本书共分十一章,内容包括:时代的挑战、历史之源、龙精凤魄、百年变迁、三十年探索、道德的困惑、龙与十字架、跨世纪的国魂、从私德到公德、走向新境界等。.

An esssential work of this enigmatic sage, draws from the ancient traditions of Buddhism, Taosim, and Advaita Vedanta.

Recent work on the mechanisms underlying auditory verbal hallucination (AVH) has been heavily informed by self-monitoring accounts that postulate defects in an internal monitoring mechanism as the basis of AVH. A more neglected alternative is an account focusing on defects in auditory processing, namely a spontaneous activation account of auditory activity underlying AVH. Science is often aided by putting theories in competition. Accordingly, a discussion that systematically contrasts the two models of AVH can generate sharper questions that will lead to (...) new avenues of investigation. In this paper, we provide such a theoretical discussion of the two models, drawing strong contrasts between them. We identify a set of challenges for the self-monitoring account and argue that the spontaneous activation account has much in favor of it and should be the default account. Our theoretical overview leads to new questions and issues regarding the explanation of AVH as a subjective phenomenon and its neural basis. Accordingly, we suggest a set of experimental strategies to dissect the underlying mechanisms of AVH in light of the two competing models. (shrink)

In this paper, we prove the correspondence between complete extensions in abstract argumentation and 3-valued stable models in logic programming. This result is in line with earlier work of [6] that identified the correspondence between the grounded extension in abstract argumentation and the well-founded model in logic programming, as well as between the stable extensions in abstract argumentation and the stable models in logic programming.

Reflection on the fine-grained information required for visual guidance of action has suggested that visual content is non-conceptual. I argue that in a common type of visually guided action, namely the use of manipulable artefacts, vision has conceptual content. Specifically, I show that these actions require visual attention and that concepts are involved in directing attention. In acting with artefacts, there is a way of doing it right as determined by the artefact’s conventional use. Attention must reflect our understanding of (...) the function and appropriate ways to use these artefacts, understanding that requires possession of the relevant concept. As a result, we attend to the artefact’s relevant functional properties. In these cases, attention is structured by concepts. This discussion has a bearing on the dual visual stream hypothesis. While it is often held that the two visual streams are functionally independent, the argument of this essay is that the constraints on attention suggest a functional interaction between them. (shrink)

We investigate two under-explored factors in mitigating the risk of corporate fraud and regulatory enforcement against fraud, namely institutional investors and political connections. The role of institutional investors in the effective monitoring of a firm’s management is well established in the literature. We further observe that firms that have a large proportion of their shares held by institutional investors have a lower incidence of enforcement actions against corporate fraud. The importance of political connections for enterprises, whether in a developed market (...) such as the United States or an emerging market such as China, has been established by previous studies. However, we find evidence of another positive effect of political connections: they may reduce the incidence of enforcement action against corporate fraud. We also find that political connections play a more significant role in reducing regulatory enforcement incidents against non-state-owned enterprises and firms in weaker legal environments, whereas institutional ownership plays a more important role in reducing regulatory enforcement incidents against state-owned enterprises. (shrink)

It makes sense that the more information people share, the better they communicate. To evaluate the effect of knowledge overlap on the effectiveness of communication, participants played a communication game where the “director” identified objects to the “addressee”. Pairs either shared information about most objects' names (high overlap), or about the minority of objects' names (low overlap). We found that high-overlap directors tended to use more names than low overlap directors. High overlap directors also used more names with objects whose (...) names only they knew, thereby confusing their addressees more often than low-overlap directors. We conclude that while sharing more knowledge can be beneficial to communication overall, it can cause communication to be locally ineffective. Sharing more information reduces communication effectiveness precisely when there is an opportunity to inform—when people communicate information only they themselves know. (shrink)

While it is widely believed that bribery is ubiquitous among Asian firms, few studies have offered systematic evidence of such activities, and the dynamics of bribery in Asian firms have not been well understood. The research reported here used World Business Environment Survey data to examine some distinct characteristics of bribery in Asian firms and to empirically test 10 hypotheses on determinants of bribery. We find that firm characteristics such as firm size, growth rate, and corporate governance are important determinants (...) of bribery activities at the firm level, and that Asian firms are more likely to bribe when faced with fierce market competition, corrupted court systems, convoluted licensing requirements, nontransparent interpretation of laws and regulations, inefficient government service delivery, and high taxes. (shrink)

