Qian Xu, Yuhui Wu and Lingling Zhai
The purpose of this paper is to examine how credit ratings affect corporate financial behavior from the perspective of merger and acquisition (M&A) decisions. The goal is to test…
Abstract
Purpose
The purpose of this paper is to examine how credit ratings affect corporate financial behavior from the perspective of merger and acquisition (M&A) decisions. The goal is to test the financing and supervisory effects of credit ratings and study the economic consequences of credit ratings in the context of China.
Design/methodology/approach
Using a sample of Chinese A-share listed companies over the 2008–2017 period, this paper empirically examines the effect of credit ratings on firms’ M&A decisions. The authors used a probit model for regression when they tested the effect of credit rating on M&A likelihood and a tobit model when they tested the effect of credit rating on M&A intensity.
Findings
First, rated enterprises tend to make more acquisitions compared with non-rated enterprises, consistent with the hypothesis that credit ratings alleviate financing constraints. Second, high-rated enterprises are more cautious toward M&As due to concerns about preserving their ratings, which indicates that credit ratings also play a supervisory role in the M&A process. Additional tests show that enterprises reduce M&A activity after a rating downgrade to avoid further deterioration in their ratings; this further supports the supervisory role of credit ratings.
Originality/value
This paper adds incremental evidence to the literature on the impact of credit ratings on corporate financial behavior and extends the literature on the factors influencing M&As. The authors provided empirical evidence from emerging capital markets for the financing and supervisory effects of credit ratings and provided theoretical guidance for promoting the stable, long-term development of China’s credit rating industry.
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Xu Yuhui, Liang Chengcheng and Wu Yue
To solve several “inorganic” problems generated recently by community development in China (e.g., waste of social resources, environmental pollution, and decreased economic energy…
Abstract
To solve several “inorganic” problems generated recently by community development in China (e.g., waste of social resources, environmental pollution, and decreased economic energy efficiency), focus should be on improving the community traffic organic micro-circulation system. As a historic and mixed functional urban community, the micro-circulation system of Xi'an Railway Bureau exhibits representativeness and complexity. Based on existing research results and years of follow-up investigations, which concentrate on circulation patterns and inherent organic development requirements of the community traffic micro-circulation system, this paper builds an evaluation index system. Value function method was used to implement the index factor quantitative analysis and comprehensive evaluation. Several related strategies were proposed to improve the organic micro-circulation system of the community, which is based on the analysis of the evaluation, in order to adopt the trend in both increasing urban development and stock updating. The analysis results demonstrate that it is necessary to present guiding renewal strategies on community land, road, people, and the environment for those mixed functional communities which use progressive renewed mode. It compensates the problems of overly strong export-oriented system, which is caused by the lack of organic traffic micro-circulation, so as to achieve the selective opening of community external. The study mainly highlights the significance of the systematic analysis of evaluation in influencing strategies on community renewal.
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Shengfei Shi, Jianzhong Li, Chaokun Wang and Yuhui Wu
The purpose of this paper is to propose a novel resource management strategy, which needs no special frameworks and directory servers.
Abstract
Purpose
The purpose of this paper is to propose a novel resource management strategy, which needs no special frameworks and directory servers.
Design/methodology/approach
The key idea is to piggyback a little extra packet header on the normal routing message by resource providers randomly. The clients can obtain the resource information gradually and need no dedicated resource queries.
Findings
The results of simulation confirm the good performance of our algorithms in different situations in terms of query latency and power consumption.
Originality/value
A novel resource management strategy, which needs no special frameworks and directory servers. The approach can be used in many current routing protocols. The quality of service issue is also considered for resource discovery algorithm and broadcasting method.
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Alessandra Marasco, Marcella De Martino, Alfonso Morvillo and Cihan Cobanoglu
Szu-Hsin Wu and Yuhui Gao
A holistic understanding of sources that evoke customer emotions is essential for creating a positive emotional customer experience (ECX). Despite a significant focus on the…
Abstract
Purpose
A holistic understanding of sources that evoke customer emotions is essential for creating a positive emotional customer experience (ECX). Despite a significant focus on the cognitive aspect of customer experience and traditional customer behaviours (e.g. loyalty and satisfaction), limited attention has been paid to ECX and co-creation behaviours. The purpose of this paper is to address this important knowledge gap by identifying different emotions and prominent sources of ECX (i.e. emotion triggers and constructors) during service interactions. By doing so, key customer co-creation behaviours are also identified, which help enhance positive customer experience.
