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ASU Electronic Theses and Dissertations


This collection includes most of the ASU Theses and Dissertations from 2011 to present. ASU Theses and Dissertations are available in downloadable PDF format; however, a small percentage of items are under embargo. Information about the dissertations/theses includes degree information, committee members, an abstract, supporting data or media.

In addition to the electronic theses found in the ASU Digital Repository, ASU Theses and Dissertations can be found in the ASU Library Catalog.

Dissertations and Theses granted by Arizona State University are archived and made available through a joint effort of the ASU Graduate College and the ASU Libraries. For more information or questions about this collection contact or visit the Digital Repository ETD Library Guide or contact the ASU Graduate College at gradformat@asu.edu.


Language
  • Chinese
Date Range
2015 2019


In the last two years, China’s booming of Internet Finance Platform made significant impacts on three dimensions. Compared with the conventional market, Internet Finance is asserted to open a revolutionary pathway of lending where by small and mid-sized companies may overcome the financing dilemma on credit accessibility and high cost. In other words, Internet Finance is hyped to be able to reduce information asymmetry, enhance allocation efficiency of resources, and promote product and process innovations for the financial institutions. However, the core essence of Internet Finance rests on risk assessment and control – a fundamental element applies to all forms …

Contributors
Zhang, Qi, Pei, Ker-Wei, Gu, Bin, et al.
Created Date
2016

Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I …

Contributors
An, Hongjun, Pei, Ker-Wei, Chen, Hong, et al.
Created Date
2016

Using historical data from the third-party payment acquiring industry, I develop a statistical model to predict the probability of fraudulent transactions by the merchants. The model consists of two levels of analysis – the first focuses on fraud detection at the store level, and the second focuses on fraud detection at the merchant level by aggregating store level data to the merchant level for merchants with multiple stores. My purpose is to put the model into business operations, helping to identify fraudulent merchants at the time of transactions and thus mitigate the risk exposure of the payment acquiring businesses. The …

Contributors
Zhou, Ye, Chen, Hong, Gu, Bin, et al.
Created Date
2015

The emergence and fast growth of shared workspaces have attracted increasing attention from investors, practitioners, and researchers. Overall, this industry is still at an early stage of development and the business models of shared workspace providers are still evolving. To enhance the understanding of the different business models adopted by the leading shared workspace providers, I conduct an in-depth qualitative analysis of three current market leaders - Regus, WeWork, and UrWork – using the Business Model Canvas proposed by Osterwalder (2008). My analysis suggests that shared workspace providers creates value by offering three tiers of services: (1) satisfying users’ needs …

Contributors
He, Chi, Shen, Wei, Chen, Xinlei, et al.
Created Date
2018

As an alternative to the traditional public transportation system, (urban) rail transit has many advantages such as large capacity, fast speed, tight schedule, safety and comfort, and punctuality, , and has gradually become a top choice of many cities in countering environmental pollution and optimizing traffic quality. At the same time, we must also see that huge amounts of capital are required for the construction of rail transit. The traditional reliance on government investment clearly has its own limitations. The investment not only has a long cost-recovery cycle and a low rate of return, but also hardly attracts investments from …

Contributors
Hu, Huihua, Gu, Bin, Zhang, Anmin, et al.
Created Date
2018

Under the background of the "new normal" of China's economy and the contraction of traditional financial sector, the development of Internet finance provides new financing channels for SMEs and individual financial needs. But with rapid development of the Internet finance, the overall risk also appears gradually as well as the platform differentiation appears more evidently. China's Internet financial industry enters the stage of standardization development. In order to effectively prevent and resolve Internet financial risks and create a good internet financial environment, we need to identify the risk factors of Internet financial industry. Through reference carding of the existing literature, …

Contributors
Sheng, Yuxin, Gu, Bin, Zhang, Anmin, et al.
Created Date
2018

Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock prices of listed companies before and after the unlocking day. However, around the time of the unlocking of private placement shares, the stock prices generally show a V-shaped pattern. Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day …

