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.
China’s digital economy has developed rapidly after the 19th National Congress of the Communist Party of China. As an important part of the digital economy, the application and development of digital finance has provided a better path for financial institutions about services innovation and business development. Small and medium-sized enterprises…
China’s digital economy has developed rapidly after the 19th National Congress of the Communist Party of China. As an important part of the digital economy, the application and development of digital finance has provided a better path for financial institutions about services innovation and business development. Small and medium-sized enterprises (SMEs) account for a large proportion of the number of enterprises in China. They affected the society deeply on various aspects such as economic growth, employment, and innovation. However, financing constraints characterized by “difficult requirements” and “high cost” have long restricted the development of small and medium-sized enterprises. In recent years, the growth rate of the international economy has slowed down in an all-round way due to the impact of the epidemic. The SMEs have become more severe in this environment with stronger demands for funds. The rapid development of digital finance provides a technical environment for substantially improving the availability of loans for SMEs. As the main source of financing for small and medium-sized enterprises, commercial banks can deal with the problem of information asymmetry between them and SMEs easily through comprehensive digital transformation. Furthermore, the digital transformation of commercial banks could alleviate the financing constraints of SMEs and allocate more credit resources for SMEs. This study uses Peking University’s digital financial inclusive index and the SMEs’ loan data from the specific commercial bank for empirical analysis. The results demonstrate that the development of digital finance can alleviate the financing constraints of SMEs and reduce the information asymmetry between banks and enterprises. Moreover, the digital finance could also improve the overall business efficiency of commercial banks. In addition, SMEs with relatively in-depth digital transformation are easier for taking advantage of the opportunity of digital financial development to alleviate their own financing constraints. This study provides effective suggestions for the administrative department to formulate relevant guiding policies for digital financial development, commercial banks’ digital business strategy formulation, and more financial resource allocation for SMEs with development prospects based on the research conclusions.
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…
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.