the difference stress distribution between the open and the closed section beam. This study aims to modify the deflection formula for prestressed concrete hollow slab (closed section beam) based on the Timoshenko theory.

(1) The deflection curves of the prestressed concrete hollow slab beam were obtained under a single point force; (2) linear phases of the deflection values, which were calculated by Timoshenko theory and ABAQUS, were compared with the measured values; (3) a modified coefficient related to the loading location was obtained to modify the Timoshenko theoretical formula in calculating the deflection of the prestressed concrete hollow slab.

(1) There is a large difference between the calculated values and the measured values at 4.3 < a/H < 7.7, and the differences are between 24 and 33 percent; (2) the Timoshenko deflection formula has been modified to fit for the calculation of the prestressed concrete hollow slab. The mean of f/ft is 1.01, and the variation coefficient is 0.09 after modification. Therefore, the modified formula can be better applied in the deflection calculation of the prestressed concrete hollow slab.

The Timoshenko theory is the most classical theory, which is often used to calculate the deformation of beams. The modified deflection formula for prestressed concrete hollow slab based on the Timoshenko theory is reliable and convenient, which can help engineers to calculate the deflection for closed section beam quickly.

This paper introduces a new hybrid evolutionary algorithm (EA) for continuous global optimization problems, called estimation of distribution algorithm with local search (EDA/L). Like other EAs, EDA/L maintains and improves a population of solutions in the feasible region. Initial candidate solutions are generated by uniform design, these solutions evenly scatter over the feasible solution region. To generate a new population, a marginal histogram model is built based on the global statistical information extracted from the current population and then new solutions are sampled from the model thus built. The incomplete simplex method applies to every new solution generated by uniform design or sampled from the histogram model. Unconstrained optimization by diagonal quadratic approximation applies to several selected resultant solutions of the incomplete simplex method at each generation. We study the effectiveness of main components of EDA/L. The experimental results demonstrate that EDA/L is better than four other recent EAs in terms of the solution quality and the computational cost.

This study aims to investigate the causal complexity of ECF investors’ peer effect through two different paths of structural social influence.

Using the fuzzy-set qualitative comparative analysis (fsQCA) approach, we employ 157 samples from a Chinese ECF source to explore how peer-effect are caused by both informational and normative mechanisms.

The findings suggests that there are multiple configurations could lead to ECF investors’ high level peer-effect through both informational and normative mechanisms, and the informational mechanism' role depends on the normative mechanism, while the normative mechanism could lead to peer-effect independently.

The findings enrich the literature on ECF investors’ behaviors by revealing the diverse configurations resulting in investors’ peer-effect and shedding new light on investigating the decision-making driven by information asymmetry and relationship settings for individuals at a disadvantage.

This is the first study that investigates the multiple-driven of ECF investors’ decision-making and the importance of mutual norms in individuals' decision-making by complex network analysis approach and qualitative comparative analysis from the perspective of complexity. The results reveal the complexity of investors’ decision-making in ECF.

Wool, mainly composed of keratin, is a relatively high-grade clothing material. Although woollen textile has the advantages of high wearing comfort and excellent warmth retention property as we have known, its inherent disadvantage of easy pilling has easy puzzled people for a long time. Most of the existing technologies for pilling resistance are not eco-friendly or severely damaged the internal structure of wool.

In this work, a controlled and effective surface treatment method was proposed to controllable micro-dissolution the scale layers of wool with minor damage to its internal structure, thereby improving the anti-pilling property of wool. Thiourea dioxide (TD) is used as a dissolving agent to swell and dissolve wool surface flakes. After TD treatment, the morphology changes of wool fibers were observed by scanning electron microscope (SEM) and methylene blue staining. Fourier transform infrared spectroscopy (FTIR) and X-ray diffraction (XRD) were used to characterize the structural changes of TD wool. At the same time, the anti-pilling properties and wettability of wool fabrics were tested.

The results show that the wool scale layer is destroyed after TD treatment, which reduces the friction between fibers and improves the anti-pilling performance of wool fabrics. The methylene blue-stained images further demonstrate that low concentrations of TD can damage the superficial scale layer of wool without significant loss of strength.

This method is simple, eco-friendly and economical, and opens up a new direction for the surface treatment of wool fabrics.

The purpose of this study is to further explore the effects of customer participation (CP) and service personal values (SPVs) on cruise customer satisfaction (CS) and customer loyalty (CL) by applying the empirical research approach.

A self-administered questionnaire was prepared and used to collect data. Exploratory factor analysis and structural equation modeling analysis was used to test the proposed model and hypotheses.

The empirical results indicate that CP positively influences SPVs, CS and CL. SPVs have a significant and positive impact on CS as well. Moreover, the study also finds that collectivism has a strong positive effect on CP. Price sensitivity negatively moderates the relationship among CP, CPV, CS and CL.

The generalizability of the current study findings should be considered or scrutinized in light of the fact that limited samples and cross-sectional data were used. This limitation positions the findings as a continuation of the developing path toward a better understanding of customer behavior rather than a definitive conclusion.

The study results show that CP has a positive direct effect on SPVs, CS and CL. Even though many researchers have verified the importance and function of CP, there is a lack of literature, which assesses the influence of CP in a cruise industry context. By focusing on this gap, this research makes it feasible to empirically analyze the different effects of CP in relation to SPVs, CS and CL in Chinese cruise preferences.