Contributors
Zhang, Hongwei, Zhu, Hongquan, Yan, Hong, et al.
Created Date
2018

Due to the booming young mothers and fathers in the new era as well as the changes in the concept of parenting and the favorable liberalization of China's second child policy, the maternal-baby nursing market continues to grow, and it has become a must for businesses nowadays. In 2020, the size of the maternal-baby nursing market will reach 3.6 trillion. (Data: Yibang Power China's Maternal and Child Industry White Paper 2017). The rapid development of mobile Internet, highly transparent information, consumers grasp the sovereignty, along with the rise of the middle class, consumption increase encouraged personalized, customized needs. The boundaries …

Contributors
Wang, Jianguo, Gu, Bin, Chen, Hong, et al.
Created Date
2018

In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a more precise understanding of consumer preference and choice in home interior decoration decisions so that companies in this industry can provide better services to meet customer needs. Using survey data from a sample of potential customers and a sample of existing customers of a large home interior decoration company, I find that (1) internet has become the mostly used channel …

Contributors
Yang, Jin, Shen, Wei, Zhang, Anmin, et al.
Created Date
2015

In this thesis I examine the opportunities and challenges faced by the community banks in China. Rooted in the local communities, community banks generally focus on serving the local residents, farmers, and micro and small business enterprises (MSBE) through relationship building. Although community banks tend to be small relative to the other financial institutions, their unique market positions and business strategies have helped them to survive the competition and secure some market shares. Thus, it is important to understand the business strategies of community banks and to explore their future business opportunities and challenges. I first provide a brief overview …

Contributors
Hou, Funing, Li, Feng, Wang, Jiang, et al.
Created Date
2015

The city of Shanghai is set to become an international financial center (IFC) by 2020. To achieve this goal, it is imperative to clearly define the key characteristics of an IFC. In this study I draw from recent research on the ranking of IFCs to develop an index of these key characteristics that can be used to assess a city’s standings as an IFC. Based on a review of prior research, I first put together a comprehensive list of the indicators that have been used to evaluate IFCs, which includes six first-level indicators and 34 second-level indicators. I then collect …

Contributors
Wang, Weiren, Yao, David, Gu, Bin, et al.
Created Date
2015

With the rapid rise of distributed generation, Internet of Things, and mobile Internet, both U.S. and European smart home manufacturers have developed energy management solutions for individual usage. These applications help people manage their energy consumption more efficiently. Domestic manufacturers have also launched similar products. This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of …

Contributors
Fan, Yanfeng, Gu, Bin, Chen, Hong, et al.
Created Date
2016

How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical …

Contributors
Ren, Junxia, Gu, Bin, Chang, Chun, et al.
Created Date
2017

Health is among the most basic needs of the people and driving force of social and economic development. The health nutrition & wellness industry is gradually becoming a global sunrise industry . However, the industry is faced many problems and challenges including weaknesses in the industry structure, fragmentations of supply chain, low efficiency in resources allocation, and lacking in quality on personnel training. To achieve core competitiveness and value creation, it is important that the health nutrition & wellness industry must meet the needs of Chinese market and its customers with a customer centric perspective to design a firm’s organization …

Contributors
Gong, Binghui, Pei, Ker-Wei, Cui, Haitao, et al.
Created Date
2018

Given the "New Nine Measures" for capital market reform, a policy document issued by the State Council of China, the development of markets for interest rate derivatives, such as treasury futures, becomes an increasingly important task. Several shortcomings of the existing treasury futures market have been noted: including low market liquidity, singular investor composition, restrict contract terms, and low hedging demand. This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury …

Contributors
Ma, Jun, Gu, Bin, Chen, Hong, et al.
Created Date
2016

The discussion on the question of integrity has a long history. It is regarded as an important research proposition in the fields of Chinese and Western philosophy, law, sociology, ethics, management and economics. Even though the research results are combined with each other for reference, there is still a lack of comprehensive analysis and empirical study on integrity. In the process of transition from planned economy to market economy, a series of problems have arisen. The problem of dishonesty has caused huge losses to the society as a whole. Therefore, it is of great theoretical and practical importance to conduct …

Contributors
Wang, Weiming, Gu, Bin, Qian, Jun, et al.
Created Date
2017

After the 2008 financial crisis, along with information technology and its application innovation into the burst period, Shared faster economic growth, and then entered into a rapid expansion in 2014, quickly penetrate into many areas and market segments. As the securities industry practitioners and Internet financial practitioners, I am very concerned about sharing economic model in the development of securities investment niche. As the Internet and mobile penetration rate rise in recent years, the Internet financial in the rapid development of our country, investors get used for investment decision-making information via the Internet. Internet social investment sharing platform based on …

