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冷链物流主要是指食品在生产到消费者食用前始终处于适宜的温度环境,以保障食品品质、降低流通过程中的损耗。冷链物流相比于传统物流而言是一项更复杂的系统性工程,受到政策和市场需求的影响呈现迅猛发展态势。但是,冷链物流企业长期以来因规模小、固定资产少、服务范围窄、服务规范性弱而发展困难重重,核心问题是资金的问题。政府引导和鼓励打造冷链物流产业园,推动产业园投资和建设主体打造平台,实现对园区内冷链企业的聚集效应并通过金融服务解决企业发展的资金问题。通过产融结合助力冷链物流企业发展,成为目前冷链物流行业发展的主要方式和未来趋势。

本研究聚焦冷链物流产业园金融服务助力冷链物流企业发展问题,主要研究内容包括:第一,基于产融结合理论,梳理冷链物流企业与产业园之间关系,从供需两侧探索冷链物流企业和产业园的金融服务的范围、类型和特点。第二,基于平台理论,构建冷链物流企业采纳产业园金融服务的研究模型,探索金融服务影响冷链物流企业的经营因素,分析冷链物流企业采纳产业园金融服务的因素和途径。第三,基于信息不对称理论,关切信息技术支持和知识分享在冷链物流企业采纳产业园提供金融服务过程中的调节作用。同时,梳理产业园提供金融服务可能面临哪些风险,制订冷链物流企业入驻园区的标准,防范风险。

本文运用实证研究方法,通过对国内18家冷链物流相关的产业园、物流园、冷链物流、商贸流通、金融等企业实地考察和专家访谈基础上,拟定问卷并对268家企业进行调查收集数据,使用结构方程模型进行假设检验。研究发现:金融服务的有形性、可靠性、移情性、经济性对冷链物流企业采纳产业园金融服务影响显著,而响应性的影响不显著。同时

信息技术支持和知识共享的调节作用不显著。最后,针对产业园吸引冷链物流企业提供金融服务、冷链物流企业采纳产业园金融服务的风险,提出防范策略措施。
ContributorsYang, Su (Author) / Shen, Wei (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2019
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Description
Health is among the most basic needs of the people and driving force of social and economic development. The health nutrition & wellness industry is gradually becoming a global sunrise industry . However, the industry is faced many problems and challenges including weaknesses in the industry structure, fragmentations of supply

Health is among the most basic needs of the people and driving force of social and economic development. The health nutrition & wellness industry is gradually becoming a global sunrise industry . However, the industry is faced many problems and challenges including weaknesses in the industry structure, fragmentations of supply chain, low

efficiency in resources allocation, and lacking in quality on personnel training. To achieve core competitiveness and value creation, it is important that the health nutrition & wellness industry must meet the needs of Chinese market and its customers with a customer centric perspective to design a firm’s organization strucrture and management processes. This thesis is based on an analysis of the competitive landscape faced by the nutrition & wellness industry as exemplified by By-Health.Ltd. The investigation begins with an analysis and synthsis of the common industry practices on sales & distribution channels for their underlying similarities and differences in product strategies, branding strategies, and agency models on incentive design and profit sharing mechanisms. Through an empirical survey, this thesis also investigate customer’s demand for nutritious and healthy products. The results through factor analysis reveal that such demands are driven by individual factor, product factor, enterprise factor and environmental factor. The study concludes with a proposed framework to link customer value through three innovative designs in sales and distribution: community marketing model, sharing marketing model and Internet factory marketing model.
ContributorsGong, Binghui (Author) / Pei, Ker-Wei (Thesis advisor) / Cui, Haitao (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
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Description中医药是中华文明的瑰宝,中药材是中医药文化和产业的核心。随着近年来国家相关政策出台,中药材产业的发展备受瞩目。由于中药材产业链条长,层级多,各层级间信息不对称,因而中药材市场普遍具有“假”、“乱”、“杂”的问题。

