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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
Mime Type
  • application/pdf
Date Range
2015 2020


This thesis starts with an analysis of the current situation of the pharmaceutical industry in China, and discusses the strategic mergers and acquisitions (M&A) by small and medium-sized enterprises (SMEs) in the pharmaceutical industry in China. It elaborates on the rationale for the development of the mergers and acquisitions of the pharmaceutical SMEs. Then a literature review is provided on the causes of corporate mergers and acquisitions such as the economies of scale, synergistic effect, transaction costs, market power, and strategic diversification.Next,the thesis analyzes the underlying rationale for the M&A transactions in the pharmaceutical industry in China, and explores the …

Contributors
Zhou, Yan, Pei, Ker-Wei, Chen, Hong, et al.
Created Date
2015

Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to …

Contributors
Yang, Guisheng, Hwang, Yuhchang, Wang, Tan, et al.
Created Date
2015

Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies and 300 individuals, I find that a firm is more likely to use automobile financial leasing when its corporate tax rate is lower, growth potential is more stabilized, and profit is higher. It is also more likely to happen when a firm's long-term debt ratio and its degree of internationalization …

Contributors
Lin, Zhen, Zhang, Anming, Pei, Ker-Wei, et al.
Created Date
2015

In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for effective corporate governance. Ownership structure is a core element of the corporate governance. The differences in ownership structures thus may result in differential incentives in governance through the selection of senior management and in the design of senior management compensation system. This thesis investigates four firms with four different types of ownership structures: a public listed firm with the controlling interest by the state, a public listed firm with a …

Contributors
Gao, Shenghua, Pei, Ker-Wei, Li, Feng, et al.
Created Date
2015

In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it needs and all organizations must obtain resources from their external environments in order to survive. Resource dependent theory suggests that the most important goal of an organization is to find effective mechanisms to cope with its dependence on the external environments for resources that are critical to its survival. Chinese power generation companies traditionally rely heavily on coal as their …

Contributors
Sun, Min, Shen, Wei, Liu, Jun, et al.
Created Date
2015

There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for …

Contributors
Liang, Xinjun, Chen, Hong, Pei, Ker-Wei, et al.
Created Date
2015

In this study I investigate the organizational mechanisms (pathways) through which strategic investors can help a firm improve performance. Many commercial banks in China have recently invited foreign banks as strategic investors since China’s entry into the World Trade Organization (WTO), hoping to gain managerial and technological knowhow from the foreign banks. Using Shanghai Pudong Development Bank as a representative example, I conduct an in-depth qualitative analysis about how the joining of Citi Bank as a strategic investor has helped the local Chinese bank improve its financial performance. On the basis of a comprehensive review of the relevant literature, I …

Contributors
Liu, Xinyi, Pei, Ker-Wei, Chen, Hong, et al.
Created Date
2015

The key chanllenge for Small and Micro Enterprises (SMEs) to get credit or loans is the fact that traditional financing business model in commercial banks cannot meet SMEs’ financial needs. Through extensive theoretical research, market analysis especially on SMEs’ behavioral characteristics and demands, serveral case studies on market-leading banks such as Wells Fargo and KASIKORN BANK, and the actual implementation experiences in China Minsheng Bank and Pingan Bank, this article proposes a new business model for servicing SMEs for commercial banks in China, which includes the principle and rationale of the business model, the technical foundation, business process and organizational …

Contributors
Zhao, Jichen, Chen, Hong, Pei, Ker-Wei, et al.
Created Date
2015

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

This thesis aims to investigate the impacts of foreign banks’ management model on their degree of localization and operating efficiency. I decompose their management model into five major factors, including two formative factors and three reflective factors. The two formative factors are (1) strategic orientation and (2) target customers, and the three reflective factors are (1) top management team composition, (2) organizational structure, and (3) managerial authority and incentives. I propose that the formative factors influence foreign banks’ degree of localization, as demonstrated by the reflective factors, which subsequently influence foreign banks’ operating efficiency in China. To test the above …

Contributors
Sun, Minjie, Shen, Wei, Qian, Jun, et al.
Created Date
2016

It is important and with significant practical value to study how positioning may help enhance a company’s brand value and improve a company’s profitability. It is especially essential to find suitable solution to help Chinese enterprises appropriately position their brands, evaluate brand value, and adopt suitable positioning strategy. The purpose of this paper is to clarify the impact of positioning on brand value through several case studies and empirical research, and to establish the relationship between positioning and brand value. At the same time, through determination of research topics and conduction of field studies, the paper ultimately verified the relationship …