Contributors
Ma, Gang, Gu, Bin, Yan, Hong, et al.
Created Date
2017

With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion. However, there is as yet a massive gap between the current service levels received by high net worth individuals and their …

Contributors
Zhao, Nuan, Wang, Jiang, Gu, Bin, et al.
Created Date
2015

This article can be divided into six parts. The first chapter analyzes the background, theatrical and particle reasons of this research. The author argues that the management of law firm needs a set of good system. The first one is operating the law firm in scale, and the other on is corporate management model, which shall be constructed in detail in the paper and will be put into practice by the law firm in which the author is worked. The second chapter will introduce modern management theory, combining the situation of management in our law firm to analyze, raising some …

Contributors
Zhu, Ping, Gu, Bin, Chang, Chun, et al.
Created Date
2017

During the past decade, the Chinese bond market has been rapidly developing. The percentage of bond to total social funding is constantly increasing. The structure and behavior of investors are crucial to the construction of China’s bond market. Due to specific credit risks, bond market regulation usually involves in rules to control investor adequancy. It is heatedly discussed among academia and regulators about whether individual investors are adequate to directly participate in bond trading. This paper focuses on the comparison between individual and institutional bond investors, especially their returns and risks. Based on the comparison, this paper provides constructive suggestions …

Contributors
Liu, Shaotong, Gu, Bin, Zhu, Ning, et al.
Created Date
2016

This study investigates the impact of a specific organizational form – partnership – on employees’ awareness of risk control and job engagement in securities companies. Given that their organizational performance relies heavily on the performance of individual employees, it is critical for securities companies in China to adopt appropriate organizational forms so that they can better captalize on their employees’ human capital to cope with the increasingly intense market competition. Partnership, as one of the few organizational forms, has been widely adopted in industries that rely on the performance of individuals, such as law, auditing, consulting, and investment banking, around …

Contributors
Sha, Changming, Shen, Wei, Li, Feng, et al.
Created Date
2018

Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income). This paper examines how changes of key contents of VAM agreement affect firms’ ability to meet performance commitments from the perspective of incentive effects. Empirical results show that as the performance goals set in VAM agreement becomes higher, the incentive for management to meet performance commitments will initially increase and then decrease, so that the ratio of actual profits to promised profits for target firms will reach peak at some …

Contributors
Wang, Yixin, Gu, Bin, Yu, Xiaoyun, et al.
Created Date
2018

As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types. This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper …

Contributors
Zhang, Xiangdong, Pei, Ker-Wei, Li, Feng, et al.
Created Date
2018

China's city commercial banks were reorganized by the urban credit cooperatives in the same city in the 1990s. Although they are allowed to open branches outside the registered city, the location and the number of their branches have been strictly restricted. It is fatal to them to increase the competitiveness of their branches. Based on the diversity theory and its mechanism, in this study I examined the impact of source diversity of the senior management in the branches of the city commercial bank on the branches’ productivity and their asset yield. Invoking the resource-based theory and the social capital framework, …

Contributors
Zhang, Xiande, Gu, Bin, Wang, Tan, et al.
Created Date
2017

This study examines the 3 key questions of media budget allocation, to find our a better invest model. Including spending share of traditional media and digital media, program selection strategy and duration mix optimization to analyse the trend of sample A (a global cosmetic brand) . Based on every test media campaign, we do research of media performance and sales volumn, add youth consumer behavior result, to develop a media investment ROI model for this brand. Create the evaluation system according to past big data and find the learnings of different length TVC usage. Of course all relavant findings and …