A公司的中药材全产业链服务商模式,通过对上游各主要专营商的整合,形成一定的平台综合集采能力,并开始得到下游医药厂家、药店认可,在市场逐步形成品牌号召力。本文实证研究A公司商业模式的转型对中药材市场价格的影响,进而分析中药材全产业链服务商模式在中药材行业健康发展中所发挥的积极作用。研究结果表明,上下游产销结合的中药材全产业链服务商模式,只有在形成一定收购规模,对市场价格产生一定影响的时候,才能充分释放药材质量的信号,润滑药材交易市场,提高收购价格,增加市场波动率,发挥价格发现作用。由于中药材市场的信息不对称程度较高,如果产销结合模式仍处于初级开创阶段,产销结合模式释放的药材质量信号则不足以全面改善信息不对称的状况。
ContributorsYin, Xiaowei (Author) / Shen, Wei (Thesis advisor) / Yan, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2019
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Description
In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a more precise understanding of consumer preference and choice in home

In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a more precise understanding of consumer preference and choice in home interior decoration decisions so that companies in this industry can provide better services to meet customer needs. Using survey data from a sample of potential customers and a sample of existing customers of a large home interior decoration company, I find that (1) internet has become the mostly used channel by consumers to gather information about home interior decoration, (2) design style is the most influential factor in consumers’ choice of home interior decoration company, and (3) consumers are more likely to choose home interior decoration companies to provide full services when they are between 35 to 45 years old or above 55 years old, when it is the first time for them to purchase a real estate property, and when they are located in the Eastern region of China. Findings of this study can help home interior decoration companies better understand customer needs and preferences, facilitate changes in their marketing and sales strategies, and consequently strengthen their competitive advantage.
ContributorsYang, Jin (Author) / Shen, Wei (Thesis advisor) / Zhang, Anmin (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2015
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Description本文对中国制药企业并购溢价影响因素进行了研究,提出了对制药企业并购非常重要的两个新的影响因素:可生产药品批文和在研新药批文。本文以2011年1月—2019年12月间我国制药行业上市公司并购事件为样本,对在研新药和可生产药品批文的价值从四个维度度量:是否有在研新药和可生产药品批文;在研新药数量及可生产药品批文数量;根据创新药和仿制药两个类别进行细分;标的企业所拥有的在研新药和可生产药品批文的市场价值。论文发现药品批文对企业并购溢价的影响不是很显著。进一步的,本文探究了药品批文对主并企业的对被并购公司的估值的影响。实证结果表明,我国制药企业在并购估值时确实会考虑到在研新药和可生产药品批文的价值。本文还发现对于可生产药品来说,相对创新药,被并购公司持有的仿制药批文影响更显著。而对于在研新药来说,主并企业更看重在研的创新药,在研仿制药对并购估值的影响不大。最后,本文选取了两个代表性案例进一步分析和探讨药品批文对企业并购的影响。
ContributorsYe, Tao (Author) / Shen, Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Jiang, Zhan (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2022
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Description
Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using

Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I examined how different state-owned firms vary in their approaches on managerial stock compensation design using a case study approach. The thesis concludes with a summary of major findings and a discussion of policy implications.
ContributorsAn, Hongjun (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
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Description
The emergence and fast growth of shared workspaces have attracted increasing attention from investors, practitioners, and researchers. Overall, this industry is still at an early stage of development and the business models of shared workspace providers are still evolving. To enhance the understanding of the different business models adopted by