Contributors
Guo, Min, Pei, Ker-Wei, Cui, Haitao, et al.
Created Date
2016

Affected by the macro environment factors, such as economic growth rate of decline, China's real estate market net profit growth rate decline gradually. With the central limit of limited loans and a series of sound policy introduced, the real estate market is gradually showing signs of stabilizing, the industry overall revenue increase, but the profit rate began to decline, how to improve the performance of enterprises to profit growth, has become a practical problem enterprises must face. Through theoretical research and case analysis, research management innovation impact on business performance. Effect of Zhong’an real estate marketing partner and business partner …

Contributors
Shi, Zhongan, Hwang, Yuh-Chang, Qian, Jun, et al.
Created Date
2017

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

With regard to business modules in Chinese delivery services companies, there has long been a heated debate on whether franchising or direct management is the better module for Chinese market. But most prior discussion was lightweight, unconvincing and without any theoretical framework. This research examines three major management problems in Chinese delivery services: 1. The reason for choosing franchising module, 2. The relationship between franchising module and implementation of the product, 3. The functions of IT in delivery services. By reviewing theories on enterprise boundary and summarizing the six features of franchising contracts in Chinese delivery business as well as …

Contributors
Yang, Zhoulong, Pei, Ker-Wei, Zhang, Anmin, et al.
Created Date
2018

Mergers and acquisitions (M&As) have been playing a very significant role in the capital market. Many companies regard mergers and acquisitions as an important way for their business expansion and transformation. This paper begins with a review of literature on firm’s motivations of and outcomes in M&A, and followed by a critical examination of three case studies of actual M&A transactions based on the insights provided from the literature review. For each case study, a firm’s motivations and related managerial initiatives for M&A activities were examined, followed by an assessment of the firm’s post M&A performance results. This allows the …

Contributors
Yang, Zhibo, Pei, Ker-Wei, Qian, Jun, et al.
Created Date
2018

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

随着社会经济发展,人们生活水平提高,红木市场不断发展壮大。但红木市场中存在 原材料无法认证、加工工艺无法辨别、产品价格混乱的现象,成为我国红木市场三大痛 点。能否解决红木市场这三大痛点,成为未来红木行业能否健康顺利发展的关键因素。 针对红木行业存在的问题,本文应用市场交易效率理论、信息不对称理论、金融市场 微观结构理论对红木市场做理论梳理,通过实地调研获取红木企业发展现状、厘清传统红 木交易流程和各交易环节中存在的问题,尝试在信息不对称理论的框架下对行业和典型企 业进行分析,将红木市场的交易要素进行序列梳理,重构市场组织和流程再造,创造性地 利用现代的互联网技术,把涉及的非标准的市场要素进行标准化设计,使其成为可交易的 标准化标的产品,并在设计可操作性的红木交易平台上进行交易,从而解决现有红木市场 中信息不对称导致的市场交易效率低下问题。本文一共分为十一章,第一到第五章为绪论、理论研究和研究综述。主要根据市场交 易效率理论、信息不对称理论和金融市场微观结构理论,引出建立红木交易市场,从而为 后续红木交易市场的设计奠定理论基础。第五章,对红木产业及其市场的要素进行信息解 析,为后面的非标准的市场要素进行标准化设计提供依据。第六、第七章,主要对红木交 易市场的信息不对称现状、红木交易市场交易效率进行分析。第八、第九章,主要基于信 息对称条件下的交易要素标准化设计和交易架构设计。第十章,主要通过对实际数据抓 取,对红木交易平台的有效性进行实证对比验证。第十一章是本文的结论和建议。 由于红木交易平台的设计是弥补大宗交易的空白,特别是红木交易市场要素的非标 准化,给标准化交易架构的设计带来一定难度。红木交易平台未来运营与发展中可能会遇 到很多风险,特别是投资者资格认证、交易涉众等社会问题,本文限于篇幅没有进行研 究,留待今后实践中不断总结和修正。 Dissertation/Thesis

