ETDs

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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市场竞争对企业非效率投资的影响研究

Description自市场化改革以来，“资源高投入，环境高污染”粗放型增长方式，虽然使经济水平迅猛增长，但也对我国经济造成很多负面影响，导致企业非效率投资现象普遍存在，在微观层面上，非效率投资损害企业所有者的利益，降低企业的经营效率，抑制企业的财富增长和发展动力，对企业的长远发展产生非常不利的影响；在宏观层面上，企业的非效率投资造成社会资源的无端浪费，降低整个社会资源配置的效率，阻碍国家经济总量高质量增长及经济水平发展，导致国家经济增长驱力不足，对整个国家经济实力发展同样产生非常不利影响。近年来我国一直致力于通过改善生产要素的质量和提高投资效率来实现经济高质量增长，对企业非效率投资的研究十分必要且具有理论和现实意义。本文以2015-2020年沪深两市A股企业的财务数据经过筛选，得到样本为2357家上市公司，有效样本量为11780个样本观测值，并从市场竞争这一外部视角出发，对市场竞争的两个维度企业竞争地位和行业竞争程度及两者的交互作用对我国A股上市企业非效率投资行为的影响进行研究。通过对相关理论及国内外学者研究成果的综合分析，研究提出4点假设，通过建立回归模型，分析模型结果，验证假设，得到以下4个结论：1.我国上市公司普遍存在非效率投资问题，过度投资和投资不足行为同时存在，且过度投资较投资不足严重；2.企业竞争地位与非效率投资之间的关系是非线性的，两者呈“U”型关系；3.较高的行业竞争程度能够有效抑制企业的非效率投资；4.在企业竞争地位与非效率投资呈负相关关系的部分时，行业竞争程度和企业竞争地位的交互作用对企业非效率投资抑制作用产生叠加效应；而在企业竞争地位与非效率投资呈正相关关系的部分时，行业竞争程度在企业竞争地位与非效率投资间的关系起负向调节作用。通过研究结论得到2点启示，有效治理企业低效率投资问题，需完善市场竞争机制，保证良性市场竞争，同时要加强企业内部治理机制建设。
ContributorsShen, Limei (Author) / Wang, Yimin (Thesis advisor) / Wang, Tan (Thesis advisor) / Hou, Kewei (Committee member) / Arizona State University (Publisher)
Created2022
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创新型企业上市前如何选择股权融资？——来自中国创业板市场的证据

Description创新型企业在上市前很难从公开市场获得宝贵的资金支持，往往会通过股权融资来解决企业发展的资金问题。为了探究创新型企业上市前如何选择股权融资，本文从创新型企业股权融资的行为选择角度出发，通过构建实证模型分别探究创新型企业股权融资的股权分配和资金性质选择。本文通过实证研究发现：（1）上市前股权融资的股权份额越大，参与股权投资的机构数量越多，各家投资机构获取股权份额的离散度越大，该轮融资领投机构获得股权份额越小，这与委托-代理理论一致，与信息不对称理论不一致。（2）在上市前股权融资时，相比于国有成分比例较低的企业，国有成分比例较高的企业会选择更高比例的产业投资资金，这有力地支持了融资约束假说，与信息不对称矛盾。
ContributorsCao, Yun (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Hou, Kewei (Committee member) / Arizona State University (Publisher)
Created2021
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黄金在家庭资产配置中影响因素的研究

Description自2018年下半年以来，全球主要经济体复苏动力减弱，全球经济下行风险加大，全球贸易环境趋紧，局部金融风险增大，地缘热点地区的博弈依旧激烈。2020年新型冠状病毒疫情全球蔓延，世界经济复苏遭遇阻力。黄金作为一种古老的货币，其不仅拥有商品属性，还兼具有货币属性和金融属性，其避险功能和保值效果能有效分散家庭资产组合的非系统性风险。本文利用23个全球主要黄金市场国家的面板数据，从黄金资产配置收入效应和替代效应、避险动机、金融市场不确定性、文化差异等角度分析家庭黄金商品配置（黄金饰品）和家庭黄金投资品配置（黄金条块）的影响因素。其次针对中国高净值人群资产配置展开问卷调查，主要关注高净值人群风险偏好、金融素养等因素在家庭资产中配置黄金的影响。 本文发现的主要结论是：（1）人均收入水平高的国家，家庭黄金资产配置比例越低，即居民整体收入越高，居民黄金资产配置越低；（2）十年期国债名义年化收益率、国家主要股票指数收益率对家庭黄金资产配置比例不具有显著影响，在通货膨胀率较高的国家，家庭居民会选择消费更多黄金饰品而非购买黄金投资品来提升黄金资产的配置比例；（3）全球金融市场风险较高时，家庭通过购买黄金投资品来配置黄金资产的比例显著提升，即各国居民面对全球金融市场风险时，会选择配置黄金资产来规避风险；（4）受到东亚文化辐射越深入的国家，家庭黄金投资品的配置比例和家庭黄金饰品的配置比例越高；（5）高净值人群风险偏好水平的提升，家庭资产配置黄金的可能性偏高，但是高净值人群黄金配置比例与风险偏好水平无显著相关性；（6）高净值人群金融素养水平的提升，家庭资产配置黄金的可能性偏高，但是高净值人群黄金配置比例与金融素养水平无显著相关性。
ContributorsYang, Hong (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Hou, Kewei (Committee member) / Arizona State University (Publisher)
Created2021
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Research on the Reversal Effect of Growth Stocks

Description
This study delves into the reversal effects in the U.S. stock market using American stock data listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ from 1970 to 2022. The aim is to answer two key questions: What characteristics make certain groups of stocks exhibit stronger reversal…

This study delves into the reversal effects in the U.S. stock market using American stock data listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ from 1970 to 2022. The aim is to answer two key questions: What characteristics make certain groups of stocks exhibit stronger reversal effects? And what market conditions contribute to stronger reversal effects?To begin with, the paper examines whether growth stocks exhibit stronger reversal effects compared to value stocks from the perspective of growth stocks. The study uses the price-to-earnings ratio (P/E ratio) to measure stock growth, with high P/E ratio stocks classified as growth stocks and low P/E ratio stocks classified as value stocks. The findings reveal: 1) The reversal effects of growth stocks are significantly stronger than those of value stocks; 2) After a substantial market decline in the previous year, the reversal effects of stocks are significantly stronger; 3) Across different market environments, the reversal effects of growth stocks are consistently stronger than those of value stocks, and growth stocks exhibit the most pronounced reversal effects in markets following significant declines. Furthermore, the paper explains why the reversal effects of growth stocks are stronger from three perspectives: market risk exposure, interest rate sensitivity, and profit volatility. The study discovers that the market BETA, duration, interest rate sensitivity, earnings per share volatility, and positive correlation with the Purchasing Managers' Index (PMI) for growth stocks are all significantly higher than those for value stocks. This helps explain why, during stock market rallies/interest rate declines/economic expansions, the rebound strength of growth stocks' prices/profits is higher than that of value stocks, leading to stronger reversal effects. Finally, the study finds that the phenomenon of "stronger reversal effects in growth stocks" also holds true in the A-share market, which serves as an emerging market.
ContributorsYou, Xianxian (Author) / Shao, Benjamin (Thesis advisor) / Hou, Kewei (Thesis advisor) / Kan, Rui (Committee member) / Arizona State University (Publisher)
Created2024