Matching Items (4)
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- All Subjects: ROIC
- All Subjects: enterprise performance
- Creators: Pei, Ker-Wei
- Creators: Long, Yu
- Creators: Praveen, Subramanya Chilukuri
- Status: Published
Description
Financing lease has bloomed as a new financing tool in China for the last several years. In this thesis I investigate the factors that influence China’s automobile financial leasing decisions by both lessors and lessees through market surveys. Based on Probit regression analysis of the data collected from 250 companies and 300 individuals, I find that a firm is more likely to use automobile financial leasing when its corporate tax rate is lower, growth potential is more stabilized, and profit is higher. It is also more likely to happen when a firm's long-term debt ratio and its degree of internationalization are higher. At the individual level, I find that the likelihood of individuals’ leasing decision is influenced by their risk preference, income level, and car price. Individuals’ gender, age and education level show no effect.
Using the analytic hierarchy process (AHP) analysis, I further find that financing costs, service value-added, and products diversity are the three most important competitive factors for the auto financial leasing service providers. This is the case for both the corporate and individual customers in the sample. By contrast, the factors of sales channel and government relationship are found to be much less important. Finally, through an in-depth case study of the leasing company Shanghai Auto Financial Leasing, I find that the key factors determining the customers’ credit default risk are interest rate and automobile type. I also investigate factors that influence business risk during the automobile procurement stage, at the selling stage, and toward the disposition stage. The managerial implications of the above results are discussed throughout the thesis.
Using the analytic hierarchy process (AHP) analysis, I further find that financing costs, service value-added, and products diversity are the three most important competitive factors for the auto financial leasing service providers. This is the case for both the corporate and individual customers in the sample. By contrast, the factors of sales channel and government relationship are found to be much less important. Finally, through an in-depth case study of the leasing company Shanghai Auto Financial Leasing, I find that the key factors determining the customers’ credit default risk are interest rate and automobile type. I also investigate factors that influence business risk during the automobile procurement stage, at the selling stage, and toward the disposition stage. The managerial implications of the above results are discussed throughout the thesis.
ContributorsLin, Zhen, Ph.D (Author) / Zhang, Anming (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
Description
There has been much debate in the world of academia over the valuation of conglomerates. This thesis proposes the use of the EVA theory in explaining fluctuations in conglomerates’ valuation, and we believe that ROIC, WACC, and ROIC-WACC are three indicators that to a certain extent explain these valuation fluctuations. Through analysis of a sample containing 23 conglomerates, this thesis finds that ROIC, WACC, and ROIC-WACC exhibit positive correlation with valuation fluctuations. In the case study on Fosun, this thesis finds that ROIC-WACC is highly correlated with Fosun’s valuation fluctuations and next with ROIC. Thus this thesis conjectures that for investment companies for which investment capital is derived largely from insurance float, such as Fosun, ROIC-WACC is a better valuation tool.
ContributorsLiang, Xinjun (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Zhu, Ning (Committee member) / Arizona State University (Publisher)
Created2015
Description
Readout Integrated Circuits(ROICs) are important components of infrared(IR) imag
ing systems. Performance of ROICs affect the quality of images obtained from IR
imaging systems. Contemporary infrared imaging applications demand ROICs that
can support large dynamic range, high frame rate, high output data rate, at low
cost, size and power. Some of these applications are military surveillance, remote
sensing in space and earth science missions and medical diagnosis. This work focuses
on developing a ROIC unit cell prototype for National Aeronautics and Space Ad
ministration(NASA), Jet Propulsion Laboratory’s(JPL’s) space applications. These
space applications also demand high sensitivity, longer integration times(large well
capacity), wide operating temperature range, wide input current range and immunity
to radiation events such as Single Event Latchup(SEL).
This work proposes a digital ROIC(DROIC) unit cell prototype of 30ux30u size,
to be used mainly with NASA JPL’s High Operating Temperature Barrier Infrared
Detectors(HOT BIRDs). Current state of the art DROICs achieve a dynamic range
of 16 bits using advanced 65-90nm CMOS processes which adds a lot of cost overhead.
The DROIC pixel proposed in this work uses a low cost 180nm CMOS process and
supports a dynamic range of 20 bits operating at a low frame rate of 100 frames per
second(fps), and a dynamic range of 12 bits operating at a high frame rate of 5kfps.