Contributors
Xu, Jin, Gu, Bin, Chen, Xinlei, et al.
Created Date
2018

中国商品期货市场经历30年发展,已初备协调资源分配、对冲经营风险的功能。但受产业自身和期货市场发展的制约,各期货品种市场有效性参差不齐。随着我国经济从增量阶段过渡到存量阶段,期货作为企业的价格管理和风险控制工具的重要性日益凸显,因此研究我国商品期货市场有效性具有非常好的现实意义。 本文开创性的从期货的基本功能——资源配置的角度出发,提出有效市场是指其期货价格能够对本行业社会资源起到合理的调配作用的市场。在内容安排上,本文首先总结了现有国际成熟期货品种的特点并找出能够反映期货对资源配置能力的四个指标假说,分别为期现回归性、利润波动性、库存波动性以及现金流变化,然后通过数学模型证明指标数据和品种成熟度的关联,最后应用该套指标对我国商品市场有效性进行检验。数学方法上,本文先采用Bai-Perron内生多重结构突变模型对时间序列进行突变点检验,然后对断点时间序列分别进行多元回归,并在剔除季节性和周期性后,通过平稳性检验、ARCH效应检验结果来确定相应的Garch模型,并用Garch模型来描述时间序列的波动性。 通过数学验证,我们认为期现回归性、利润波动性、库存波动性以及现金流变化这四个指标可以作为反映期货成熟度的检验指标,用该套方法对国内部分活跃品种检验后发现大连豆粕期货已经具备成熟品种的特征,本文认为豆粕期货市场是有效的;PTA、玉米淀粉期货的四个检验指标在近年来表现出时间序列优化的特点,但因时间较短尚不稳定,可以认为是接近成熟的品种;而螺纹钢和铝期货在多数指标上表现不佳,表明他们对社会资源配置能力较差,因此本文认为螺纹钢和铝期货市场是活跃但非有效的。通过进一步分析,本文认为品种的期现回归性差是制约其资源配置能力发挥的关键因素,而交易标的不明确、 仓单制作难度大、产业参与度低以及期货设计中的其他限制因素又是导致期现回归性差的重要原因。 Dissertation/Thesis

Contributors
Wang, Ping, Gu, Bin, Li, Feng, et al.
Created Date
2019

中医药是中华文明的瑰宝,中药材是中医药文化和产业的核心。随着近年来国家相关政策出台,中药材产业的发展备受瞩目。由于中药材产业链条长,层级多,各层级间信息不对称,因而中药材市场普遍具有“假”、“乱”、“杂”的问题。 A公司的中药材全产业链服务商模式,通过对上游各主要专营商的整合,形成一定的平台综合集采能力,并开始得到下游医药厂家、药店认可,在市场逐步形成品牌号召力。本文实证研究A公司商业模式的转型对中药材市场价格的影响,进而分析中药材全产业链服务商模式在中药材行业健康发展中所发挥的积极作用。研究结果表明,上下游产销结合的中药材全产业链服务商模式,只有在形成一定收购规模,对市场价格产生一定影响的时候,才能充分释放药材质量的信号,润滑药材交易市场,提高收购价格,增加市场波动率,发挥价格发现作用。由于中药材市场的信息不对称程度较高,如果产销结合模式仍处于初级开创阶段,产销结合模式释放的药材质量信号则不足以全面改善信息不对称的状况。 Dissertation/Thesis

Contributors
Yin, Xiaowei, Shen, Wei, Yan, Hong, et al.
Created Date
2019

冷链物流主要是指食品在生产到消费者食用前始终处于适宜的温度环境,以保障食品品质、降低流通过程中的损耗。冷链物流相比于传统物流而言是一项更复杂的系统性工程,受到政策和市场需求的影响呈现迅猛发展态势。但是,冷链物流企业长期以来因规模小、固定资产少、服务范围窄、服务规范性弱而发展困难重重,核心问题是资金的问题。政府引导和鼓励打造冷链物流产业园,推动产业园投资和建设主体打造平台,实现对园区内冷链企业的聚集效应并通过金融服务解决企业发展的资金问题。通过产融结合助力冷链物流企业发展,成为目前冷链物流行业发展的主要方式和未来趋势。 本研究聚焦冷链物流产业园金融服务助力冷链物流企业发展问题,主要研究内容包括:第一,基于产融结合理论,梳理冷链物流企业与产业园之间关系,从供需两侧探索冷链物流企业和产业园的金融服务的范围、类型和特点。第二,基于平台理论,构建冷链物流企业采纳产业园金融服务的研究模型,探索金融服务影响冷链物流企业的经营因素,分析冷链物流企业采纳产业园金融服务的因素和途径。第三,基于信息不对称理论,关切信息技术支持和知识分享在冷链物流企业采纳产业园提供金融服务过程中的调节作用。同时,梳理产业园提供金融服务可能面临哪些风险,制订冷链物流企业入驻园区的标准,防范风险。 本文运用实证研究方法,通过对国内18家冷链物流相关的产业园、物流园、冷链物流、商贸流通、金融等企业实地考察和专家访谈基础上,拟定问卷并对268家企业进行调查收集数据,使用结构方程模型进行假设检验。研究发现:金融服务的有形性、可靠性、移情性、经济性对冷链物流企业采纳产业园金融服务影响显著,而响应性的影响不显著。同时 信息技术支持和知识共享的调节作用不显著。最后,针对产业园吸引冷链物流企业提供金融服务、冷链物流企业采纳产业园金融服务的风险,提出防范策略措施。 Dissertation/Thesis