Contributors
Chiu, Yung, Pei, Ker-Wei, Qian, Jun, et al.
Created Date
2018

本文选取当前在学界和业界关注度较高的“新三板”企业作为研究对象,从融资效率和融资偏好角度实证了新三板企业当前的运行状况,补充了资本结构和融资效率的研究文献。利用二元选择回归以及分位数回归方法,探究了内部融资、债务融资以及权益融资偏好的影响因素。本文发现:1)对于内部融资,企业资产负债率越低、经营能力越强、盈利能力越好、抵押品越少以及公司成长性高的企业更倾向于使用内部融资,资产负债率对内部融资的负面影响边际增大;2)对于债务融资,资产负债率越低、盈利能力越好、经营能力越强、抵押品越多、公司成长性高的企业更倾向于使用债务融资;3)对于权益融资,盈利能力较差、经营能力较弱的企业更倾向于使用权益融资,而资本结构以及公司成长性对权益融资没有影响。分位数回归也发现,盈利能力、现金状况、总资产周转率、资产流动性、非债务税盾、民营企业以及公司成长性等变量对权益融资的影响较为稳定,提示公司的特征变量对权益融资并没有明显的主导作用。在融资效率上,本文也发现:1)于2012年挂牌新三板的企业整体融资效率不高,DEA融资效率为有效的企业占比仅为10%左右;但融资效率在逐年持续改善,表现出一个较好的发展势头。并且,对于做市转让的企业来说,2014年由协议转让改为做市转让以后,融资相对有效的企业数量增长明显快于协议转让企业,表明采用做市转让的企业融资效率优于采用协议转让的企业。2)市场整体融资规模并未达到挂牌企业的需求,导致一半以上企业尚未达到最优的生产经营状态,仍需要资金来增加生产资料的投入,以扩大生产规模获取规模收益。对于做市转让的企业来说,在2014年由协议转让改为做市转让以后,规模报酬递增的企业数量占比下降更快,表明做市转让制度要比协议转让制度从融资效率角度更能满足新三板企业的融资需求。 Dissertation/Thesis

Contributors
Wu, Jintao, Pei, Ker-Wei, Li, Feng, et al.
Created Date
2019

当前各个城市都在努力推动“互联网+政务”的公共服务新模式,打造政府公共服务平台,提供“一站式”的服务资源,以民众需求为中心,解决民众信息查询、政府办事预约、政策咨询等公共活动的需要。可以看出,政务平台给民众的生活带来极大的便利,是当前各地政府响应中央建立“智慧城市”“数字中国”的重要举措。 本课题发现当前的政务平台逐步引入PPP模式,借助社会资源开发政务平台。但是,PPP模式是否有利于政务平台的建设,受到哪些因素的制约,如何更好地利用PPP模式进行开发工作,这些问题在现前的研究中没有得到很好地探索。带着这些问题,本课题对PPP模式在政务平台建设中的作用进行了深入剖析。主要研究内容如下: 在第一部分中,本课题政府公共服务和政务相关理论进行了全面整理,发现政务平台要想走出一条健康发展之路,需要借助社会资源进行市场化,而PPP模式符合当前政务平台建设的需要。本文对PPP模式在国内外电子政务的应用进行了分析,提出了本文的研究主题。 在第二部分中,本文对华东地区50座城市的政务平台进行了调研,对常见问题进行了整理,发现PPP模式已经广泛应用于政务平台建设中,且主要有四种模式,本文对50座城市的政务平台建设情况进行了数据采集,并进行了深入分析。 在第三部分中,结合调研现状和文献研究成果,提出了PPP模式影响政务平台建设的相关假设,并构建了计量模型。通过短面板分析验证假设,并进行了Robust分析,证实结论的普适性。 在第四部分中,本文分析了研究结果,认为政务平台采用PPP模式能够有效促进政务平台的建设水平,提高用户满意度;并且PPP模式与合作企业的估摸、信息的透明程度和平台的交互能力存在显著的交互作用,共同影响用户对政务平台的评价。政府引入PPP模式,充分对接可利用资源,并加强盈利控制,对当前政务平台的建设是具有积极意义的。 Dissertation/Thesis

Contributors
Zhao, Liang, Pei, Ker-Wei, Chen, Xinlei, et al.
Created Date
2019

中国律师制度自“文化大革命”结束后恢复至今,已有近四十年。中国律师行业伴随着中国改革开放的进程,得到了飞速的发展,当然,同时也面临着诸多的问题。重要的问题之一便是,中国律师事务所采用“加盟制合伙人”模式和采用“权益制合伙人”模式之争。本文试图从回顾企业边界的三大理论出发,提出“加盟制合伙人”模式和 “权益制合伙人”模式与合伙人律师的业务专业化程度、业务复杂化程度以及大客户和律师事务所规模关系的四个假设,通过实证分析的方式,试图以企业边界三大理论解释前述四个假设中的关系,并以此期望对律师行业的发展有所启发。 Dissertation/Thesis