In the process of China’s rapid development, the society has higher and higher requirements for educational reform. Different from other basic disciplines, design emphasizes practicality, which requires that in the process of design education reform, more attention should be paid to the stimulation of students’ subjective initiative and the improvement of students’ ability to solve problems in the face of setbacks. This paper methodically expounds on a more scientific manner of curriculum reform fit for China’s educational system, based on positive (...) psychology and consideration of grit. It performs research and analysis on the design education curriculum reform on the basis of positive psychology through field research, logical analysis, and other research methodologies. Designing education curriculum reform based on positive psychology orientation is more feasible than standard education curriculum reform and the role of grit in taking part in the educational curriculum reform oriented to positive psychology is considerably higher than that in the conventional educational curriculum reform, according to experimental study. (shrink)

The purpose of this study was to examine the moderating roles of hostile attribution bias and negative reciprocity beliefs in the relationship between workplace incivility, as perceived by employees, and their interpersonal deviance. Data were collected using a three-wave survey research design. Participants included 233 employees from a large manufacturing company in China. Hierarchical regression analyses were used to test the hypothesized relationships. Our study revealed that hostile attribution bias and negative reciprocity beliefs strengthened the positive relationship between workplace incivility (...) and interpersonal deviance. This relationship was the most positive when both hostile attribution bias and negative reciprocity beliefs were high. The findings provided evidence that directing employees to depress hostile attribution bias and negative reciprocity beliefs may attenuate the effects of workplace incivility on interpersonal deviance. Implications for theory, research, and management practice are discussed. (shrink)

A large number of studies have investigated achievement goals and their related antecedents and consequences above elementary school level. However, few studies have implemented achievement goal assessment to investigate achievement goals and their relevance for preschoolers. In particular, no valid measurement has been developed for preschoolers’ self-reporting of their achievement goals. The main purposes of this study were twofold: To develop an innovative achievement goal measurement for preschoolers, and to investigate the best theoretical model for understanding preschoolers’ achievement goal across (...) gender. To examine the effectiveness and efficiency of the pictorial and pure text measurement format and approaches. A total of 364 preschoolers aged 5 years participated in self-report activity, and 32 preschool teachers obtained consent to rate 193 out of 364 preschoolers. Results showed: the developed achievement goal measurement was a valid tool for understanding preschoolers’ achievement goals and was equally suitable for boys and girls. The 6-factor achievement goal model was the best theoretical perspective for understanding preschoolers’ achievement goals for both boys and girls. The pictorial measurement format for preschoolers’ self-reporting of achievement goals was a more effective but less efficient way to investigate preschoolers’ achievement goals, while the opposite was the case for the pure text measurement format for teachers’ ratings. Implications for achievement goal literature and future research are discussed. (shrink)

Community group-buying platforms are increasingly relying on the interaction between the group-buying leader and consumers, thereby achieving the customer lock-in. In view of this, it is crucial to understand how the group-buying leader to establish a long-term transaction relationship with consumers. In this study, we construct a model based on the role theory and trust transfer theory, and identify two types of interactions of the group-buying leader and two types of consumer trust. Then, the mechanism that how different role interactions (...) of the group-buying leader can be transformed into the lock-in purchasing intention of consumers is further clarified. By interviewing 430 consumers with community group-buying experience in the community through offline questionnaire, the research model has been proven to be effective. To be specific, both role interactions of the merchant and friend can impose a positive impact on interpersonal trust, which will also lead to the trust in community group-buying, and thus enhance the lock-in purchasing intension of consumers from a fixed leader. Overall, this study has made certain contributions to the study of customer relationship. In theory, this study further explains the explanation mechanism of the “acquaintance marketing” phenomenon. Moreover, this study adopts the role theory to analyze the differences of different role interactions of the group-buying leader in relationship quality and purchase decision making, and employs the trust transfer theory to expand the trust transfer effect from the interpersonal trust of the group-buying leader to the trust in community group-buying. In practice, this study provides a new perspective and practical reference for community group-buying enterprises and the group-buying leader on how to better manage customers and maintain a long-term and stable customer relationship. (shrink)