Contributors
Yang, Su, Shen, Wei, Chen, Xinlei, et al.
Created Date
2019

现今的理论研究及实践表明,供应链上各个企业进行协调运作的基础是节点企业间有效信息进行高效传递。但供应链上下游企业在合作过程中通常存在信息不完全对称现象、牛鞭效应等问题,供应链中信息传递的实时性及真实性受到较大影响,这也是导致供应链管理整体效率不高的原因之一。因此,供应链伙伴间信息共享问题已是国内外学者普遍关注的焦点。本文旨在针对目前我国家居供应链企业间信息沟通不畅、信息共享不充分的问题及其理论研究的不足,来开展针对影响家居供应链企业间信息共享因素的实证研究。本文基于家居供应链这一特殊的行业供应链,建立基于家居供应链企业间信息共享关键影响因素理论模型,通过实证方法来寻找影响供应链企业间信息共享的关键因素及其具体影响程度。 在已有文献的基础上,本文提出信任、共同愿景、信息技术能力、渠道权力结构与信息共享间影响关系的概念模型,并对长三角及珠三角地区家居供应链经销商企业进行问卷调查研究。最后在回收的 164 份有效问卷基础上通过数据分析来验证假设。研究结果显示:(1)不论是家居工厂与经销商间还是家居卖场与经销商间,信任对共享信息的内容和质量都有显著正向影响。(2)家居工厂与经销商间的共同愿景对彼此间信息共享内容有显著正向影响作用,但对信息共享质量作用不明显。而家居卖场与经销商间的共同愿景对信息共享的内容和质量都有正向影响作用。(3)经销商的信息技术能力对双方间信息共享的内容和质量都有显著影响,同时,还能促进家居工厂与经销商之间的信任,间接影响双方的信息共享程度。(4) 家居卖场与经销商间的渠道权力对双方间的信任程度有显著影响,而对双方间的信息共享没有直接影响。 本研究主要研究贡献在于:发现影响家居供应链信息共享的关键因素,弥补了现有文献对中国供应链企业信息共享影响因素研究的不足,特别聚焦于家居供应链;从供应链上下游整体角度出发,探讨了中国情境下信任、共同愿景、信息技术能力和渠道权力结构与信息共享之间的作用机理。 Dissertation/Thesis

Contributors
Yang, Yu, Gu, Bin, Chen, Xinlei, et al.
Created Date
2019

摘要 当前中国农村集体经济呈现出后劲不足、区域失衡等问题。在此背景下,如何破解集体经济发展困境、实现其从梯度到均衡的演进成为学术领域关注的热点。本文梳理总结了国内外集体经济的相关研究成果,阐述了主要涉及的基础概念、理论和方法模型;以2008~2015年无锡市滨湖区92个村为研究样本,分析了该区域集体经济的发展现状和演变进程;构建面板回归模型,探索了该区域集体经济发展的驱动因素与分布不平衡性;并从空间关联视角切入,探索了驱动因素的溢出效应;最后基于研究结果提出对策建议。主要结论如下: (1)2008~2015年,92个村的村级集体经济发展整体呈现上升趋势,但地区间的贫富差距明显;2008年、2011年和2015年92个村按村级集体经济总收入可划分为高、中、低3类,并且在不同时段,各等级间的村级集体单位会相互迁移;集体经济收入呈现明显的右偏分布,尖峰厚尾的特征显著。随着时间的推移,集体经济发展出现了“双峰趋同”的现象。 (2)普通面板回归显示,物质资本、经济工作能力、科技进步对于村级集体经济发展有正向的依次减弱的影响,人口数量的影响为负;面板分位数回归显示,随着分位数水平的提高,物质资本系数先上升、后下降再上升;经济工作能力系数逐渐减小;人口规模系数先下降后上升;科技进步系数波动上升。 (3)空间计量结果显示,各变量对于村级集体经济发展具有一定的溢出效应,其中,物质资本的溢出效应为正(不显著),经济工作能力的溢出效应为正(显著),人口因素的溢出效应为负(不显著),科技进步的溢出效应为正(显著)。 本文的创新之处在于使用较难获取的2008-2015年92个村面板数据进行回归,相比于截面数据,更准确地测度了各要素对集体经济的真实影响;将空间关联因素纳入研究视域,探究了村级集体经济驱动因素的空间溢出效应。 Dissertation/Thesis