Contributors
Chu, Xiaoqing, Pei, Ker-Wei, Cheng, Shijun, et al.
Created Date
2019

中国水环境行业当前正处在以质量驱动、效率提升为主导的发展阶段,为积极响应国家政策以及环境发展导向,平衡公众日益增长的公共品需求同公共品短缺、低效之间的矛盾,抓住市场发展机遇,提高企业市场竞争中的核心能力,水环境行业必须要明确资本驱动、效率导向、服务标准提高要求下的价值流方向,加快行业发展动力的创新改革。因此,本文立足政府充分授权下的水环境企业战略联盟模式(具体体现为BOT模式)影响因素研究,包括如下几部分内容: 第一,界定政府充分授权下水环境企业战略联盟内涵,分析其形成的理论基础、水环境企业战略联盟的类型、发展差异性及战略联盟动因。通过梳理战略联盟理论国内外研究现状回顾及评述,提出政府充分授权下水环境企业战略联盟模式研究的主要问题。 第二,探索政府充分授权下水环境企业战略联盟模式的影响因素。通过对水环境基础设施战略联盟项目合同关键内容的深入分析,识别出政府充分授权下水环境企业战略联盟模式的关键影响因素。 第三,实证分析各关键因素对政府充分授权下水环境企业战略联盟模式效果的影响。运用回归分析方法对项目规模、政府政策、监督管理、激励机制、风险分配和投资回报对联盟模式效果的影响进行实证检验,验证了各影响因素对政府充分授权下水环境企业战略联盟模式效果的正向作用。 最后,对政府充分授权下水环境企业战略联盟模式影响因素及作用研究的结论进行总结。 Dissertation/Thesis

Contributors
Li, Zhensheng, Pei, Ker-Wei, Yu, Xiaoyun, et al.
Created Date
2019

本研究旨在讨论融资租赁公司与承租的中小企之间的匹配因素。研究从融资租赁的实际业务流程切入,研究1对H公司进行了案例分析,得到基本的影响因素结果,继而研究2和研究3分别在中小企客户和融资租赁公司两类资料中独立展开分析,并比较这些因素的影响程度。研究结果发现了影响双向匹配的四个维度,以及在各自影响力的不同。研究最后分别对融资租赁公司和承租中小企提出了建议,以期提高双方匹配并达成业务的概率。 Dissertation/Thesis

Contributors
Wang, Dinghui, Pei, Ker-Wei, Yan, Hong, et al.
Created Date
2019

摘要 中国融资租赁行业在相关政策的推动下,自2007年起迅速发展,十余年间资产规模增长超过40倍,已突破6万亿元人民币。租赁行业已经成为金融市场中一支重要的力量。 但是,中国融资租赁行业在发展过程中一直伴随着争议和质疑,类信贷的业务模式具备典型的政策套利和影子银行的特征,这在客观上造就了租赁行业过去的繁荣,也导致了今天的困境。2018年起,中国政府强力实行金融强监管、去杠杆的政策,租赁行业加速分化转型,很多公司纷纷寻找差异化的产品和市场定位。以控制租赁物风险为主的真租赁业务,如经营性租赁业务,可以帮助租赁公司摆脱价格战的泥潭,提高收益率,建立竞争优势,实现公司长期发展。 本文从业务实质出发,对类信贷业务模式和经营性租赁业务模式进行分析,以具有不同代表意义的三家租赁公司为案例,从风险管理角度分析了经营性租赁业务在提高公司收益率、保障资产质量、促进制造业升级等方面的作用。希望本文的研究能对中国目前正计划转型的租赁公司提供一定帮助。 关键词: 融资租赁、类信贷、真租赁、经营性租赁、转型、风险管理 Dissertation/Thesis