The total electron well capacity of this DROIC pixel is 1.27 billion electrons, enabling
integration times as long as 10ms, to achieve better dynamic range. The DROIC unit
cell uses an in-pixel 12-bit coarse ADC and an external 8-bit DAC based fine ADC.
The proposed DROIC uses layout techniques that make it immune to radiation up to
300krad(Si) of total ionizing dose(TID) and single event latch-up(SEL). It also has a
wide input current range from 10pA to 1uA and supports detectors operating from
Short-wave infrared (SWIR) to longwave infrared (LWIR) regions.
ing systems. Performance of ROICs affect the quality of images obtained from IR
imaging systems. Contemporary infrared imaging applications demand ROICs that
can support large dynamic range, high frame rate, high output data rate, at low
cost, size and power. Some of these applications are military surveillance, remote
sensing in space and earth science missions and medical diagnosis. This work focuses
on developing a ROIC unit cell prototype for National Aeronautics and Space Ad
ministration(NASA), Jet Propulsion Laboratory’s(JPL’s) space applications. These
space applications also demand high sensitivity, longer integration times(large well
capacity), wide operating temperature range, wide input current range and immunity
to radiation events such as Single Event Latchup(SEL).
This work proposes a digital ROIC(DROIC) unit cell prototype of 30ux30u size,
to be used mainly with NASA JPL’s High Operating Temperature Barrier Infrared
Detectors(HOT BIRDs). Current state of the art DROICs achieve a dynamic range
of 16 bits using advanced 65-90nm CMOS processes which adds a lot of cost overhead.
The DROIC pixel proposed in this work uses a low cost 180nm CMOS process and
supports a dynamic range of 20 bits operating at a low frame rate of 100 frames per
second(fps), and a dynamic range of 12 bits operating at a high frame rate of 5kfps.
The total electron well capacity of this DROIC pixel is 1.27 billion electrons, enabling
integration times as long as 10ms, to achieve better dynamic range. The DROIC unit
cell uses an in-pixel 12-bit coarse ADC and an external 8-bit DAC based fine ADC.
The proposed DROIC uses layout techniques that make it immune to radiation up to
300krad(Si) of total ionizing dose(TID) and single event latch-up(SEL). It also has a
wide input current range from 10pA to 1uA and supports detectors operating from
Short-wave infrared (SWIR) to longwave infrared (LWIR) regions.
ContributorsPraveen, Subramanya Chilukuri (Author) / Bakkaloglu, Bertan (Thesis advisor) / Kitchen, Jennifer (Committee member) / Long, Yu (Committee member) / Arizona State University (Publisher)
Created2019
Description
Although China’s economy has experienced fast growth over the years, it is also characterized by a lack of innovative products and slow development of advanced production technologies. A main reason for this problem is insufficient investments in research and development (R&D) activities by Chinese firms. Because of the potential externality and free-rider effects, the economics literature has long suggested that the private sector tends to underinvest in R&D without governmental interventions. The weak protection of intellectual property rights in China makes the problem of underinvestment in R&D even worse. In this situation, it becomes increasingly important for the government to provide incentives such as subsidies on R&D investments, given that R&D investments are critical to the development of new technologies and the sustainable growth of the economy.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
In this study I investigate how governmental subsidies on R&D influence Chinese firms’ R&D investments and performance. Specifically, I want to find out (1) whether governmental subsidies promote or hinder firms’ R&D investments, and (2) whether governmental subsidies have differential effects on financial performance across different types of firms. My goal is to better understand the effects of governmental subsidies on Chinese firms. To achieve this goal, I first conduct an extensive review of the relevant literature and then develop a conceptual model about the determinants of governmental subsidies on R&D in China. Next, I conduct empirical analysis using data collected from all the firms listed in the Shanghai Stock Changes and Shenzhen Stock Exchanges during the period of 2009 to 2012. Overall, my findings show that governmental subsidies on R&D have a positive impact on R&D investments by the listed firms. Meanwhile, I find that this positive impact varies significantly across different types of firms, particularly among firms that are still largely owned by the state. I conclude this study with a discussion of its implications for governmental policies on R&D investments.
ContributorsYang, Guisheng (Author) / Hwang, Yuhchang (Thesis advisor) / Wang, Tan (Committee member) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2015