Although fear and anxiety have gradually become a shared experience in the time of COVID-19, few studies have examined its content from historical, cultural, and phenomenological perspectives concerning the self-awareness and alterity. We discuss the development of the ubiquitous nature of Taijin-kyōfushō (TKS), a subtype of social anxiety disorder (SAD) originated and considered culturally-bound in the 1930s Japan involving fear of offending or displeasing other people. Considering the historical processes of disease classification, advances in cognitive neurosciences, and the need to (...) better understand the content of suffering, psychiatric nosology for SAD still appears controversial and requires further investigations. (shrink)

It can be challenging to learn algorithms due to the research of business-related few-shot classification problems. Therefore, in this paper, we evaluate the classification of few-shot learning in the commercial field. To accurately identify the categories of few-shot learning problems, we proposed a probabilistic network method based on few-shot and one-shot learning problems. The enhancement of the original data was followed by the subsequent development of the PN method based on feature extraction, category comparison, and loss function analysis. The effectiveness (...) of the method was validated using two examples. Experimental results demonstrate the ability of the PN method to effectively identify the categories of commercial few-shot learning problems. Therefore, the proposed method can be applied to business-related few-shot classification problems. (shrink)

In response to the sudden outbreak of COVID-19 in early 2020, the entire Chinese education system was switched to an online teaching model within a short time. As a front-line teaching manager, I am aware that this entails major changes to the teaching environment and information media, with a subtle psychological impact on both ‘teaching’ and ‘learning’ subjects. Specifically, information technology has an impact on educational fairness and learners’ psychological needs. In this article, I observe the influence of online teaching (...) on learners’ cognition and feelings from the perspective of the ‘needs hierarchy’. The research findings will be helpful to understanding the impact of information-based teaching methods, and to push forward with new forms of telematic online learning. (shrink)

Regulators have recently relaxed some provisions of the Global Research Analyst Settlement of 2003 and associated reforms, which arose from charges that conflicts of interest within investment banks had induced the issuance of fraudulent or otherwise misleading analyst research reports. We examine the effectiveness of the Global Settlement in reducing the systematic optimism observed in stock recommendations of analysts whose employer is a merger and acquisition advisor for the covered firm, by comparing the optimism exhibited in stock recommendations issued by (...) these analysts and by unaffiliated analysts before and after the Global Settlement. To control for the impact on analyst optimism of other time varying factors, our sample includes cases from the US and from other countries in which the Global Settlement had no direct impact. We argue that if the Global Settlement was effective, there should be a reduction in the relative optimism of affiliated analysts following this reform, and that reduction in the relative optimism should be greater for affiliated US analysts, than for affiliated analysts from non-US countries. When optimism is measured over a 180-day period surrounding the M&A announcement, we find a significantly greater reduction in US affiliated analysts’ optimism than occurs outside the US. However, evidence regarding analysts’ optimism in the 90-day period prior to the announcement of an M&A deal is mixed. (shrink)

Heideggerian philosophy is frequently chosen as a philosophical framing, and/or a hermeneutic analytical structure in qualitative nursing research. As Heideggerian philosophy is dense, there is merit in the development of scholarly resources that help to explain discrete Heideggerian concepts and to uncover their relevance to contemporary human experience. This paper uses a meta-synthesis methodology to pool and synthesise findings from 29 phenomenological research reports on Being-with in the nurse–patient relationship. We firstly considered and secured the most relevant Heideggerian elements to (...) nurse–patient Being-with. Under these deductive codes, we then inductively developed sub-themes that seemed to explain the multifaceted nature of Being-with, through a secondary analysis and synthesis of published data from 417 patient, carer and nurse participants. Dasein-with was enhanced when nurses had first-hand experience with a phenomenon. Nurses moved between the inauthentic they-mode, and the authentic self-mode. Through circumspection, technology and people were encountered environmentally feeding into nursing attention, assessment and communication. Nursing as a social arrangement was expressed through either leaping-in care or leaping-ahead care. There was a place for both inauthentic and authentic discourse that nurses wove through the ontic everydayness of nursing tasks. (shrink)

