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This paper examines the impacts of informal and formal institutions on the efficiency of credit resource allocation in the emerging market from the perspective of political connections and marketization. Based on the data of non-state owned listed companies in China, we find that as an informal institution, Political relationship helps companies to obtain more long-term loans. However, from a social...
The importance of traditional arts lies on its profound social meaning and some certain psychological accumulation, and it has been kept pursuiting beauty in the course of history. Chinese traditional art is broad and profound. Now the introduction of new idea and thinking pattern provides us a broader view to re-examine traditional art, and the new technology and material also give more possibilities...
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