Contributors
Xu, Haiyong, Pei, Ker-Wei, Yan, Hong, et al.
Created Date
2020

中国基金行业经过20多年的发展,基金产品数量和管理资产规模稳步大幅增长。但是在行业快速发展的同时,大多数投资者并没有赚到钱或者盈利体验不好:根据中国证券投资基金业协会2016年公布的数据,自投资基金开始运作以来,盈利的投资者占比为30.9%,而亏损的投资者达到45.3%,特别是权益类基金,普遍存在着基金产品长期业绩不错,但多数个人投资者投资回报不佳,导致权益类基金的规模近十多年持续不断萎缩。 本文根据市场有效性理论与行为金融学、交易反馈策略等理论,结合某大型基金公司过去16年累积的权益类基金投资者的日度交易数据,对投资者投资基金的交易行为特别是持有时间与投资回报的相关关系进行统计分析,验证投资期限与投资回报之间的相关关系。同时,研究投资者在不同交易结构下的申赎行为对投资回报的影响;以及投资者选择不同特征的基金产品对投资回报的影响和投资者持有基金期间的市场波动率对于投资回报的影响。 本文在实证研究的部分将通过数据分析验证理论模型,具体揭示不同因素(持有基金产品时间、申购赎回周期、基金经理换手率、大盘波动率、Jensen指数、基金资产规模、基金经理管理经验、基金经理更换频率等)与投资回报的相关关系。在此基础上,结合相关理论和实践背景,分析在不同情形下,基金投资者可以采取什么样的交易策略、应该重点关注基金产品的哪些指标,来调整自身的投资行为,提升投资回报;或者基金管理人可以通过哪些方式来帮助投资者采取正确的投资行为。 本文研究的意义在于利用大量个人投资者的日度交易数据,去探讨其交易行为与策略对投资回报的影响,剖析基金投资者难以赚钱的实际原因,从不同维度分析出现这种状况的多方面影响因素,从微观层面实现对基金投资者交易行为与基金投资回报研究这一课题在学术研究层次上的有效补充。并以此为依据,对基金管理公司、个人投资者、基金销售机构和监管层提出具有实践意义的建议,期望通过这些建议或措施逐渐改善基金投资者的投资回报。 Dissertation/Thesis

Contributors
Su, Bo, Pei, Ker-Wei, Yan, Hong, et al.
Created Date
2020

本文从证券市场中的信息传导,异质交易者行为以及金融科技三个方面,对于证券市场中异象因子的部分成因进行文献综述;进而,本文的实证工作结合最新文献中主流的股票横截面异象构造方法,借助东亚证券市场内相关量价信息进行摩擦因子和动量因子的构造,对于各个市场进行相关异象验证和横截面套利策略分析,为相关的学术研究和实务操作提供参考。 关键词: 动量因子,东亚证券市场,套利策略 Dissertation/Thesis

