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
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.

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.
ContributorsLiu, Xin (Author) / Chang, Chun (Thesis advisor) / Shen, Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
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Description
The current study combines field study, survey study, and public financial reports, and conducts an in-depths comprehensive study of the cost of the global tire industry. By comparing the price and the total cost structure of standardized tire products, we investigate Chinese tire industry’s global competitiveness, especially in light of

The current study combines field study, survey study, and public financial reports, and conducts an in-depths comprehensive study of the cost of the global tire industry. By comparing the price and the total cost structure of standardized tire products, we investigate Chinese tire industry’s global competitiveness, especially in light of China’s fast increasing labor cost. By constructing a comprehensive cost index (CCI), this dissertation estimates the evolution and forecasts the trend of global tire industry’s cost structure. Based on our empirical analysis, we provide various recommendations for Chinese tire manufacturers, other manufacturing industries, and foreign trade policy makers.
ContributorsZhang, Ning (Author) / Zhu, Ning (Thesis advisor) / Shen, Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
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Description
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

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 likely path of successful value creation for pharmaceutical SMEs in China. Specifically, with five in-depth case studies of M&A transactions of pharmaceutical firms, this thesis reveals the critical success factors leading to value creation and growth in the practice of mergers and acquisitions of the pharmaceutical SMEs in China.
ContributorsZhou, Yan (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2015
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Description中资地产美元债近年来蓬勃发展,潜力巨大,成为市场的新亮点。截至2021年末,地产债是仅次于金融债的第二大中资离岸债品种。但是,目前关于中资地产美元债的实证研究几乎是空白。本文选取2017年初至2021年末发行的所有中资地产美元债为样本,通过多元线性回归的方法,构建中资地产美元债一级市场发行定价模型,深入分析中资地产美元债发行信用利差的影响因素。基于实践,本文创新性地选择房企基本面、美联储货币政策、房地产调控强度的代理变量,用实证方法来考察各界关注且影响市场发展的关键问题,包括中资地产美元债定价影响因素和作用机制等。研究发现,(1)发行人土地储备规模与中资地产美元债发行利差显著负相关;(2)人民币兑美元汇率与中资地产美元债发行利差显著正相关;(3)房地产调控政策强度与中资地产美元债发行利差显著正相关;(4)对于高收益板块发行人,净负债率指标对发行利差影响并不显著,但调控政策影响显著增强。基于此,本文就发行人合理控制融资成本和推动中资美元债市场创新监管提出相关建议。
ContributorsCao, Ziyan (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Zhang, Jie (Committee member) / Arizona State University (Publisher)
Created2023
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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

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