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Article
Publication date: 20 February 2017

Yiming Hu, Ying Yang and Pengfei Han

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).

1189

Abstract

Purpose

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).

Design/methodology/approach

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

Findings

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.

Research limitations/implications

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

Practical implications

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

Originality/value

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.

Details

China Finance Review International, vol. 7 no. 1
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 15 August 2019

Yiming Hu and Mingxia Xu

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…

705

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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

Originality/value

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.

Details

China Finance Review International, vol. 9 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 1 November 2011

Yiming Hu, Siqi Li, Thomas W. Lin and Shilei Xie

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…

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Review of Accounting and Finance, vol. 10 no. 4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 15 February 2016

Yiming Hu, Xinmin Tian and Zhiyong Zhu

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…

756

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Originality/value

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.

Details

China Finance Review International, vol. 6 no. 1
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 18 July 2024

Sheng Liu, Xiao Lin and Xiuying Chen

This paper aims to reveal the green governance role played by stock connect in transition economies from the perspective of corporates’ environmental violations and provides…

42

Abstract

Purpose

This paper aims to reveal the green governance role played by stock connect in transition economies from the perspective of corporates’ environmental violations and provides implications for the coordination and optimization of subsequent stock market liberalization and green transformation policies in pursuit of carbon peaking and carbon neutrality goals.

Design/methodology/approach

With the data of Chinese listed enterprises, this paper takes the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect in China as a quasi-natural experiment and applies the multi-period difference-in-difference (DID) model to identify the impact of stock market liberalization on the corporates’ environmental violations.

Findings

The findings reveal that the stock market liberalization significantly restrains the corporates’ environmental violations. These findings are robust to a series of sensitivity tests, including excluding two-way effects, adjusting the year of policy implementation, replacing the core variables, introducing the regional fixed effects and excluding the interference effect of other relevant policies during the sample period. Furthermore, the stock market liberalization is beneficial for upgrading information disclosure quality, improving internal governance capability, strengthening environmental protection incentives, and thus restrains corporates’ environmental violations. Meanwhile, heterogeneity tests show that the inhibitory effects are more significant in those grouped samples which is large scale, state-owned nature, located in eastern region, with poor evaluation performances and heavy tax burden.

Originality/value

We make two marginal contributions to the current literature. First, this paper enriches the literature on the factors influencing corporate environmental violations by focusing on how the macro-level financial policy influences the micro-level corporate environmental violations. One the one hand, prior studies mainly focused on the consequences of corporate environmental violations; however, there is still a puzzle that the effect of stock market liberalization cannot be fully justified to influence corporate environmental violations. The findings help explain this puzzle by examining that stock market liberalization can restrain corporate environmental violations. Moreover, prior studies mainly focused on corporate share price (Yunsen Chen et al., 2022), market liquidity (Han Kim and Singal, 2000), information disclosure (Liang, Lin, and Chin 2012), corporate governance (Bae and Goyal, 2010) and corporate violations (Lingyun Xiong et al., 2021), but not on corporate environmental violations. We assume that the suppression effect of stock market liberalization on corporate environmental violations can help reduce corporate environmental violations, improve corporates’ awareness of environmental compliance. Second, this paper contributes to a better understanding of the literature on stock market liberalization by investigating the restraining effect of Stock Connect on corporate environmental violations from the perspective of information channel, corporate governance channel and motivation channel, which is of practical significance. Moreover, we investigate the differences in the inhibitory effects of stock market liberalization on different enterprises' environmental violations, from firm size, property rights, enterprise assessment results, tax burden to geographical location, which is conducive to the construction of a green financial system and the promotion of sustainable economic development. Our results show that firms which are large scale, state-owned nature, located in eastern region, with poor evaluation performances and heavy tax burden tend to compliance with environmental laws. These findings emphasize the importance and benefits of Stock Connect.

Details

Nankai Business Review International, vol. 16 no. 1
Type: Research Article
ISSN: 2040-8749

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Article
Publication date: 13 July 2018

Hanbing Fan, Yiming Dong, Dezhuang Hu and Lianfa Luo

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

796

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Conflict Management, vol. 29 no. 4
Type: Research Article
ISSN: 1044-4068

Keywords

Available. Open Access. Open Access
Article
Publication date: 30 July 2019

Zhizhou Wu, Yiming Zhang, Guishan Tan and Jia Hu

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…

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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

Originality/value

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.

Details

Journal of Intelligent and Connected Vehicles, vol. 2 no. 1
Type: Research Article
ISSN: 2399-9802

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Article
Publication date: 12 February 2024

Yiming Zhao, Yu Chen, Yongqiang Sun and Xiao-Liang Shen

The purpose of this study is to develop a framework for the perceived intelligence of VAs and explore the mechanisms of different dimensions of the perceived intelligence of VAs…

707

Abstract

Purpose

The purpose of this study is to develop a framework for the perceived intelligence of VAs and explore the mechanisms of different dimensions of the perceived intelligence of VAs on users’ exploration intention (UEI) and how these antecedents can collectively result in the highest level of UEI.

Design/methodology/approach

An online survey on Amazon Mechanical Turk is employed. The model is tested utilizing the structural equation modeling (SEM) and fuzzy-set qualitative comparative analysis (fsQCA) approach from the collected data of VA users (N = 244).

Findings

According to the SEM outcomes, perceptual, cognitive, emotional and social intelligence have different mechanisms on UEI. Findings from the fsQCA reinforce the SEM results and provide the configurations that enhanced UEI.

Originality/value

This study extends the conceptual framework of perceived intelligence and enriches the literature on anthropomorphism and users’ exploration. These findings also provide insightful suggestions for practitioners regarding the design of VA products.

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Article
Publication date: 13 November 2009

James Yiming Zhang, Jing Wu, Gregor v. Bochmann and Michel Savoie

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…

250

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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.

Originality/value

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.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 28 no. 6
Type: Research Article
ISSN: 0332-1649

Keywords

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Article
Publication date: 19 May 2023

Angela Kit Fong Ma and Yiming Chen

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…

964

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Society and Business Review, vol. 19 no. 2
Type: Research Article
ISSN: 1746-5680

Keywords

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