Contributors
He, Yizhou, Pei, Ker-Wei, Zhu, Ning, et al.
Created Date
2020

2012年起,南京市委市政府主导实施以土地利用方式转变倒逼促进经济发展方式转型,出台政策条例推进原低效的纯工业用地向科研用地楼宇建设改变,拉开了南京科研用地性质的科研办公楼宇的发展序幕,后续更是直接审批科研用地项目发展总部经济或各类园区,用以促进鼓励相应产业的发展,这使得该类土地性质的楼宇有了进一步加速发展。如今全市的科研用地上已建成超过5000万平方的办公楼宇,客观来看,政策使得某些区域的城市化建设感观有了快速提升,对于政府鼓励的产业载体提供有快速提升,对于政府的城市更新和产业主导能力有极为明显的作用。这同时也形成了很多问题,如对于传统商办市场的影响,整体作为办公为使用功能的楼宇的市场格局的变化,总体供求关系的影响等。同时大体量的科研用地项目本身在交易环节面临交易价格低、销售速度慢、按揭贷款困难、产权证办理困难等诸多困境,在租赁环节面临去化周期长,租赁价格竞争激烈等问题。 通过对市场的观察,能够明显看出在同样办公的使用功能的前提下,科研用地交易价格远低于纯办公土地性质的办公用房,而且不同的科研用地的房产价格也有较为明显差异(即使在地段、硬件相似的前提下)。究其原因,主要存在于科研用地的诸多限制,即和纯粹的商办性质的楼宇相比,政府对于科研用地的楼宇规定了更多的限制条件,从产权的角度而言即产权的不完全因素。本研究通过南京科研用地楼宇产权不完全的现状这一现象,从产权的限制性因素出发,研究整体的产权不完全性对于交易价格的影响,进而拆分各个限制因素(不完全因素)对交易价格产生影响。 为研究调研科研楼宇市场的政策现状交易情况现状、政策中的哪些限制因素会对楼宇的交易价格产生影响、限制因素影响价格背后的传导机制如何等问题,研究者全面收集了政府出台的科研用地相关政策,深度访谈了6个科研项目开发者,并问卷调查了63组科研性质物业的购房客户,并以地段和硬件的可比性作为选择原则精选了五组纯办公土地性质的项目和不同限制条件的科研办公项目进行对比研究,对1023套科研办公、正常办公楼宇的实际成交价格的数据进行分析比较。 通过政策规定、土地出让合同、开发者访谈确定限制性因素,即不完全产权的因素;通过消费者购买认知,确定个因素在购买决策中的影响程度;运用相关性分析和回归分析对所获取的数据进行1023组数据进行分析研究,来探究不同因素对交易价格的影响。 研究发现:是否是科研用地、面积是否可以切分销售对交易价格有显著性的影响。可切分销售面积越小,交易价格越高。金融性和确权的不确定性也能够对价格产生强影响,购买主体限制对价格有弱影响,而交易比例限制和现售限制对价格无显著影响。对于限制因素影响价格背后的理论机制,研究发现科研用地政策中的限制因素首先影响市场流通中的有效需求,供需关系决定价格。 研究应用:1、科研用地政策激励作用是否兑现?从城市更新的角度来讲的的确起到非常大的作用;从产业引导来讲为企业提供了低成本的持有型研发办公的载体,或有补贴的低租金的办公空间;但对于部分科技型企业在没有考虑清楚的前提下,被动的投入了地产项目开发,消耗了资金和精力,未实现激励的初衷反而是适得其反。2、政府调控策略:可以通过间接控制自变量中的因素来实现,如面积可切分的大小、金融性和确权不确定性的改变可以有效调节项目的有效需求。3、开发者需对自己选定的项目的产权的不完全程度即限制条件有明确的结论对应关系的认知;购买者对于项目的不完全性进行适当的研究,以防出现和自身需求的错配关系。4、使用功能为办公的前提下,与纯办公相似的租金价格而更低的交易价格所带来的高回报率。回报率高为使用REITs金融工具解决问题提供了基础,而REITs的定价逻辑也一定会以使用价值实现拉动交易价值提升。这对于有大宗资产经营的持有者来说也许蕴含着巨大的机会。 关键词: 科研用地 不完全产权 市场流通 交易价格 Dissertation/Thesis

Contributors
Zhang, Zhiguo, Pei, Ker-Wei, Wang, Tan, et al.
Created Date
2020

我国上市公司股东采取股权质押贷款方式融资非常普遍,股权质押贷款总余额已经高达5.70万亿元,这些贷款背后隐藏着巨大的风险。上市公司大股东采用股权质押贷款的动机可能是对未来乐观行业预期的资金需求,或者是由于股权转让的限制而采取的变相套现转移风险。后者的动机里本身就包含着上市公司大股东对自身股价已经估值过高的判断。本文通过分析上市公司股权质押贷款风险 (即,上市公司当年股价估值程度与上市公司下一年股价崩盘风险之间的关系)会因为股权质押动机的不同而存在差异。只有在套现动机下,当年股价估值程度才会导致下一年显著的股价崩盘风险,而在融资动机下当年股价估值程度与下一年股价崩盘风险之间的关系则呈现负相关。鉴于目前大多数上市公司并不会披露大股东质押所得资金的具体去向,本文通过融资约束程度这个维度对上市公司大股东股权质押的动机进行识别。当上市公司所受融资约束较低时,当年股价高估程度程度越大,下一年股价崩盘风险越大(正相关),上市公司进行股权质押的动机更倾向于高位套现。在融资约束程度高的情况下,上市公司股权质押更倾向于融资,当年股价估值程度越大,下一年上市公司股价崩盘风险越小(负相关)。 在大股东控制权高的情况下,对于所受融资约束程度低的上市公司,独立董事不论是比例高或者低,独立董事制度对大股东的股票质押的行为 (套现动机)无影响。 对于所受融资约束程度高的上市公司,独立董事在占比高时,对通过股票质押来融资的行为有强化作用,可以表现出其治理影响力,在独董占比低的情况下则无法产生作用。 Dissertation/Thesis

Contributors
Chen, Wei, Pei, Ker-Wei, Jiang, Zhan, et al.
Created Date
2020