The emergence and fast growth of shared workspaces have attracted increasing attention from investors, practitioners, and researchers. Overall, this industry is still at an early stage of development and the business models of shared workspace providers are still evolving. To enhance the understanding of the different business models adopted by the leading shared workspace providers, I conduct an in-depth qualitative analysis of three current market leaders - Regus, WeWork, and UrWork – using the Business Model Canvas proposed by Osterwalder (2008). My analysis suggests that shared workspace providers creates value by offering three tiers of services: (1) satisfying users’ needs for physical office spaces, (2) helping them build an enterprise eco-system, and (3) facilitating the development of a user community. I further use the PEST model to analyze how the macro-environmental factors in China and U.S. may have contributed to the development of different shared workspace business models in these two countries. Based on the above analyses, I propose a list of factors that may be critical to investors’ valuations of shared workspace companies.
ContributorsHe, Chi (Author) / Shen, Wei (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
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Description并购重组一直是提升企业经营效率、增强市场活力的重要力量。我国政府也一直积极鼓励企业间的并购重组以推动资源的优化配置,使得我国并购重组市场一直较为活跃,交易数量和规模屡创新高。然而交易双方的信息不对称可能导致并购方支付过高的并购溢价,损害并购方价值。针对这一问题,证监会于 2008 年开始实施《上市公司重大资产重组管理办法》,要求当标的资产估值是基于未来预期收益时,如果标的资产未来三年的实际盈利低于承诺利润,交易对方需以现金或股份形式对并购方进行补偿。因此,业绩承诺的政策初衷是防止被并购方操纵资产价格、保护并购方和外部投资者的利益。但近年来,部分公司与标的方合谋制定高业绩承诺以换取高估值溢价,继而引发财务造假、减持套现、利益输送、股价崩盘等一系列问题,比如曾被称为“游戏第一股”的掌趣科技从 2013 年开始疯狂并购多家公司并签订相应业绩承诺,公司股价随之飙升,华谊兄弟等大股东和管理层趁机大规模减持,累计套现近60亿,导致中小股东利益严重受损,资本市场对业绩承诺的质疑也日益增加。因此并购重组业绩承诺实现的影响因素及其作用机制成为近年来学术界的研究热点。上市公司进行并购交易时,通常会根据自身财务状况、股权结构、融资成本等因素设计并购支付方式。根据中国证监会 2014 年发布的 《关于修改<上市公司收购管理办法>的决定》 的规定,上市公司收购可采用现金、证券、现金与证券相结合等合法方式支付收购价款。收购方无论采取何种支付方式,都是期望通过优化配置资源、改善经营绩效和增加股东财富。自股权分置改革以来,我国的资本市场正不断完善,并购支付方式也逐渐走向多元化。但是由于信息不对称等问题的存在,业绩承诺协议中的支付方式选择和补偿方式选择也可能会滋生并购双方进行利益输送的温床。因此,在该背景下,研究支付方式对业绩承诺的影响机制具有重要的理论和现实意义。 本文以2014-2018年我国A股主板上市公司为研究样本,以“提出问题-理论分析-实证分析-研究结论”为基本思路,运用委托代理理论、信息不对称理论、信号传递理论以及控制权等理论,分析企业并购支付方式的影响因素和支付方式对业绩承诺影响的作用机制,并提出本文的研究假设,通过描述性统计分析、二元逻辑回归和多元线性回归分析等研究方法对研究假设进行实证检验,得出本文的研究结论。 本文主要的研究工作和内容如下: 根据本文的研究主题,梳理了并购、支付方式、业绩承诺等方面已有研究文献,指出已有研究文献的贡献和不足,进而提出本文的研究问题。 在理论分析和作用机理方面,本文运用代理理论、信息不对称理论、融资优序理论、控制权理论等针对支付方式的影响因素以及支付方式对业绩承诺影响的机理进行分析,据此提出本文的研究假设。 在实证研究方面,运用描述性统计分析、二元逻辑回归和多元线性回归分析等方法检验了股权集中度、现金持有量和市场估值对支付方式选择的影响,利用中介效应检验验证了资本结构、股权制衡以及税负协同在支付方式与业绩承诺之间的作用路径,得出本文的实证结论,最后采用更换实证模型方法和主要研究变量的方法进行了相应的稳健性检验。 最后给出本文的主要研究结论,指出本文的研究局限和未来研究方向。 本文的主要研究结论如下: (1)股票支付方式更有利于实现业绩承诺。通过多元统计回归分析和中介效应检验,以及现金支付和股权支付下的业绩承诺兑现进行均值差异检验,均发现两种不同支付方式下的业绩承诺兑现效果是显著存在差异的。(2)在理论上解释了支付方式影响业绩承诺的机理。