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.
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Description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。
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。
ContributorsLi, Zhensheng (Author) / Pei, Ker-Wei (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2019
Description
This study investigates three issues that are relevant for the development of multinational investment banks in China. The first is about the domestic market conditions that are necessary for a country to develop multinational investment banks. The second issue is about the degree to which China has met these conditions. The last issue focuses on the potential strategies Chinese investment banks can undertake to become multinational corporations.
To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.
To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.
ContributorsLiu, Xin (Author) / Chang, Chun (Thesis advisor) / Shen, Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
Description我国金融市场长期以来实行分业经营，但近年我国金融控股公司迅速发展，其体量极其庞大，对金融行业乃至整个经济体系产生系统性影响。随着金融全球化和经济金融化发展，金融业竞争日渐激烈，金融机构间跨行业以及金融集团化经营成为金融市场成熟完善的必然趋势。此外，中美贸易战迫使我国金融业加快开放步伐，意味着国内分业经营的金融机构将面临空前激烈的海外竞争。在内部需求以及外部压力的推动下，亟需提升我国金融机构的竞争力。在促使银行混业经营合规发展的同时，产生了一些问题：混业经营是否可以促进银行的绩效提升？混业经营通过何种渠道来作用于银行绩效？
本文通过案例分析与实证相结合的方式来解答上述问题。在案例分析部分，分别就银行拓展信托业务和保险业务两个方面展开分析，具体来说，在拓展信托业务方面，以浦发银行收购上海信托为案例分析了浦发银行开拓信托业务后对其经营绩效的影响；在拓展保险业务方面，以北京银行并购首创安泰为例，分析银保混业对北京银行带来的协同效应。在实证分析部分，首先，基于相关的理论以及文献提出三个假说：银行实施混业经营战略，可以提高银行的绩效水平；混业经营通过提高银行规模，增强规模经济优势，促进银行的绩效水平较高；混业经营会提高银行势力水平，从而提升银行的绩效水平。其次，建立回归模型来验证上述三个假说，研究了是否混业以及混业经营的程度对银行绩效的影响。最后，构建中介效应模型验证混业经营作用于银行绩效的渠道，本文主要检验了规模、市场势力两个渠道。
综合上述分析，本文认为混业经营会显著正向影响公司业绩，并且银行势力存在显著的中介传导效应，即银行通过混业经营增加了市场势力、提高了规模经济，从而影响了公司业绩。
案例分析结果支持上述结论，即混业经营会带来银行经营绩效的提升，但是同时也可能会带来短期的风险。
银行是否需要采取混业经营需要根据自身的经营情况，不能盲目扩张。业务的拓展需要与自身现有的业务形成互补，才能实现协同发展效应。在拓展业务的同时，需要注意开拓新的业务是否会给自身带来更多的经营风险。
关键词：混业经营；银行绩效；市场竞争；银行势力
本文通过案例分析与实证相结合的方式来解答上述问题。在案例分析部分，分别就银行拓展信托业务和保险业务两个方面展开分析，具体来说，在拓展信托业务方面，以浦发银行收购上海信托为案例分析了浦发银行开拓信托业务后对其经营绩效的影响；在拓展保险业务方面，以北京银行并购首创安泰为例，分析银保混业对北京银行带来的协同效应。在实证分析部分，首先，基于相关的理论以及文献提出三个假说：银行实施混业经营战略，可以提高银行的绩效水平；混业经营通过提高银行规模，增强规模经济优势，促进银行的绩效水平较高；混业经营会提高银行势力水平，从而提升银行的绩效水平。其次，建立回归模型来验证上述三个假说，研究了是否混业以及混业经营的程度对银行绩效的影响。最后，构建中介效应模型验证混业经营作用于银行绩效的渠道，本文主要检验了规模、市场势力两个渠道。
综合上述分析，本文认为混业经营会显著正向影响公司业绩，并且银行势力存在显著的中介传导效应，即银行通过混业经营增加了市场势力、提高了规模经济，从而影响了公司业绩。
案例分析结果支持上述结论，即混业经营会带来银行经营绩效的提升，但是同时也可能会带来短期的风险。
银行是否需要采取混业经营需要根据自身的经营情况，不能盲目扩张。业务的拓展需要与自身现有的业务形成互补，才能实现协同发展效应。在拓展业务的同时，需要注意开拓新的业务是否会给自身带来更多的经营风险。
关键词：混业经营；银行绩效；市场竞争；银行势力
ContributorsMiao, Rong (Author) / Shen, Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Chiu, Tzu-Kuan (Committee member) / Shao, Benjamin (Committee member) / Arizona State University (Publisher)
Created2020
Description中国改革开放以来经济高速发展，一部分人群快速积累了大量财富，迫切需要专业机构对其财富进行有效管理，激发了中国私人银行市场的蓬勃发展。本文利用M银行全部私人银行网点的客户资产配置数据，以省级行政单位为划分，从核心公共资源供给角度出发，探究地区公共资源财政支出对私人银行客户数量增长和资产配置的影响。本文通过实证研究发现：（1）在人均公共安全财政支出较高、人均公共教育财政支出较低的地区，即公共安全资源相对匮乏、公共教育资源相对丰富的地区，私人银行客户规模增速较快；（2）在人均公共安全财政支出较高，即公共安全资源相对匮乏的地区，高净值人群会积极配置流动性良好的银行存款类产品和保险类产品，同时会减少配置高风险、高收益的理财类产品和基金类产品；（3）在人均公共医疗卫生财政支出较高，即公共医疗资源相对匮乏的地区，高净值人群会积极配置银行存款类产品，同时减少保险类产品和理财类产品的配置比例；（4）在人均公共教育财政支出较高，即公共教育资源相对匮乏的地区，高净值人群会积极配置银行保险类产品和理财类产品，同时减少存款类产品的配置比例。
ContributorsMa, Ying (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2021
Description
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 first develop a theoretical model that describes the organizational mechanisms (pathways) through which foreign strategic investors can influence the local bank’s performance. Specifically, by participation in corporate governance, the foreign strategic investor can have a positive influence over the local bank’s strategy development, operational targets, incentive systems, and organizational culture, which consequently lead to improvements in the local banks operations and financial performance. I then use a case study method to substantiate the logic and the pathways of the model with the detailed information collected from the Shanghai Pudong Development Bank and Citi Bank strategic alliance. The results are consistent with the model’s descriptive validity.
