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Article
Publication date: 4 April 2016

Jianfu Shen and Xianting Yin

– The purpose of this paper is to explore the impact of the credit expansion in 2009 and 2010 in China on the capital structure of listed real estate companies.

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Abstract

Purpose

The purpose of this paper is to explore the impact of the credit expansion in 2009 and 2010 in China on the capital structure of listed real estate companies.

Design/methodology/approach

Chinese listed real estate companies are divided into two groups, state-owned and non-state-owned, because their access to credit markets have different priority to state-owned banks that dominate bank lending. The difference-in-differences approach is employed to test the impact of changes in leverage ratios and loan ratios before and after the credit expansion period in state-owned firms and non-state-owned firms.

Findings

Using quarterly panel regressions, the authors find that during the credit expansion period, state-owned companies exhibit a relatively greater increase in leverage ratios than non-state-owned firms. State-owned firms have greater increases in book leverage ratios, market leverage ratios and long-term debt ratios by 5.2, 4.9 and 1.1 per cent, respectively. It is also shown that loan ratios have increased more in state-owned firms than non-state-owned firms during the credit expansion period.

Research limitations/implications

The paper explores only the impacts of credit expansion on capital structure of listed real estate firms in China. Further studies can be conducted to investigate the impact of credit supply on corporate investment decisions of real estate firms and on real estate markets.

Practical implications

The findings can help explain the surge in land and housing prices after 2008 in China. Deng et al. (2015) find that state-owned real estate firms paid more for land price than non-state-owned firms, which contributed to upward pressure on housing prices. This paper shows that such “over-investment” may be due to the increase of debt financing and availability of bank loans to real estate firms. Thus the credit market can affect real estate markets through debt financing at company level.

Originality/value

This paper is the first to investigate the impact of credit supply on capital structure of real estate companies, and presents evidence of the importance of credit supply as a determinant of capital structure.

Details

Journal of Property Investment & Finance, vol. 34 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 5 July 2022

Xianting Yao and Shuhua Mao

Given the effects of natural and social factors, data on both the supply and demand sides of electricity will produce obvious seasonal fluctuations. The purpose of this article is…

265

Abstract

Purpose

Given the effects of natural and social factors, data on both the supply and demand sides of electricity will produce obvious seasonal fluctuations. The purpose of this article is to propose a new dynamic seasonal grey model based on PSO-SVR to forecast the production and consumption of electric energy.

Design/methodology/approach

In the model design, firstly, the parameters of the SVR are initially optimized by the PSO algorithm for the estimation of the dynamic seasonal operator. Then, the seasonal fluctuations in the electricity demand data are eliminated using the dynamic seasonal operator. After that, the time series after eliminating of the seasonal fluctuations are used as the training set of the DSGM(1, 1) model, and the corresponding fitted, and predicted values are calculated. Finally, the seasonal reduction is performed to obtain the final prediction results.

Findings

This study found that the electricity supply and demand data have obvious seasonal and nonlinear characteristics. The dynamic seasonal grey model based on PSO-SVR performs significantly better than the comparative model for hourly and monthly data as well as for different time durations, indicating that the model is more accurate and robust in seasonal electricity forecasting.

Originality/value

Considering the seasonal and nonlinear fluctuation characteristics of electricity data. In this paper, a dynamic seasonal grey model based on PSO-SVR is established to predict the consumption and production of electric energy.

Details

Grey Systems: Theory and Application, vol. 13 no. 1
Type: Research Article
ISSN: 2043-9377

Keywords

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Article
Publication date: 19 September 2023

Yanping Guo, Bingqing Xiong, Yongqiang Sun, Eric Tze Kuan Lim and Chee-Wee Tan

Peer-to-Peer Accommodation Service (P2PAS) has emerged as a novel paradigm that enables consumers to book temporary accommodation through P2PAS platforms (online transaction), and…

386

Abstract

Purpose

Peer-to-Peer Accommodation Service (P2PAS) has emerged as a novel paradigm that enables consumers to book temporary accommodation through P2PAS platforms (online transaction), and then reside in hosts' rooms (offline consumption). Due to potential variance in performance and conflict of interest between hosts and platforms, consumers may differ in their trust perceptions of the two parties, which in turn affects consumers' continuous usage of P2PAS. To this end, the authors endeavor to unravel the effect of consumers' trust incongruence on continuance intention, and to further elucidate the moderating influence of transaction and consumption risks on this relationship. This paper aims to discuss the aforementioned objectives.

Design/methodology/approach

This study collected data through an online survey of 408 P2PAS consumers. Polynomial modeling and response surface analysis were conducted to validate the hypothesized relationships.

Findings

Response surface analysis reveals that trust incongruence did not significantly affect consumers' continuance intention. However, continuance intention would be greater when TP was higher than TH compared with when TH was higher than TP. Furthermore, the analytical results suggest that trust incongruence exerts greater negative effect on continuance intention when transaction and consumption risks were high.

Originality/value

First, the study marks a paradigm shift in conceptualizing the incongruence between TP and TH as a determinant of consumers' continuance intention toward P2PAS. Second, the authors derive a typology of risks that is contextualized to P2PAS. Finally, the authors establish transaction and consumption risks as boundary conditions influencing the effects of trust incongruence on consumers' continuance intention toward P2PAS.

Details

Industrial Management & Data Systems, vol. 123 no. 11
Type: Research Article
ISSN: 0263-5577

Keywords

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