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.
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Description随着中国双碳目标的问世和ESG投资的崛起，绿色低碳经济和可持续发展逐步推进。企业环境绩效越来越重要，但其影响因素是什么？为了回答这一问题，本文结合利益相关者理论、资源依赖理论、高层梯队理论和深口袋理论，以 2015-2019 年沪深 300 成份股企业为研究对象，实证分析了前十大股东持股比例、独立董事比例、CEO 学历、CEO任职经历、四大会计事务所审计以及分析师关注度对企业环境绩效影响的影响。研究结果表明：当企业由四大会计事务所审计、具有高分析师关注度、CEO有重污染行业的任职经历时，其环境绩效更好。进一步研究表明外部治理会吸收其他因素对企业环境绩效的影响。本文为CEO 背景及外部治理因素和企业ESG的关系提供了新证据，帮助投资者和监管层理解企业环境绩效。
ContributorsLim, Kah Ghee (Author) / Zhu, David (Thesis advisor) / Chiu, Tzu-Kuan (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2022
Description在世界经济周期当中，货币及信贷政策是各国政府调节经济周期的主要手段，但宽松的货币及信贷环境不仅仅会体现在GDP生产和交易过程中，也会带来二手的资产市场价格变动，进而对国家的经济，资产市场等产生长远的影响。当前疫情之下，美国采取极度宽松的货币政策，而中国资产价格经过过去30年的发展，已经处在高位，如何控制货币信贷政策和资产价格的关系是政策研究重点。本文引入信贷脉冲（Credit impulse）、利率、房地产价格增速作为变量，采用VAR模型评估中国的信贷脉冲对于中国房地产价格增速的影响，发现信贷脉冲的冲击在当期不会对房地产价格增速造成很大影响，但在第二期开始对房地产价格增速产生明显的正向作用，然后从第三期开始效果减弱，但是持续时间也比较长，即信贷脉冲可以作为房价预测的6-12个月的领先指标。而对分能级的一二三线城市的研究来看，一线城市房价增速受到信贷脉冲的影响程度明显强于二线城市，二线城市强于三线城市；而从脉冲响应的时间滞后性来看也是一线城市快于二线城市，二线城市快于三线城市。
本文引入房地产价格增速、信贷脉冲、利率、收入因素、城市化作为变量采用面板模型分析了中国信贷脉冲对各类城市商品住房平均销售价格增速的影响。从能级来看，信贷脉冲影响的程度上，一线城市强于二线城市，二线城市强于三线城市；从区位来看，信贷脉冲对东部地区价格影响显著，中部和西部影响较弱。
本文从一个新的视角提出了一个预测中国房地产价格的走势的宏观模型，并提供了实证检验，可为中国的投资者提供投资判断依据。
ContributorsGuo, Hongzhi (Author) / Huang, Xiaochuan (Thesis advisor) / Yan, Hong (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2022
Description
Institutional on-site visit can reflect the focus of institutional investors in a timely manner. This article starts with the short-term and long-term impacts of institutional on-site visit, using abnormal return models and factor model to study the value of institutional on-site visit. It is found that institutional on-site visit has certain information value in the short term, but the abnormal return is not large, and long-term abnormal returns are not obvious. Further information processing is needed in conjunction with other information to find effective investment methods. Research has found that: (1) The results of the CAPM model show that cumulative abnormal returns are significantly different from 0 during the impact window period, and the t-values are very high. The abnormal returns of the Fama French model are only significant within the two intervals of [T0-1, T0+1] and [T0+1, T0+5], indicating a certain level of significant abnormal returns within the week after the event announcement date. However, the average daily abnormal return within the interval is less than 1%, indicating that the abnormal returns are not significant. (2) During the financial reporting period, the abnormal returns were significantly negative in the 5 trading days before the research, while the abnormal returns were significantly positive in the 5 trading days after the on-site visit. On the survey day, the abnormal returns were not significant. In the non financial reporting period, the sample size accounted for 28.11%. Although abnormal returns were positive before and after the survey, their impact during the time window was not significant. (3) There were significant negative abnormal returnsii
before the survey, while there were significant positive returns after the survey. (4) Institutional on-site visit cannot predict excess returns for individual stocks, and this effect is valid within 3 months, 6 months, and 1 year.
ContributorsYan, Zhao (Author) / Chen, Pei-Yu (Thesis advisor) / Li, Feng (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2024
Description
At present, the photovoltaic industry has entered into the stage of affordable power generation, with power generation costs tending towards thermal power. China has also gradually cancelled various subsidy policies, and the risks faced by enterprises have changed to a certain extent. This paper aims to explore the characteristics and causes of financial crises faced by photovoltaic enterprises through horizontal and vertical comparisons, and analyze the relationship between financial crisis management capabilities and performance. By identifying the risk areas that are most likely to turn into crises and developing crisis response strategies in advance, we provide useful exploration at the practical level to enhance the competitiveness of Chinese photovoltaic enterprises.
ContributorsCheng, Zhongguang (Author) / Chen, Pei-Yu (Thesis advisor) / Cheng, Shijun (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2024