ContributorsLiu, Xinyi (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2015
Description
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 proposition, I conduct the empirical analysis in three steps. In the first step, I investigate foreign banks’ management model by surveying 13 major foreign banks locally incorporated in Mainland China. The results suggest that these 13 foreign banks can be categorized into three distinct groups based on their management model: intergrators, customer-followers, and parent-followers. The results also indicate that intergrators have the highest level of localization while parent-followers have the lowest level of localization.
In the second step, I conduct DEA (Data Envelope Analysis) and CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, Liquidity Analysis) to assess the operating efficiency of these 13 foreign banks. The assessment is conducted in two ways: 1) the inter-group comparison between foreign banks and local Chinese banks; 2) the intra-group comparison between the three distinct groups of foreign banks identified in the first step. The results indicates that the principal factor driving the operating efficiency of both local Chinese banks and foreign banks is the comprehensive technical efficiency, which includes both the quality of management and the quality of technical elements. I also find the uptrend of technical efficiency of the integrators is more stable than that of the other two groups of foreign banks.
Finally, I integrate the results from step one and step two to assess the relevance between foreign banks’ localization level and operating efficiency. I find that foreign banks that score higher in localization tend to have a higher level of operating efficiency. Although this finding is not conclusive about the causal relationship between localization and operating efficiency, it nevertheless suggests that the management model of the higher performing integrators can serve as references for the other foreign banks attempting to enhance their localization and operating efficiency. I also discuss the future trends of development in the banking industry in China and what foreign banks can learn from local Chinese banks to improve their market positions.
To test the above proposition, I conduct the empirical analysis in three steps. In the first step, I investigate foreign banks’ management model by surveying 13 major foreign banks locally incorporated in Mainland China. The results suggest that these 13 foreign banks can be categorized into three distinct groups based on their management model: intergrators, customer-followers, and parent-followers. The results also indicate that intergrators have the highest level of localization while parent-followers have the lowest level of localization.
In the second step, I conduct DEA (Data Envelope Analysis) and CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, Liquidity Analysis) to assess the operating efficiency of these 13 foreign banks. The assessment is conducted in two ways: 1) the inter-group comparison between foreign banks and local Chinese banks; 2) the intra-group comparison between the three distinct groups of foreign banks identified in the first step. The results indicates that the principal factor driving the operating efficiency of both local Chinese banks and foreign banks is the comprehensive technical efficiency, which includes both the quality of management and the quality of technical elements. I also find the uptrend of technical efficiency of the integrators is more stable than that of the other two groups of foreign banks.