The study results suggest that CP is a new predictor of CS and CL in the cruise industry. Thus, creating a positive experience through participation is crucial. As customers are co-producers, it is beneficial for the cruise companies to raise labor productivity and reduce cost by guiding and stimulating them to take part in the service-producing process.

Based on the perspective of service-dominant logic, the purpose of this study is to shed light on the formation process of loyalty behavior of Chinese cruise tourists. The empirical results indicate that CP positively influences SPVs, CS and CL. SPVs have a significant and positive impact on CS as well. Moreover, the study also finds that collectivism has a strong positive effect on CP. Price sensitivity negatively moderates the relationship among CP, CPV, CS and CL.

标题:中国邮轮游客的忠诚度:顾客参与和服务个人价值观的影响

本研究通过实证研究方法, 旨在深入探讨顾客参与(CP)与服务个人价值观(SPVs)对邮轮游客满意度(CS)与顾客忠诚度(CL)的影响。

本文编制了一份自填问卷用于收集数据。采用探索性因子分析(EFA)和结构方程模型(SEM)分析进行模型和假设检验。

结果表明, CP对SPVs、CS、CL均有正向影响。SPVs对CS也有显著的正向影响。此外, 本研究还发现, 集体主义对CP有很强的正向影响, 价格敏感性对CP、CPV、CS和CL之间的关系起负向调节作用。

鉴于样本有限和横断面数据的采用, 应仔细考虑和检查本文研究结果的普遍性。这一局限意味着本研究结果是顾客行为研究道路上的延续, 而不是一个确定的结论。

研究结果表明, CP对SPVs、CS、CL有直接的正向影响。尽管许多研究者已经证实了CP的重要性和作用, 但是对于CP在邮轮业中的影响的评价文献还很缺乏。基于对这一研究空白的关注, 本文通过实证研究, 分析在中国人的邮轮偏好中, CP对SPVs、CS、CL的不同影响。

研究结果表明, CP是邮轮行业CS和CL的一个新的预测因子。因此, 通过参与来创造积极体验是至关重要的。由于顾客是共同生产者, 通过引导和激励他们参与服务生产过程, 有利于提高邮轮公司的劳动生产率, 降低成本。

基于服务主导逻辑的视角, 本研究旨在揭示中国邮轮游客忠诚行为的形成过程。实证结果表明, 顾客参与(CP)对顾客个人价值(SPVs)、顾客满意度(CS)和顾客忠诚度(CL)具有正向影响。SPVs对CS也有显著的正向影响。此外, 本研究还发现, 集体主义对CP有很强的正向影响, 价格敏感性负向调节CP、CPV、CS和CL之间的关系。

关键词 顾客参与, 服务个人价值, 顾客忠诚度, 价格敏感度,中国邮轮游客

研究论文

La lealtad de los clientes chinos de cruceros: el impacto de la participación de los clientes y los valores personales del servicio

El propósito de este estudio es explorar, en profundidad, los efectos de la participación del cliente (CP) y los valores personales del servicio (SPV) en la satisfacción del cliente de cruceros (CS) y la lealtad del cliente (CL) aplicando el enfoque de la investigación empírica.

La obtención de datos se realizó a través de un cuestionario autoadministrado. El modelo y las hipótesis propuestas fueron contrastados a través del análisis factorial exploratorio (EFA) y el análisis de ecuaciones estructurales (SEM).

Los resultados empíricos indican que la CP influye positivamente en los SPV, CS y CL. Los SPVs también tienen un impacto significativo y positivo en la CS. Además, el estudio también encuentra que el colectivismo tiene un fuerte efecto positivo en el CP. La sensibilidad al precio modera negativamente la relación entre CP, CPV, CS y CL.

La posibilidad de generalizar las conclusiones del presente estudio debe considerarse teniendo en cuenta que se utilizaron muestras limitadas y datos transversales. Esta limitación hace que los hallazgos avancen en la senda para una mejor comprensión del comportamiento del cliente y no sean una conclusión definitiva.

Los resultados del estudio muestran que el CP tiene un efecto directo positivo en las SPVs, CS y CL. Aunque muchos investigadores han verificado la importancia y la función de la CP, falta literatura que evalúe la influencia de la CP en el contexto del sector de los cruceros. Al centrarse en esta carencia, esta investigación permite analizar empíricamente los diferentes efectos de la CP en relación con las SPVs, CS y CL en las preferencias de los cruceristas chinos.

Los resultados del estudio sugieren que la CP es un nuevo predictor de la CS y la CL en el sector de los cruceros. Por tanto, crear una experiencia positiva a través de la participación es crucial. Dado que los clientes son coproductores, es beneficioso para las compañías de cruceros aumentar la productividad laboral y reducir los costes guiándolos y estimulándolos a participar en el proceso de producción del servicio.

Basado en la perspectiva de la lógica dominante del servicio, el propósito de este estudio es arrojar luz sobre el proceso de formación de la lealtad de los turistas chinos de cruceros. Los resultados empíricos indican que la participación del cliente (CP) influye positivamente en los valores personales del servicio (SPV), la satisfacción del cliente (CS) y la lealtad del cliente (CL). Los SPVs también tienen un impacto significativo y positivo en la CS. Además, el estudio también encuentra que el colectivismo tiene un fuerte efecto positivo en el CP. La sensibilidad al precio modera negativamente la relación entre CP, CPV, CS y CL.

participación del cliente, valores personales del servicio, lealtad del cliente, sensibilidad al precio, turistas chinos de cruceros.

Trabajo de investigación