The race among global firms to launch its respective products and services into the market sooner than the competitors puts pressure to equip its employees with job-related skills at the pace of business. Today’s global and dynamic business requires employees to develop highly complex cognitive skills such as decision-making, problem-solving, troubleshooting to perform their jobs proficiently. Traditional training models used by some organizations lead to a very slow speed at which employees gain an acceptable level of proficiency in the targeted (...) job skills. Also, these models have long and regimented instructional development cycle. Thus, traditional models are inherently counter-productive to the business and do not enable employees and organizations for today’s business needs. Therefore, business organizations need to explore new training models and strategies that could reduce the time an employee takes to reach target proficiency in complex skills without compromising the effectiveness or outcome. A comprehensive review of the literature shows a very limited amount of academic or practitioner research on this topic. This doctorate research study aims to find various training strategies that have proven successful in organizations for accelerating proficiency of employees in complex job skills. The researcher collected data primarily through 74 in-depth interviews with 86 training experts with known work experience of reducing time-to-proficiency in various settings. A total of 105 project cases have been collected across 42 industries to date. A grounded theory approach with constant comparison method is used to guide the theoretical saturation, analyze the data and to develop a theoretical model of training strategies. This unique study revealed a range of training strategies from non-training solutions to classroom instructions to workplace training to accelerate proficiency of employees in acquiring complex skills. This paper will specifically report the preliminary findings and conceptual model of major classroom-based instructional strategies only that has been found to hold the potential to shorten time-to-proficiency of employees at the workplace. This paper will also discuss the implications of the findings for the practitioners. Results in this study confirmed that classroom-based instructional strategies need to be designed and delivered the way the work is being performed in reality by the learners. Research findings suggest a pattern of five classroom-based instructional strategies that are more successful in reducing time-to-proficiency - 1) Contextualized learning 2) Performance analysis of star performer 3) Active processing and emotional involvement 4) Access to self-guided learning resources 5) Social interconnectivity and informal learning. (shrink)

In order to improve the impact resistance and mechanical performance of anchor rods and satisfy the requirements for supporting rockburst roadways, the energy balance equation of the energy-absorbing support and roadway surrounding rock system is established. Moreover, to effectively prevent rockburst disasters, the energy criterion for roadway instability is derived. From the perspective of an energy-absorbing support, a yield-absorbing anti-shock anchor composed of a rod body, tray, constant resistance energy-absorbing device, and special-shaped nut is designed and developed; compared with ordinary (...) anchor rods, this rod has stronger mechanical properties for resisting impact. Theoretical and numerical simulation studies show that the energy-absorbing device has a repeatable deformation failure mode and a constant yield force. The paper also presents the principle involved in the design of anti-shock bolt supports. The energy-absorbing support not only effectively guides and controls the release and conversion of impact energy but also consumes the impact energy in the buffering process of the anchor to ensure the stability of surrounding rock and support protection system. This study aims to provide reference for roadway support design and to improve rock bolts used in rockburst roadways. (shrink)

The importance of work stress on newcomers’ organizational socialization has been a topic of substantial interest. However, the impact mechanism of different stressors on newcomers’ organizational socialization is still in the early stages of theory development. This study, based on the theory of the dual work stress model, explored how to challenge stressors and hindrance stressors impact newcomers’ organizational socialization via the mediation of job crafting. Based on the empirical data from 247 newcomers, we found that challenge stressors positively affected (...) newcomers’ organizational socialization; on the contrary, hindrance stressors would result in negative influences. In addition, leader-member exchange enhanced the positive effect of challenge stressors on newcomers’ job crafting and further moderated the indirect influence of challenge stressors on newcomers’ organizational socialization via job crafting. These findings provide a practical guide for organizations to apply stress management and promote newcomers’ socialization. (shrink)

Most ordinary objects - cats, humans, mountains, ships, tables, etc. - have indeterminate mereological boundaries. If the theory of mereology is meant to include ordinary objects at all, we need it to have some space for mereological indeterminacy. In this paper, we present a novel degree-theoretic semantics - Boolean semantics - and argue that it is the best degree-theoretic semantics for modeling mereological indeterminacy, for three main reasons: (a) it allows for incomparable degrees of parthood, (b) it enforces classical logic, (...) and (c) it is compatible with all the axioms of classical mereology. Using Boolean semantics, we will also investigate the connection between vagueness in parthood and vagueness in existence/identity. We show that, contrary to what many have argued, the connection takes neither the form of entailment nor the form of exclusion. (shrink)