运用信息不对称下的信号理论、资本结构理论、公司控制权以及协同理论,阐述了支付方式影响业绩承诺的机理,业绩承诺的兑现是支付方式、资本结构、公司控制权结构等多种因素综合作用的结果。选择不同的支付方式来源于企业不同的融资方式,差异化的融资方式就会导致企业在并购完成后形成不同的资本结构和股权结构,从而给企业带来财务协同和管理协同效应,同时,由于我国税收制度的改革,对不同的支付方式均能够影响并购参与方的税收变化,能够产生税收协同效应,从而有利于实现企业的业绩承诺。 (3)在并购支付方式影响因素的研究中,运用多元回归统计回归的方法分析方法验证了现金持有量、股权集中度和市场估值是影响企业并购支付方式的重要因素。其中,股权集中度与支付方式的回归系数为负数,说明股权集中度越高,企业越倾向于选择现金支付;现金持有量与股份支付之间存在负相关的关系,即公司现金持有水平越高,企业越偏好选择现金支付;市场估值与股份支付的回归系数为正,说明企业并购支付方式具有择时效应,当上市公司股价较高时,上市公司会利用股票溢价来减少实际支付的金额。 (4)在支付方式对业绩承诺的兑现的研究中,运用逻辑回归和中介效应检验的方法,证实了支付方式能够对业绩承诺直接产生影响外,还发现资本结构、股权制衡和税负在其中发挥了中介的作用,其中相比现金支付,股权支付会引起股权结构和债务结构的变化,通过风险共担以及股权结构的优化,在一定程度上能够一直股权制衡带来的寻租成本,从而有利于业绩承诺的兑现。股权支付能够获得递延交纳资本利得税、应计折日和资产增加等税收协同,也助力了业绩承诺的实现。与此同时,发现并购企业自身规模、被并购企业的规模、并购的类型以及是否是关联并购也起到了一定的影响,这为企业如何实现业绩承诺提供了参考。 本文的创新之处体现在: (1)研究视角的创新。以往关于并购支付方式的研究主要关注支付方式的选择对并购绩效的影响,鲜少考虑业绩承诺这一前提下二者之间的关系。本文综合考量当并购双方签订业绩承诺的情况下,企业的并购目标不同于简单追求控制权的转移,增加了对并购长期战略目标的关注,分析支付方式对业绩承诺的影响及其作用机制。本文基于业绩承诺视角研究支付方式对并购绩效的影响,进一步扩展了并购领域的研究视角。 (2)研究方法的创新。利用中介效应检验模型验证支付方式对业绩承诺的影响。支付方式作为并购战略的重要组成部分,对于能否顺利实施并购战略具有重要的意义,以往的研究大多选择结构方程进行因素检验,本文采用中介效应的三步法进行验证,发现支付方式既有直接效应,同时还验证了资本结构、股权制衡和税收协同的部分中介作用,本研究有助于丰富和完善支付方式对业绩承诺影响的研究内容。 (3)研究方向和内容的创新。本文采用本文改变现有文献通过设置虚拟变量的方式将股份支付和现金支付截然分开,把并购案例中股份支付对价与并购支付总对价之间的比率作为并购支付变量,并购支付变量设计成连续变量;同时,本文以并购完成后样本公司的资本结构、股权制衡和税负变化衡量并购带来的协同效应为中介变量,详细分析支付方式对业绩承诺影响的作用机制,完善并丰富了并购领域的研究。
ContributorsPan, Jie (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Xin (Thesis advisor) / Jiang, Zhan (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2023
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Description我国上市公司股东采取股权质押贷款方式融资非常普遍,股权质押贷款总余额已经高达5.70万亿元,这些贷款背后隐藏着巨大的风险。上市公司大股东采用股权质押贷款的动机可能是对未来乐观行业预期的资金需求,或者是由于股权转让的限制而采取的变相套现转移风险。后者的动机里本身就包含着上市公司大股东对自身股价已经估值过高的判断。本文通过分析上市公司股权质押贷款风险 (即,上市公司当年股价估值程度与上市公司下一年股价崩盘风险之间的关系)会因为股权质押动机的不同而存在差异。只有在套现动机下,当年股价估值程度才会导致下一年显著的股价崩盘风险,而在融资动机下当年股价估值程度与下一年股价崩盘风险之间的关系则呈现负相关。鉴于目前大多数上市公司并不会披露大股东质押所得资金的具体去向,本文通过融资约束程度这个维度对上市公司大股东股权质押的动机进行识别。当上市公司所受融资约束较低时,当年股价高估程度程度越大,下一年股价崩盘风险越大(正相关),上市公司进行股权质押的动机更倾向于高位套现。在融资约束程度高的情况下,上市公司股权质押更倾向于融资,当年股价估值程度越大,下一年上市公司股价崩盘风险越小(负相关)。 在大股东控制权高的情况下,对于所受融资约束程度低的上市公司,独立董事不论是比例高或者低,独立董事制度对大股东的股票质押的行为 (套现动机)无影响。 对于所受融资约束程度高的上市公司,独立董事在占比高时,对通过股票质押来融资的行为有强化作用,可以表现出其治理影响力,在独董占比低的情况下则无法产生作用。
ContributorsChen, Wei (Author) / Pei, Ker-Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2020
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Description
As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types.

This paper finds that asymmetry of information in

As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types.

This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.

This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.

There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.

Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.
ContributorsZhang, Xiangdong (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018