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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- Creators: Shen, Wei
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
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
Description随着信息通信技术在金融科技领域中得到广泛应用，传统金融机构依靠互联网技术极大的提升了自己的金融服务能力和金融服务效率。但与此同时，作为一个新兴业态，与互联网金融服务配套的法律制度和保障措施还未完善，特别是互联网借贷业务，贷前的风控系统不完善，同时还缺乏贷后管理机制，造成了网络贷款平台不断出现爆雷现象。仅2018年7月一个月内就有200多家平台出现问题，而到2020年底为止，出现问题的在线借贷平台高达80%。为了更好的保障在线借贷平台和互联网金融行业的健康发展，亟需完善个人征信体系建设，科学评估借款人违约风险。为了解决这一问题，本文首先对现有研究进行了理论梳理，找到可能对违约风险产生影响的因素，并总结为个人特征、社交网络特征、金融特征等三方面的因素。在这之后，从社交网络特征对违约风险进行了深入分析。其次，利用大数据分析方法，构建了随机森林信用评价模型。最后，文章还通过与不同数据集上的相同模型、相同数据集上的不同模型进行对比，对本文构建模型的有效性进行了评估。
研究结论表明：（1）用户的社交网络特征对用户违约风险、欺诈等级具有一定的解释力度，其中用户通话类社交特征对用户欺诈等级的识别效果最好，其次为风险等级，违约标签的识别效果最差，而且用户的地域特征对社交网络特征有显著的调节作用。（2）通过随机森林模型，本文发现年龄、贷款金额是影响客户违约风险和欺诈等级的最重要的因素。（3）比较多元回归模型和随机森林模型，随机森林模型对样本用户特征重要性探索的准确度要高于多元回归模型。
根据上述结论，本文提出了相应了建议：（1）在线借贷平台在判断用户违约风险时，应该在现有的分析框架中考虑用户社交特征来提升用户风险预测精度；（2）信贷公司应该将随机森林等方法纳入到用户是否违约、风险等级和欺诈等级的预测中，这样会显著的提升公司对用户违约、欺诈等级的预测精度。
ContributorsHan, Wei (Author) / Shen, Wei (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2022
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 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
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