Scientific articles have been traditionally written from single points of view. In contrast, new knowledge is derived strictly from a dialectical process, through interbreeding of partially disparate perspectives. Dialogues, therefore, present a more veritable form for representing the process behind knowledge creation. They are also less prone to dogmatically disseminate ideas than monologues, alongside raising awareness of the necessity for discussion and challenging of differing points of view, through which knowledge evolves. Here we celebrate 250 years since the discovery of (...) the chemical identity of the inorganic component of bone in 1769 by Johan Gottlieb Gahn through one such imaginary dialogue between two seasoned researchers and aficionados of this material. We provide the statistics on ups and downs in the popularity of this material throughout the history and also discuss important achievements and challenges associated with it. The shadow of Samuel Beckett’s Waiting for Godot is cast over the dialogue, acting as its frequent reference point and the guide. With this dialogue presented in the format of a play, we provide hope that conversational or dramaturgical compositions of scientific articles—albeit virtually prohibited from the scientific literature of the day—may become more pervasive in the future. (shrink)

The pathogen-prevalence hypothesis postulates that collectivism would be strengthened in the long term in tandem with recurrent attacks of infectious diseases. However, it is unclear whether a one-time pathogen epidemic would elevate collectivism. The outbreak of COVID-19 and the widespread prevalence of online social networks have provided researchers an opportunity to explore this issue. This study sampled and analyzed the posts of 126,165 active users on Weibo, a leading Chinese online social network. It used independent-sample t-tests to examine whether COVID-19 (...) had an impact on Chinese collectivistic value-related behaviors by comparing the usage frequency of personal pronouns, group-related words, and relationship-related words before and after the outbreak. Overall, most collectivist words exhibited a significant upward trend after the outbreak. In turn, this tendency pointed to a rising sense of collectivism. Hence, this study confirmed the pathogen-prevalence hypothesis in real settings, finding that an outbreak of an infectious disease such as COVID-19 could exert an impact on collectivism and may deliver a theoretical basis for psychological protection against the threat of COVID-19. However, further evaluation is required to ascertain whether this trend is universal or culture-specific. (shrink)

Here the author takes ren-humanity to be, as Confucius says, an underlying, ineffable, potentially universal human quality, and draws a distinction between three different types of moral capacity in the Lunyu: the man of ren’s capacity for li-proper interactions, his capacity for total reciprocity with another, and his capacity to make moral discriminations. The nature of these moral judgments is then discussed in relation to the praxis of entering into shu-reciprocity with another and that of recognizing others’ actions as being (...) li-proper. A key question is that of whether even an intuitive feeling of commonality, if not identity, with another man-of-ren involves a subjective judgment. Confucius’ view that foreigners can respect ren even if they may not possess it is also discussed. The author suggests that any viable ethical model would need to maintain a universal standard of humaneness while also including a maximum degree of openness to the other. (shrink)

Dustin Stokes book _Thinking and Perceiving_ is a substantial achievement. In this comment, I discuss issues related to cognitive penetration. While I agree with Stokes’ criticisms of Fodor and Pylyshyn’s discussion of cognitive penetration with respect to the role of attention, I provide a supporting, but different argument against how they understand attention. I also emphasize that the common appeal to behavioural data in arguing for cognitive penetration is less effective than an argument that supplements behavioural data with computational models. (...) I sketch how drawing on computational models strengthens the case for the cognitive penetration of attention by intention. This suggests that cognitive penetration is as common as intentional action. (shrink)

《墨子》是研究先秦墨家学派及其创始人墨翟思想的重要著作,内容主要记载墨翟的言论和政治活动,还有一部分为后期墨家著作。本书对其作了校注和标点。.

We investigated people's ability to infer others’ mental states from their emotional reactions, manipulating whether agents wanted, expected, and caused an outcome. Participants recovered agents’ desires throughout. When the agent observed, but did not cause the outcome, participants’ ability to recover the agent's beliefs depended on the evidence they got. When the agent caused the event, participants’ judgments also depended on the probability of the action ; when actions were improbable given the mental states, people failed to recover the agent's (...) beliefs even when they saw her react to both the anticipated and actual outcomes. A Bayesian model captured human performance throughout, consistent with the proposal that people rationally integrate information about others’ actions and emotional reactions to infer their unobservable mental states. (shrink)