Design/methodology/approach
A combined application of the appraisal theory and thematic analysis was used to explore ECX, its sources and co-creation behaviours as observed from 1,063 TripAdvisor customer reviews of luxury hotels in Ireland.
Findings
The results show that a single service interaction can evoke multiple emotions during the interaction process. The findings capture prominent emotions that customers experience and various important emotion triggers (physical environment, service management and offerings and human interaction) and constructors (customer expectation, accumulated service experience and culture fusion and authenticity). Three main customer co-creation behaviours (reinforcing intention, active and resourceful behaviours), which help facilitate the co-creation of positive customer emotions, are also identified.
Originality/value
The study proposes a new framework that provides unique insights into ECX to guide service improvement and innovation. A novel approach of applying the appraisal theory to a netnographic study is used to develop an ECX framework, which integrates various emotion triggers and constructors, and subsequent customer co-creation behaviours in the hotel industry.
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Wenqing Zhang, Guojun Zhang, Zican Chang, Yabo Zhang, YuDing Wu, YuHui Zhang, JiangJiang Wang, YuHao Huang, RuiMing Zhang and Wendong Zhang
This paper aims to address the challenges in hydroacoustic signal detection, signal distortion and target localization caused by baseline drift. The authors propose a combined…
Abstract
Purpose
This paper aims to address the challenges in hydroacoustic signal detection, signal distortion and target localization caused by baseline drift. The authors propose a combined algorithm that integrates short-time Fourier transform (STFT) detection, smoothness priors approach (SPA), attitude calibration and direction of arrival (DOA) estimation for micro-electro-mechanical system vector hydrophones.
Design/methodology/approach
Initially, STFT method screens target signals with baseline drift in low signal-to-noise ratio environments, facilitating easier subsequent processing. Next, SPA is applied to the screened target signal, effectively removing the baseline drift, and combined with filtering to improve the signal-to-noise ratio. Then, vector channel amplitudes are corrected using attitude correction with 2D compass data. Finally, the absolute target azimuth is estimated using the minimum variance distortion-free response beamformer.
Findings
Simulation and experimental results demonstrate that the SPA outperforms high-pass filtering in removing baseline drift and is comparable to the effectiveness of variational mode decomposition, with significantly shorter processing times, making it more suitable for real-time applications. The detection performance of the STFT method is superior to instantaneous correlation detection and sample entropy methods. The final DOA estimation achieves an accuracy within 2°, enabling precise target azimuth estimation.
Originality/value
To the best of the authors’ knowledge, this study is the first to apply SPA to baseline drift removal in hydroacoustic signals, significantly enhancing the efficiency and accuracy of signal processing. It demonstrates the method’s outstanding performance in the field of underwater signal processing. In addition, it confirms the reliability and feasibility of STFT for signal detection in the presence of baseline drift.
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Yuhui Wang, Peng Shao, Qingxian Wu and Mou Chen
This paper aims to present a novel structural reliability analysis scheme with considering the structural strength degradation for the wing spar of a generic hypersonic aircraft…
Abstract
Purpose
This paper aims to present a novel structural reliability analysis scheme with considering the structural strength degradation for the wing spar of a generic hypersonic aircraft to guarantee flight safety and structural reliability.
Design/methodology/approach
A logarithmic model with strength degradation for the wing spar is constructed, and a reliability model of the wing spar is established based on stress-strength interference theory and total probability theorem.
Findings
It is demonstrated that the proposed reliability analysis scheme can obtain more accurate structural reliability and failure results for the wing spar, and the strength degradation cannot be neglected. Furthermore, the obtained results will provide an important reference for the structural safety of hypersonic aircraft.
Research limitations/implications
The proposed reliability analysis scheme has not implemented in actual flight, as all the simulations are conducted according to the actual experiment data.
Practical implications
The proposed reliability analysis scheme can solve the structural life problem of the wing spar for hypersonic aircraft and meet engineering practice requirements, and it also provides an important reference to guarantee the flight safety and structural reliability for hypersonic aircraft.
Originality/value
To describe the damage evolution more accurately, with consideration of strength degradation, flight dynamics and material characteristics of the hypersonic aircraft, the stress-strength interference method is first applied to analyze the structural reliability of the wing spar for the hypersonic aircraft. The proposed analysis scheme is implemented on the dynamic model of the hypersonic aircraft, and the simulation demonstrates that a more reasonable reliability result can be achieved.
