Separation of ownership and control for Chinese listed firms: Effect on the cost of debt and the moderating role of bank competition

This research investigates the effect of the separation between firm ownership and control on the cost of debt, with attention to the moderating role of state ownership and bank competition. We make use of a sample of 1744 Chinese A-share firms for the years 2011–2017. We find that separation between ownership and control is positively associated with the cost of debt. This is consistent with the view that separation of control from ownership allows controlling shareholders to engage in tunneling and other behaviors that increase the risk of default. State ownership weakens this positive link because government debt guarantees mitigate the risk of default. Greater competition in the banking industry generally reduces the cost of debt for non-state enterprises while having no effect for state enterprises. At the same time, greater bank competition amplifies the positive effect of ownership and control separation on debt cost for non-state enterprises as banks must still cover the higher default risk. Finally, the global financial crisis raised the cost of debt for non-state enterprises but had no effect for state enterprises.     

战“疫”突显中国特色社会主义制度显著优势

新型冠状病毒感染的肺炎疫情发生以来,全国上下齐心协力,在中国共产党的集中统一领导下、在以人民为中心的执政理念指引下,依靠集中力量办大事的体制优势、社会主义先进文化的支撑,以及依法治国理念的保障,使疫情在短时间内得到有效控制,最大程度保障了人民的生命安全,集中体现了中国特色社会主义制度的显著优势。     

基于环境变迁的管理控制系统新趋势研究

管理环境变迁对于管理控制挑战日益增加,知识经济兴起对非正式管理系统提出了新的需求,全球化发展要求管理控制发展发组织新理论,同时管理理论的本土化要求管理者们重视管理控制领域的中国情景。     

英语教学中使用汉语的作用与设计

对我国英语教学中汉语使用问题虽然有不同观点,但对于英语教师来说,适量使用汉语进行教学,无疑可以提高教学效率、增加学生信心和保持学习兴趣,并对促进教师的专业化成长不无裨益。同时,在实际教学设计中,通过适量汉语的运用,必然能够提高学生的英语交际能力。     

“中国梦”视阈中的当代中国社会主义核心价值观建构

党的十八大提出"三个倡导",培育和践行社会主义核心价值观。习近平总书记关于中国梦的论述,指明了中国特色社会主义的前进方向和奋斗目标,描绘了国家富强、民族振兴、人民幸福的美好蓝图。社会主义核心价值观从国家、社会、个体三个维度对实现"中国梦"提出了细化的内在要求和强大的精神动力,是实现中华民族伟大复兴中国梦的思想保证。     

用马克思主义视角浅析《使民主运转起来》看中国政治发展

本文从马克思主义视角分析帕特南的著作再观察我国的政治发展可以发现不少值得思考之处,这不失为一个看待我国政治文明建设的新视角。     

欧洲高校创业教育对中国高校的启迪

本文结合欧洲高校创业教育体制,以查尔姆斯理工大学为例,分析其创业教育体系的利弊,与中国高校创业教育进行分析比较,从政府、学校以及学生三方面来进行阐述。     

Could virtual reality effectively market slow travel in a heritage destination?

A recent trend in tourism research involves the application of high technology in marketing practices such as virtual reality (VR), cell phone apps, and new media. Among these, VR is the most novel. In 2016, Discovery Travel created TRVLR, which includes all seven continents. Even earlier, specific tourist destinations were providing VR content about their respective locales. These venues expose potential tourists to tourist locations by immersing them in a visceral, 360-degree storytelling setting. However, while VR has gradually grown in popularity in the tourism industry, the marketing effects have been infrequently studied by academia. This research asked participants to view a VR presentation of a famous 700-year-old Chinese painting, and investigated viewers' nostalgia and ST travel intentions. Information was collected from 308 samples at certain popular tourist destinations around Fuzhou in the Fujian Province of China, and Taipei and Taoyuan in Taiwan. Structural equation modeling was then used to analyze the collected data and test the hypotheses. The findings indicate that VR is a very useful tool for encouraging respondents to travel to Jinan in a slower and more intensely observational manner, significantly arousing their sense of nostalgia and leading to a strong intention to ST to Jinan. This research provides important insights into how this new technology might function as a tool for marketing Jinan, a tier-two but historically important destination in China. The implications of these findings are important to understanding the associations for potential tourists among VR use, destination marketing, and travel intention, particularly when the object city is relatively unknown.     

Effects of perceived constraints and negotiation on learned helplessness: A study of Chinese senior outbound tourists

Learned helplessness is an important psychological construct that may influence senior tourists' subjective wellbeing while travelling. Employing a mixed-method approach and a multi-sample design, this study examines how Chinese senior outbound tourists’ perceived travel constraints and negotiation efforts affect learned helplessness in outbound travel. We identified four perceived constraints (perceived incapability, lack of suitable travel agencies and services, lack of information and personal support, and complex travel decision-making) and three negotiation strategies (seeking family support, physical/health preparation, and learning). Multiple regression analyses showed that among the four perceived constraints, only perceived incapability increased learned helplessness significantly; conversely, negotiation in general reduced learned helplessness. However, not as expected, negotiation was not founded to be a moderator between perceived constraints and learned helplessness. Theoretical and practical implications are also discussed.