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财富管理是一个高度信息不对称的行业，因此投资人需要尽可能减少自身的不确定来做投资决策，通过文献整理，本文发现通过建立信任来消除不确定性是很多投资人都会选择的帮助投资决策的方法。纵观历史，美国2007-2008年的金融危机也恰恰导致金融市场投资人对于理财机构信任的严重缺失，相同的情况也可能发生在中国财富管理市场，因此本文将此选作研究重点，希望深入研究财富管理公司投资人对理财师的信任来得到一系列结论。本文最终发现就平台和理财师相比，投资人更看重平台的信誉度。 投资人大多认为平台的信誉度要高于理财师的信誉度，但是这并不意味着理财师不重要。本文进一步的分析发现，多数投资人会和理财师建立起一种私人联系，且该私人关系有助于加强客户和平台的联系。投资人认为行业经验、为人诚恳，说话可信以及责任心是加强这种私人关系的重要因素。最后，投资人对于钜派平台的信任主要由对于理财师的信任来维持，同时对于理财师的信任主要来自与情感信任。本文的发现对财富管理平台具有战略意义。
ContributorsWu, Qimin (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Zhu, Hongquan (Committee member) / Arizona State University (Publisher)
Created2019
Description
Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.
ContributorsJia, Guoqing (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2018
Description
With the increasing aging population in China, the public's emphasis on health has been on the rise. Many innovative pharmaceutical companies have undertaken multiple rounds of financing, with some going public through IPOs. As a high-tech industry, it is essential to study the relationship between the level of corporate publicity and the financing process.This study collected information on the number of promotional articles, timing, and platforms of dozens of pharmaceutical companies that have already gone public through IPOs using Python. An analysis was conducted on the temporal variations of promotional articles for ten representative companies. It was found that the number of promotional articles experienced a significant increase in the month of IPO or the month before, and remained relatively high even after the IPO.
Furthermore, the Pearson correlation coefficient method was used to analyze the correlation between the number of promotional articles and various stages of financing. The study found a positive correlation between the daily average number of promotional articles before IPO and the final financing amount. Additionally, a strong positive correlation was observed between the daily average number of promotional articles from 7 days before IPO to IPO day and the turnover rate on IPO day. Grey correlation analysis was also employed to analyze the impact of publicity on the financing amount of each
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financing round, revealing that the financing round and the Shanghai Composite Index had a significant influence.
Finally, a multiple regression analysis was conducted to examine the relationship between the pre-IPO financing scale, IPO-day trading amount, and the level of corporate publicity. The regression results indicated that the pre-IPO financing scale was mainly influenced by the number of promotional articles in the 7 days preceding IPO, particularly for pharmaceutical companies listed on the A-share market. Moreover, a negative correlation was observed between the financing round and the financing amount, particularly among companies that experienced a decline in share price on the IPO day. However, the study found a weak association between the IPO-day trading amount and the level of corporate publicity, primarily observed among pharmaceutical companies listed on the A-share market.