Contributors
Jin, Liang, Gu, Bin, Zhang, Anmin, et al.
Created Date
2019

随着中国经济过去30多年的高速发展,出现了一大批的高收入人群,他们更注重生活的品质,如追求自然、简约、低调的休闲生活方式,更看重健康生活、自身的身心修养,和提高自身修养的内涵式生活,以及注重子女的内涵气质教育。 同时,具有很强烈地获得心理认同的需求,参加各种以消费和交往为媒介和主体活动的社群或“社交圈子”,在心理和情感上自我获得与其在财富、生活方式以及生活品位等诸方面都类似的群体间的身份认同感和归属感;更看着与其社会阶层相匹配的身份地位、社交人脉、兴趣爱好等。 因此,从运营的角度来看,如何增加上述这些高净值人群对高净值社群的归属感,进而提高其对高净值社群的忠诚度,是高净值社群进一步可持续经营和发展的基石。本研究以上海嘉庭俱乐部为例,在对问卷调查的基础上,通过实证研究,探讨影响高净值社群归属感与忠诚度的关键因素,高净值社群中会员的归属感与忠诚度的关系,会员生活型态的差异使得归属感与忠诚度的影响关系呈现显著的不同。 实证研究表明,“时尚流行”会员较为理性,其更注重休闲风尚;而“优雅休闲与享受尊荣”的会员则偏感性,其相当注重心灵感受与宁静舒适的感觉,强调全家共享以及纯封闭式的会员享受,能够更多地认识到与个人品味和品位相同的人,如对生活品质的追求、价值观、子女教育等;内心更开放、所接受教育程度更高的家庭,在嘉庭会感受到的归属感意识更高、其忠诚度也更高。 Dissertation/Thesis

Contributors
Li, Hailin, Gu, Bin, Chen, Xinlei, et al.
Created Date
2019

近年来,金融领域各行业采用和移动互联网技术相结合的方式,发展异常迅猛。金融科技率先催生了近4万家P2P网络借贷平台,这些平台在利用移动金融技术与主流传统银行竞争的过程中,占据了大量技术和市场优势。结合我国农村商业银行发展现状,如果农商行能够有效利用移动金融技术优势,则其运营成本或会降低,获客效率、服务多样性等或将得以有效提升,从而使其竞争力得以提高, 更好地服务农民、农村和农业经济。本文旨在系统地探究以手机银行APP为代表的移动金融科技对农商行行间竞争力影响。 本文搜集了全国84家农商行APP数据,定量地从业务覆盖范围、增值服务全面性、易用性、安全性、系统稳定性等五个维度对APP给出综合质量评分,并采用层次分析法给出各农商行竞争力排名。在系统地分析银行竞争力与其APP质量、发布时间、更新次数等相关关系后,总体发现APP质量对银行竞争力至关重要。具体地,排名下降的农商行的年均更新次数与排名变化正相关,也即年均更新次数越多的银行,排名上升越多;而对排名上升的农商行,年均更新次数与排名变化则呈现负相关。竞争力排名上升的农商行,其APP平均发布时间与排名变化呈正相关,而竞争力排名下降的农商行的平均发布时间与排名变化则呈负相关。 进一步地,基于《中国商业银行竞争力报告》中对农商行的排名,本文进一步分析了移动金融科技对不同规模的农商行竞争力排名影响。研究发现:对于资产规模较大(>1000亿元)的农商行,APP年平均更新次数较多的银行,往往竞争力排名有所提高。而对于中等及小资产规模的农商行而言,APP年平均更新次数较多的银行,往往竞争力排名有所下降。对于较大和较小规模的农商行,APP平均发布时间长反而会降低银行竞争力,而对于中等规模的农商行,较长的平均发布时间下,其竞争力会有所提高。 最后,针对本文定量的研究模型和实证数据,本文给出了具体研究结论及展望,并就如何提高农村商业银行竞争力,给出了建议方法以及相关政策性建议。 Dissertation/Thesis 农商银行App使用情况调查结果表 农商银行App财务、持续竞争力数据调查结果表