Finally, I integrate the results from step one and step two to assess the relevance between foreign banks’ localization level and operating efficiency. I find that foreign banks that score higher in localization tend to have a higher level of operating efficiency. Although this finding is not conclusive about the causal relationship between localization and operating efficiency, it nevertheless suggests that the management model of the higher performing integrators can serve as references for the other foreign banks attempting to enhance their localization and operating efficiency. I also discuss the future trends of development in the banking industry in China and what foreign banks can learn from local Chinese banks to improve their market positions.
ContributorsSun, Minjie (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2016
Description
Over the past two decades, propelled by urbanization, domestic investment and construction of commercial complexes have rapidly accelerated. This has led to a dramatic expansion of these complexes with swift operational iterations and related data changes. The impact of changing domestic and international financial policies, along with political environments, has seen e-commerce gradually seize the middle and low-end retail markets. Additionally, the global spread of the COVID-19 pandemic in the last three years has resulted in a substantial slowdown in domestic economic growth. Despite this, there is still developmental potential, prompting unprecedented attention to corporate investment and commercial operations.However, acquiring basic operational data in commerce is challenging, with inconsistent measurement standards among enterprises, hindering accurate and systematic judgments of operational performance. The factors influencing the operational performance of commercial complexes in China remain inadequately researched.At this juncture, the scientific measurement of commercial complex operational performance is crucial for their healthy development. This study explores the relationship between enterprise investment behavior, operational management behavior, and commercial complex operational performance. It measures influencing factors using resource configuration theory to control uncontrollable environmental factors, such as urban hierarchy, surrounding population, per capita GDP, surrounding commercial inventory and increment, and location planning support. Dynamic capability theory is then applied to investigate the impact of variables like the number of leases, area, brands, lease cost income, marketing activity types, activity funds, and activity time on operational performance. A model is established to analyze operational performance, contrasting significant variables before and after the pandemic, identifying factors affecting operational performance in early-stage investment and later-stage management strategies. Post-pandemic adjustments are suggested to adapt to changing environmental conditions.In the empirical research section, this paper validates the theoretical model through data analysis, studying the volatility of operational performance based on factors influencing commercial complexes. Integrating theoretical backgrounds, it analyzes investment and management strategies for enterprises in different situations, emphasizing key indicators. This provides enterprises with better choices for future projects and empowers commercial complex managers for effective future management, enhancing operational performance. The study offers a theoretical basis and guidance for promoting the healthy development of the market.
ContributorsHuang, Ke (Author) / Shen, Wei (Thesis advisor) / Zhu, Qigui (Thesis advisor) / Hu, Yu (Committee member) / Arizona State University (Publisher)
Created2024
Description
With the continuous development of the Chinese capital market over the past thirty years, the securities analyst industry has experienced a process of transformation from a reckless period to a golden time. One of the most important signals is that securities analysts are increasingly conducting research report providing long-term earnings forecasts for the company. However, current research on analysts is limited to their short-term forecasting behavior, and there is little on analysts' long-term earnings forecasts. Therefore, this article takes the research on analysts' long-term forecast reports issued by analysts on A-share listed companies, and conducts an empirical study on the analysts' forecasts accuracy and its influencing factors. First, the author combed the research literature related to analyst forecasts and selected variables from three dimensions, including company characteristics (financial indicators and non-financial indicators), analyst characteristics and affiliated institution characteristics; secondly, considering the high-dimensionality of the influencing factors, this paper uses the method of combining machine learning and traditional regression to conduct empirical research; finally, the research tested the heterogeneity of influencing factors from two perspectives, including time and industry.The results of this article show that the long-term profit forecasts of analysts in China have advantages over traditional statistical models. More than 60% of analysts
provide profit forecasts that are better than statistical models. Afterwards, when examining the factors that affected the accuracy of analysts’ forecasts, it found that although analyst and institutional characteristics affected analysts’ predictions to a certain extent, company characteristics are the most important variables among them all. As the time goes by, the influence of non-financial factors on forecast accuracy gradually decreasing, but analyst characteristics continue to strengthen. In addition, cyclical industries are more difficult to predict than companies in non-cyclical industries, and the difficulty of prediction will not be reduced with the analyst efforts. This research can help analysts optimizing their forecasting behavior and prompts investors to understand analysts' reports more deeply, which makes them using analyst forecast data to make investment decisions in a rationally ways, and it can also help to promote the securities pricing efficiency and development of Chinese capital market.
ContributorsRao, Gang (Author) / Shen, Wei (Thesis advisor) / Yan, Hong (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2024