ContributorsMiao, Yujia (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2024
Description企业并购作为一项重要的经济手段，在世界经济主体的活动中承担着重要的角色。相较于企业内部积累式的扩张，并购是企业快速扩大规模、或者进入新领域的非常好的途径。近年来，中国上市医药企业的并购层不出穷，然而，并购是否在恰当的时机进行，同时又是否达成预期的目标，对于多数主并购企业及其经营者而言，未有定论。上市药企拥有大量二级市场投资者股东，针对A股上市医药企业的并购行为进行评价，最直接及有效的方式是对并购事件引发的市场反应进行检验，市场反应是投资者针对事件评价的表现。
本文在西方系统化的并购理论基础上，试图通过引入行业及企业层面的相关变量对近几年（2013年至2018年）A股医药并购事件的短期效绩水平进行评价。通过逐层递进的方式，对“在A股医药行业波动及其收益影响下，医药企业并购决策对市场投资者反应（公告期绩效）的影响”进行了探讨。
本文首先通过对文献综述、企业并购及市场反应理论、企业并购绩效及其市场投资者反应影响因素等做了系统的概念及理论的阐述和总结。
其次，分别通过事件研究法、多元回归分析法对379家企业共428起并购事件进行不同层面（行业层面：市场波动及收益；企业层面：企业规模、负债率、并购规模、企业盈利能力、企业性质、并购前12个月是否存在并购）影响因素条件下，不同并购决策的市场投资者反应实证研究。并对企业并购的相关内外部控制变量和并购市场投资者反应（绩效）的相互关系进行了探讨。为医药并购决策者以及投资人提供参考。
关键词: 企业并购；并购绩效；行业波动；市场投资者反应
本文在西方系统化的并购理论基础上，试图通过引入行业及企业层面的相关变量对近几年（2013年至2018年）A股医药并购事件的短期效绩水平进行评价。通过逐层递进的方式，对“在A股医药行业波动及其收益影响下，医药企业并购决策对市场投资者反应（公告期绩效）的影响”进行了探讨。
本文首先通过对文献综述、企业并购及市场反应理论、企业并购绩效及其市场投资者反应影响因素等做了系统的概念及理论的阐述和总结。
其次，分别通过事件研究法、多元回归分析法对379家企业共428起并购事件进行不同层面（行业层面：市场波动及收益；企业层面：企业规模、负债率、并购规模、企业盈利能力、企业性质、并购前12个月是否存在并购）影响因素条件下，不同并购决策的市场投资者反应实证研究。并对企业并购的相关内外部控制变量和并购市场投资者反应（绩效）的相互关系进行了探讨。为医药并购决策者以及投资人提供参考。
关键词: 企业并购；并购绩效；行业波动；市场投资者反应
ContributorsMiao, Fengdong (Author) / Shen, Wei (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Zhu, Hongquan (Committee member) / Arizona State University (Publisher)
Created2020
Description竞争日益激烈的市场环境对企业管理者提出了更高的挑战，首席执行官(CEO)作为企业管理层的核心，其个人特征对企业绩效有着重要影响。已有研究主要基于高阶理论，系统研究了CEO具体特征对企业战略选择及其绩效的影响。但是已有研究较为零散，并且大多数集中在CEO人口统计学特征，对其政治联系、受教育年限、社会关系和人格特质等关注较少。基于此，本文结合高阶理论和信号理论，深入分析CEO个人特征对其绩效的影响，并且探讨了CEO结构权力在CEO个人特征与其绩效关系之间发挥的调节作用。
在文献回顾和案例研究基础上，首先，从CEO人口统计学特征、政治联系、受教育年限、职业特征、社会关系和人格特质等6个维度构建了CEO个人特征指标，将CEO上任后前3年营业收入年均增长率和利润年均增长率作为衡量CEO业绩的衡量指标，并提出了10个研究假设。其次，基于问卷调查数据，采用多元线性回归方法，对研究假设进行了验证和分析。实证结果表明，CEO性别、政治联系、受教育年限、社会关系和人格特质（外向性、开放性和宜人性）均对CEO绩效具有显著影响，而CEO年龄和多样化的职业特征对其绩效具有显著的负向影响。此外，CEO的结构权力在受教育年限、社会关系与CEO绩效之间的关系中发挥着显著的正向调节作用，而在多样化职业特征与其绩效之间发挥着显著的负向调节作用。最后，本文从CEO多维度个人特征构建和CEO结构权力两方面深入阐述了理论贡献，结合企业实践提供了可操作化的建议和对策，并提出了本文存在的不足及未来研究展望。
关键词：CEO业绩；CEO个人特征；高阶理论；社会关系；结构权力；影响因素
在文献回顾和案例研究基础上，首先，从CEO人口统计学特征、政治联系、受教育年限、职业特征、社会关系和人格特质等6个维度构建了CEO个人特征指标，将CEO上任后前3年营业收入年均增长率和利润年均增长率作为衡量CEO业绩的衡量指标，并提出了10个研究假设。其次，基于问卷调查数据，采用多元线性回归方法，对研究假设进行了验证和分析。实证结果表明，CEO性别、政治联系、受教育年限、社会关系和人格特质（外向性、开放性和宜人性）均对CEO绩效具有显著影响，而CEO年龄和多样化的职业特征对其绩效具有显著的负向影响。此外，CEO的结构权力在受教育年限、社会关系与CEO绩效之间的关系中发挥着显著的正向调节作用，而在多样化职业特征与其绩效之间发挥着显著的负向调节作用。最后，本文从CEO多维度个人特征构建和CEO结构权力两方面深入阐述了理论贡献，结合企业实践提供了可操作化的建议和对策，并提出了本文存在的不足及未来研究展望。
关键词：CEO业绩；CEO个人特征；高阶理论；社会关系；结构权力；影响因素
ContributorsXi, Gang (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2020