Matching Items (3)
Filtering by

Clear all filters

191024-Thumbnail Image.png

Technology for Good - A Study of the Impact of Digital Economy Firms' Participation in the Common Wealth Model on Firm Performance

Description
Under the new generation of technological and industrial revolutions, digital economy enterprises are increasingly becoming major contributors to socio-economic development. Their scale effect and marginal cost effect are different from traditional enterprises, which also raises concern and discussion on whether digital economy enterprises can promote more equitable and sustainable development…

Under the new generation of technological and industrial revolutions, digital economy enterprises are increasingly becoming major contributors to socio-economic development. Their scale effect and marginal cost effect are different from traditional enterprises, which also raises concern and discussion on whether digital economy enterprises can promote more equitable and sustainable development of society. The participation of digital economy enterprises in the common wealth is an important source of legitimacy for their development. This thesis investigates the mechanism of the impact of their common wealth inputs on corporate financial performance by using a sample of digital economy firms among Chinese listed companies as a case study. It is found that, overall, the mechanism of the effect of firms' common affluence model on their financial performance has a positive effect. The main source of this positive effect is the secondary distribution of the firm, i.e., the legitimacy of tax contributions. Other legitimacy such as employee and shareholder legitimacy are not significantly associated with financial performance, while social philanthropic input from tertiary distribution participation has a significant negative effect. In the association of redistribution on firm performance, there is a positive facilitating effect on firms' R&D efficiency and a negative moderating effect of economic policy uncertainty. It suggests that there are differences in the impact of firms' legitimacy initiatives, such as tax contributions, on performance under different firm development expectations. Whereas in the third distribution, firms' R&D efficiency has a crowding-out effect on the economic gains from the legitimacy of common wealth participation, economic policy uncertainty has a reinforcing effect in the third distribution of firms. The above suggests that the development of digital economy firms is more positively facilitated by official legitimacy and currently lacks the constraints of industrial ecology from internal and public scrutiny.
ContributorsZhou, Guangyi (Author) / Wu, Shin-Yi (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
158042-Thumbnail Image.png

区块链DApp治理影响因素研究

Description区块链技术应用（DApp）最早出现在数字货币交易上，也有部分DApp涉及游戏、音乐、教育、出行等场景，但是由于前几年DApp还属于新生事物，多数社会大众对其了解程度不高，加之多数DApp开发和优化的水平有限，用户体验较差，因此并没有良好的市场表现。

尽管如此， 2017年11月一款叫CryptoKitties的区块链游戏正式上线，并且在短时间之内引爆了整个区块链，游戏交易量在1个月内暴涨至1.7万。随后风险资本不断进入区块链行业，并且催生出一大批区块链DApp出来，涉及的应用场景进一步拓展到游戏、赌博、社交、金融、市场、保险、健康等领域。如何设计一套有效的治理机制，从而实现用户留存高、项目前景好，成为多数区块链DApp最为关注的问题。

本文选择CryptoKitties、Mycryptohero、Steemit和NeoWorld这四款区块链DApp作为案例研究对象，通过归纳总结发现这四款DApp都将游戏性、通证经济、社群生态和网络效应作为共同的治理方式。基于这四方面，本文对四款DApp的异同进行了跨案例比较，发现NeoWorld要比其他三款DApp在治理手段上更加丰富和合理。最后，利用136份NeoWorld玩家调查问卷数据，对游戏性、通证经济、社群生态和网络效应对其治理绩效的影响进行了实证检验，结果发现除了社群生态之外，其他三个因素都能提升NeoWorld的治理绩效。

本研究的最大创新是选择在区块链场景应用中具有代表性的4个DApp项目作为案例研究对象，通过归纳总结发现各自在治理手段上的共同之处（影响因素），并根据问卷调查数据对不同影响因素对特定Dapp治理绩效的影响程度进行实证检验，丰富了平台治理相关研究成果，也为社会各界深化认识DApp治理方式和成效，推动DApp行业生态健康有序发展提供参考和借鉴。

关键词：通证经济；社群生态；网络效应；跨案例研究；回归分析
ContributorsHe, Xin (Author) / Shao, Benjamin (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2020
161325-Thumbnail Image.png

中国房地产基金资产配置的影响因素

Description改革开放四十年，社会财富大量累积，目前国内个人可投资产总额超过190万亿元，专家预测2023年规模将达到220万亿元以上，高净值人群数量不断增加，其财富管理的需求也在不断提升。但随着近年来中国经济增速下行压力增大、市场波动加剧，资产配置在财富管理中的重要性不断提升。资产配置的核心在于资产种类的多元化，而地产基金作为与地产密切相关却又具有相对灵活性和分散性的金融资产，在发达国家如美国、新加坡等地均占据居民资产配置的重要环节，但中国居民配置比例仍然较低，虽然已经有部分超高净值客户将房地产基金作为其资产配置的一部分，但未来随着政策和投资者认知的变化，房地产基金在资产配置中的比例和功能仍有很大的空间。 国内对于房地产私募基金的研究主要集中在管理模式、运营方法和法律风险上，更关注基金本身。国内房地产基金的发展阶段仍比较初期，需要参考国外发展的情况进行借鉴，本文将地产基金纳入资产配置的框架，通过客户调研，应用多元线性回归的方法，分析房地产私募基金的产品因素、政策因素及机构因素对客户配置房地产私募基金比例的影响，并通过分析结论，对基金管理人提出有效建议。
ContributorsZhu, Hong (Author) / Shao, Benjamin (Thesis advisor) / Wu, Fei (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2021