Relationship-based debt financing of Chinese private sector firms: The role of social connections to banks versus political connections

We study whether a firm's social connections to banks can augment its political connections to help it obtain loans. In China, Regulation No. 18 (announced in 2013) prohibits all high-level government officials from being independent directors of firms. As a result, many firms lost their political connections. We find that after firms lose their politically connected independent directors, firms having no social connections to banks experience, on average, a 12% decrease in the bank loan ratio relative to the median ratio; but those whose board chairs or CEOs are socially connected to local bank branch heads experience a 22% increase in the loan ratio relative to the median. However, this positive effect is short lived and thus not a new equilibrium. Overall, our findings support the hypothesis that a firm's social connections to banks can augment its political connections to help it get bank financing.     

Price limits,investor sentiment,and initial public offering underpricing: A quasi-natural experiment based on ChiNext

Based on the data on initial public offerings (IPOs) listed on Growth Enterprises Market (ChiNext) in 2009–2018, this paper examines the impact of first-day listing price limits on IPO underpricing by adopting the event study and regression discontinuity design models. Our research indicates that the implementation of price limits significantly increases IPO underpricing by intensifying investor sentiment and encouraging market speculation. We also find that price limits have different impacts on companies with different characteristics such as innovation capacity and ownership structure. Our research may suggest how to improve the effectiveness of regulatory policy as well as current ChiNext and IPO market reforms.     

网红短视频传播对消费者旅游态度的影响——以丁真走红现象为例

短视频网红宣传对旅游地知名度的提升起到重要作用。文章综合信源吸引力模型、信源可靠性理论和心流理论,探究短视频传播的网红特质对受众观看短视频时的专注度、快乐度、身临其境感和心流体验的作用,以及对受众想要去短视频宣传地的旅游态度的影响。通过问卷调研,收集558份有效样本,并构建了网红个人魅力影响受众心流体验和旅游态度的结构方程模型,进行路径分析和中介效应检验。研究发现:网红包括吸引力、可信度和受欢迎度在内的个人特质显著影响受众观看短视频的快乐度、专注度和身临其境感,促使受众产生心流体验,继而影响受众对网红相关地区的旅游态度。该研究对于借力短视频、网红经济等数字媒介环境下的新兴传播形式开发旅游资源,提升旅游知名度具有一定实践参考价值。