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Factors influencing automobile financial leasing and risk control: an empirical study on China automobile leasing market

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…

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.

ContributorsLin, Zhen, Ph.D (Author) / Zhang, Anming (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)

Created2015

Ownership Structure And Executive Compensation Design – An Empirical Study

Description

In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for effective corporate governance. Ownership structure is a core element of the corporate governance. The differences in ownership structures thus may…

In accordance with the Principal Agent Theory, Property Right Theory, Incentive Theory, and Human Capital Theory, firms face agency problems due to “separation of ownership and management”, which call for effective corporate governance. Ownership structure is a core element of the corporate governance. The differences in ownership structures thus may result in differential incentives in governance through the selection of senior management and in the design of senior management compensation system. This thesis investigates four firms with four different types of ownership structures: a public listed firm with the controlling interest by the state, a public listed firm with a non-state-owned controlling interest, a public listed firm a family-owned controlling interest, and a Sino-foreign joint venture firm. By using a case study approach, I focus on two dimensions of ownership structure characteristics – ownership diversification and differences in property rights so as to document whether there are systematic differences in governance participation and executive compensation design. Specifically, I focused on whether such differences are reflected in management selection (which is linked to adverse selection and moral hazard problems) and in compensation design (the choices of performance measurements, performance pay, and in stock option or restricted stock). The results are consistent with my expectation – the nature of ownership structure does affect senior management compensation design. Policy implications are discussed accordingly.

ContributorsGao, Shenghua (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Committee member) / Shen, Wei (Committee member) / Arizona State University (Publisher)

Created2015

Research on Business Model of SMEs’ Financial Service for Commercial Banks

Description

The key chanllenge for Small and Micro Enterprises (SMEs) to get credit or loans is the fact that traditional financing business model in commercial banks cannot meet SMEs’ financial needs. Through extensive theoretical research, market analysis especially on SMEs’ behavioral characteristics and demands, serveral case studies on market-leading banks such…

The key chanllenge for Small and Micro Enterprises (SMEs) to get credit or loans is the fact that traditional financing business model in commercial banks cannot meet SMEs’ financial needs. Through extensive theoretical research, market analysis especially on SMEs’ behavioral characteristics and demands, serveral case studies on market-leading banks such as Wells Fargo and KASIKORN BANK, and the actual implementation experiences in China Minsheng Bank and Pingan Bank, this article proposes a new business model for servicing SMEs for commercial banks in China, which includes the principle and rationale of the business model, the technical foundation, business process and organizational structure, as well as the future transition of the model.

ContributorsZhao, Jichen (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)

Created2015

Valuation Tools of Conglomerates and Their Application in the Case of Fosun International

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.…

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

The Making of a COVID-19 Lab: A Business Exploration

Description

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts…

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts and aspects. The business agility of the lab and it’s quickness to innovation has allowed the lab to enjoy great success. Looking into the future, the laboratory has a promising future and will need to answer many questions to remain the premier COVID-19 testing institution in Arizona.

ContributorsQian, Michael (Co-author) / Cosgrove, Samuel (Co-author) / English, Corinne (Co-author) / Agee, Claire (Co-author) / Mattson, Kyle (Co-author) / Compton, Carolyn (Thesis director) / Schneller, Eugene (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)

Created2021-05

The Making of a COVID-19 Lab: A Business Exploration

Description

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts…

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts and aspects. The business agility of the lab and it’s quickness to innovation has allowed the lab to enjoy great success. Looking into the future, the laboratory has a promising future and will need to answer many questions to remain the premier COVID-19 testing institution in Arizona.

ContributorsEnglish, Corinne (Co-author) / Cosgrove, Samuel (Co-author) / Mattson, Kyle (Co-author) / Agee, Claire (Co-author) / Qian, Michael (Co-author) / Compton, Carolyn (Thesis director) / Schneller, Eugene (Committee member) / Department of Information Systems (Contributor) / Department of Supply Chain Management (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)

Created2021-05

The Making of a COVID-19 Lab: A Business Exploration

Description

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts…

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts and aspects. The business agility of the lab and it’s quickness to innovation has allowed the lab to enjoy great success. Looking into the future, the laboratory has a promising future and will need to answer many questions to remain the premier COVID-19 testing institution in Arizona.