We examine the effect of the cross-border merger and acquisition (M&A) activities of Chinese firms on their corporate social responsibility (CSR) performance. We find that Chinese acquirers significantly increase CSR performance and CSR spending following cross-border M&As. The legal origins and social norms of host countries are found to positively affect the acquirers’ CSR performance and CSR spending in the post-M&A period. The results are consistent with Chinese acquirers signaling their commitment toward CSR through cross-border M&As to respond to diverse (...) stakeholder demands and strengthen corporate reputation. We also provide evidence that Chinese firms’ knowledge acquisition through cross-border M&As boosts green innovation. In addition, we show that the financial performance of Chinese acquirers does not suffer in the long term, indicating that strategic CSR investments can be integrated with other corporate investment activities. Our study demonstrates how cross-border M&As affect stakeholder value beyond value for shareholders. (shrink)

Executive control of attention refers to processes that detect and resolve conflict among competing thoughts and actions. Despite the high-level nature of this faculty, the role of awareness in executive control of attention is not well understood. In this study, we used interocular suppression to mask the flankers in an arrow flanker task, in which the flankers and the target arrow were presented simultaneously in order to elicit executive control of attention. Participants were unable to detect the flanker arrows or (...) to reliably identify their direction when masked. There was a typical conflict effect (prolonged reaction time and increased error rate under flanker-target incongruent condition compared to congruent condition) when the flanker arrows were unmasked, while the conflict effect was absent when the flanker arrows were masked with interocular suppression. These results suggest that blocking awareness of competing stimuli with interocular suppression prevents the involvement of executive control of attention. (shrink)

Abnormal behavior detection of social security funds is a method to analyze large-scale data and find abnormal behavior. Although many methods based on spectral clustering have achieved many good results in the practical application of clustering, the research on the spectral clustering algorithm is still in the early stage of development. Many existing algorithms are very sensitive to clustering parameters, especially scale parameters, and need to manually input the number of clustering. Therefore, a density-sensitive similarity measure is introduced in this (...) paper, which is obtained by introducing new parameters to transform the Gaussian function. Under this metric, the distance between data points belonging to different classes will be effectively amplified, while the distance between data points belonging to the same class will be reduced, and finally, the distribution of data will be effectively clustered. At the same time, the idea of Eigen gap is introduced into the spectral clustering algorithm, and the verified gap sequence is constructed on the basis of Laplace matrix, so as to solve the problem of the number of initial clustering. The strong global search ability of artificial bee colony algorithm is used to make up for the shortcoming of spectral clustering algorithm that is easy to fall into local optimal. The experimental results show that the adaptive spectral clustering algorithm can better identify the initial clustering center, perform more effective clustering, and detect abnormal behavior more accurately. (shrink)

The contribution of women to China’s economic growth and development cannot be overemphasized. Women play important social, economic, and productive roles in any economy. China remains one of the countries in the world with severe gender inequality and sex ratio at birth (SRB) imbalance. Severe gender inequality and disenfranchisement of girls with abnormally high sex ratios at birth reflect deep-rooted sexism and adversely affect girls’ development. For China to achieve economic growth, women should not be ignored and marginalized so that (...) they can contribute to the country’s growth, but the sex ratio at birth needs to be lowered because only women can contribute to growth. Thus, this study empirically predicts an asymmetric relationship between gender inequality, sex ratio at birth and economic growth, using NARDL model over the period 1980–2020. The NARDL results show that increases in gender inequality and sex ratio at birth significantly reduce economic growth in both the short and long term, while reductions in gender inequality and sex ratio at birth significantly boost economic growth in both the short and long term. Moreover, the results show the significant contribution of female labor force participation and female education (secondary and higher education) to economic growth. However, infant mortality rate significantly reduced economic growth. Strategically, the study recommends equal opportunities for women in employment, education, health, economics, and politics to reduce gender disparities and thereby promote sustainable economic growth in China. Moreover, policymakers should introduce new population policy to stabilize the sex ratio at birth, thereby promoting China’s long-term economic growth. (shrink)

The rapid development of credit default swap market has changed the manner of credit risk management of banks to some extent and has had a new influence on the bank-enterprise credit model. In this study, the credit financing process of credit risk in small- and medium-sized enterprises gathers within a bank, which makes it difficult for SMEs to raise funds. On the basis of the perspective of CDS, we construct an incentive game model of bank-enterprise credit behavior and analyze the (...) influence mechanism of the credit financing of SMEs on CDS contract coupon rate, CDS payout ratio, bank-enterprise credit effort, and loan recovery rate when considering CDS. The result shows that the CDS contract leads to insufficient supervision after a bank loan, the moral hazard of the SMEs rises, and the probability of credit default events increases. In addition, in view of CDS, the SMEs can access more credit funds. (shrink)