Contributors
Huang, Darong, Gu, Bin, Chen, Son-Nan, et al.
Created Date
2019

本论文研究的目的是针对银行卡跨境支付行为,根据不同的跨境支付渠道,结合资金清算的不同模式下的资金清算效率进行研究,并对现有清算系统内,运用理论和模型,对如何提高银行卡跨境资金清算进行阐述分析,力图在现有跨境资金清算金融设施的基础上,对银行卡跨境资金清算的流动性管理、头寸控制、增加清算周期等因素进行研究分析,进而尝试提出清算机制和流程的优化设计,以促进跨境资金提高周转效率,节约社会交易成本和持卡人资金成本。 论文将对相关银行卡跨境支付、清算基本流程、涉及的相关系统进行说明,并对全球和世界主要国家的银行卡市场进行介绍,结合我国银行卡跨境业务的现状、跨境支付清算涉及的主要环节、清算系统,通过不同层次、不同模型的分类比对,提出提高银行卡跨境支付资金清算的关键节点,并加以聚焦、深入测算、推导。研究的最终目的是期望通过对以上的分析,能够对银行卡资金清算参与主体对清算模式的选择、流动性节约、头寸管理等有所帮助,让清算主体能籍此对支付通道、清算模式、账户管理等选择上有所参考,促进卡组织(支付系统)籍此提高清算效率,从而降低整体交易和资金成本,提高支付行业整体资金资源的使用效率。 Dissertation/Thesis

Contributors
Zhao, Jinxing, Gu, Bin, Zhang, Anmin, et al.
Created Date
2019

本文采用2010年1月1日至2017年12月31日在香港主板IPO上市的共574家公司作为研究样本,系统采集包括与发行人、承销商、投资人、发行热度、市场每日交易数据等相关的数据近100项,对超额配售选择权在香港IPO中的实际效用进行实证研究,研究发现:1)超额配售选择的确可以起到提高发行价格,降低IPO抑价率的作用,但是同时也是破发的主要原因。2)由超额配售选择权赋予承销商稳价行为中,市场买入量越大,最大回撤越大,市场下跌风险越大同时超额配售选择权还导致了最大回撤日的推后,增大了稳价结束后的市场风险,而这很有可能是由于承销商追求更高利益造成的。3)没有证据显示,超额配售选择权会降低承销商的佣金比例,但是,超额配售选择权却为承销商带来非常高的额外收益,而这个收益与市场下跌幅度和承销商从市场购买股份的比例直接相关。 其中,本文首次对最大回撤率、最大回撤日与承销商市场买入量之间的关系进行实证研究,揭示了承销商市场买入量与承销商收益正相关,与最大回撤率负相关,与最大回撤日正相关的关系,可能是增加市场下跌风险的因素。这与现有理论中及监管机构的预期中,“超额配售选择权具有向上稳定价格的作用”是有一定偏差的。 根据研究结果,本文首先建议发行人要客观对待超额配售选择权提升发行价格的作用,以免引起破发。其次建议市场投资人要客观认识超额配售选择权的作用,不要由于超额配售选择权的存在给与发行过高的认同价格。再次建议发行人要能够认识到超额配售选择权是承销商零成本获得的一个有固定收益保障的看空期权,是承销商在承销IPO时的收益之一,而股价下跌幅度与承销商的收益正相关。因此要对承销商的稳价行为进行一定管控,同时可以因为超额配售选择权的存在而要求更低的承销佣金比例。最后建议承销商要维护市场公平,爱护自己的声誉,尽可能避免因超额配售选择权的使用对市场造成不应有的干扰。 Dissertation/Thesis

Contributors
Xie, Hui, Gu, Bin, Yan, Hong, et al.
Created Date
2019