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Yuhui Wei, Zhaowei Su, Huashan Lu and Xue Mei Ding
The purpose of this paper is to develop an efficient termination control strategy of air-vented dryer in term of energy saving, improving smoothness and reducing microscopic…
Abstract
Purpose
The purpose of this paper is to develop an efficient termination control strategy of air-vented dryer in term of energy saving, improving smoothness and reducing microscopic damage of fiber.
Design/methodology/approach
A simple, low cost termination control strategy is developed by testing the instantaneous humidity of exhaust air and then deducing the drying degree of fabric in process. The practicability evaluation of this novel strategy was investigated by using both experimental and mathematical approaches. The effect of termination control strategy on drying efficiency and fabric apparent properties were also discussed.
Findings
Termination control strategy significantly affects drying time, energy consumption, smoothness and microscopic of fiber. Specially, a novel termination control strategy that the combination of equilibrium moisture content of fabric in ambient environment and relative humidity of exhaust air in exhaust duct is workable and can save 25.2 percent of energy consumption, 26.7 percent of the drying time and improve 0.7 grade of the appearance smoothness, as well as significantly reduce the microscopic damage of fiber compare to the original control strategy of dryer. This indicates possible ways to minimize drying energy consumption and dryer damage by reducing unnecessary migrate out of the water from the clothes.
Practical implications
The paper is helpful in not only the development of new drying product but also the optimization of appearance smoothness of fabric after drying and reduce the microscopic damage of fiber.
Originality/value
A novel termination control strategy of dryer is applied to improve drying efficiency of dryer and reduce fabric damage.
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Jianchang Fan, Zhun Li, Fei Ye, Yuhui Li and Nana Wan
This study aims to focus on the optimal green R&D of a capital-constrained supply chain under different channel power structures as well as the impact of capital constraint…
Abstract
Purpose
This study aims to focus on the optimal green R&D of a capital-constrained supply chain under different channel power structures as well as the impact of capital constraint, financing cost, channel power structure and cost-reducing efficiency on green R&D and supply chain profitability.
Design/methodology/approach
A two-echelon supply chain is considered. The upstream firm engages in green R&D but has capital constraints that can be overcome by external financing. Green R&D is beneficial to reduce production costs and increase consumer demand. Based on whether or not the upstream firm is capital constrained and dominates the supply chain, four models are developed.
Findings
Capital constraints significantly lower green R&D and supply chain profitability. Transferring leadership from the upstream to the downstream firms leads to higher green R&D levels and downstream firm profitability, whereas the upstream firm's profitability is increased (decreased) if green R&D investment efficiency is high (low) enough. Greater financing costs reduce green R&D and downstream firm profitability; however, the upstream firm's profitability under the model in which it functions as the follower increases if the initial capital is sufficient. More importantly, empirical analysis based on practice data is used to verify the theoretical results reported above.
Practical implications
This study reveals how upstream firms in supply chains decide green R&D decisions in situations with capital constraints, providing managers and governments with an understanding of the impact of capital constraint, channel power structure, financing cost and cost-reducing efficiency on supply chain green R&D and profitability.
Originality/value
The major contributions are the exploration of supply chain green R&D by taking into consideration channel power structures and cost-reducing efficiency and the validation of theoretical results using practice data.
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Zhongge Guo, Yunxin Li and Yuhui Wang
To suppress fatigue damage and ensure structural safety, this paper aims to analyze the effect of the damage accumulation on the aeroelastic model of an air-breathing hypersonic…
Abstract
Purpose
To suppress fatigue damage and ensure structural safety, this paper aims to analyze the effect of the damage accumulation on the aeroelastic model of an air-breathing hypersonic flight vehicle (AHFV).
Design/methodology/approach
Initially, by constructing the modified longitudinal elastic model of an AHFV, the stress condition of the fuselage is analyzed, and the model differences with the rigid body are studied. Then, a new damage dynamic model is presented to describe the damage dynamic evolution. Finally, combining the damage model and the longitudinal model of the AHFV, the key variables affecting the damage accumulation are determined.
Findings
It is demonstrated that the elastic deformation must be considered when analyzing the damage characteristics of the fuselage and to determine the key variables that affect the damage accumulation, which provides a more accurate reference for improving the structural reliability and lifespan of AHFVs.
Originality/value
The novelty of this paper comes from the application of the force and stress models for the damage evolution of the AHFV and the development of a new damage model for the entire body with the elastic dynamics of AHFVs.