ContributorsAgee, Claire (Co-author) / English, Corinne (Co-author) / Mattson, Kyle (Co-author) / Qian, Michael (Co-author) / Cosgrove, Samuel (Co-author) / Compton, Carolyn (Thesis director) / Schneller, Eugene (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)

Created2021-05

The Making of a COVID-19 Lab: A Business Exploration

Description

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts…

For our project, we explored the growth of the ASU BioDesign Clinical Testing Laboratory (ABCTL) from a standard university research lab to a COVID-19 testing facility through a business lens. The lab has pioneered the saliva-test in the Western United States. This thesis analyzes the laboratory from various business concepts and aspects. The business agility of the lab and it’s quickness to innovation has allowed the lab to enjoy great success. Looking into the future, the laboratory has a promising future and will need to answer many questions to remain the premier COVID-19 testing institution in Arizona.

ContributorsMattson, Kyle (Co-author) / Agee, Claire (Co-author) / English, Corinne (Co-author) / Cosgrove, Samuel (Co-author) / Compton, Carolyn (Thesis director) / Schneller, Eugene (Committee member) / Department of Marketing (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)

Created2021-05

The Making of a COVID-19 Lab: A Business Exploration

Description

Early on in the pandemic, ASU leadership recognized an opportunity to involve the Biodesign Institute in an effort to keep local communities safe. Equipped with capital investments (and expertise) in diagnostic testing, university president Michael Crow tasked Dr. Joshua LaBaer - the executive director of Biodesign - to begin mapping…

Early on in the pandemic, ASU leadership recognized an opportunity to involve the Biodesign Institute in an effort to keep local communities safe. Equipped with capital investments (and expertise) in diagnostic testing, university president Michael Crow tasked Dr. Joshua LaBaer - the executive director of Biodesign - to begin mapping out the lab’s logistic capabilities and operational plan. While initially testing through nasopharyngeal swabs, the Arizona Biodesign Clinical Testing Laboratory (ABCTL) eventually developed a saliva-based COVID-19 test that demonstrated higher efficacy and resource-efficiency. By maintaining rapid turnaround times for test results, the ABCTL has helped both the university population and local community operate safely. Lauded as a highly innovative testing site, the lab proved to be an essential asset as ASU, and the world, look to return to normalcy. The purpose of this thesis is to analyze the ABCTL’s inception and development using multi-faceted approaches from the business realm. There will be five topics discussed which are: • Volume I- Stakeholder Theory and Analysis Regarding the COVID-19 Bio-design Institute at Arizona State University (Claire Agee), • Volume II- The Lab as a Business Within a University Environment (Samuel Cosgrove) • Volume III- A Managerial Economic Perspective (Michael Qian) • Volume IV- An Analysis of its Upstream Supply Chain ( Kyle Mattson) • Volume V- An Operations Management Perspective (Corinne English) After these volumes, there will be a discussion about the growth and sustainability of the laboratory looking into the future. Although the ABCTL is young,the ever-changing market dynamics leave the organization with critical decisions going forward.

ContributorsCosgrove, Samuel (Co-author) / Agee, Claire (Co-author) / Qian, Michael (Co-author) / Mattson, Kyle (Co-author) / English, Corinne (Co-author) / Compton, Carolyn (Thesis director) / Schneller, Eugene (Committee member) / School of Accountancy (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)

Created2021-05

An Investigation of Organizational Strategies to Cope with the Risk of Resource Dependence in China’s Power Generation

Description

In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it needs and all organizations must obtain resources from their external…

In this study I investigate the organizational strategies that Chinese power generation companies may use to reduce the impact of coal price increases on their profits. Organizations are open systems in that no organization possesses all the resources that it needs and all organizations must obtain resources from their external environments in order to survive. Resource dependent theory suggests that the most important goal of an organization is to find effective mechanisms to cope with its dependence on the external environments for resources that are critical to its survival. Chinese power generation companies traditionally rely heavily on coal as their raw materials, and an increase in coal price can have a significant negative impact on their profits. To address this issue, I first provide a systematic review of the resource dependence theory and research, with a focus on the strategies such as vertical integration, diversification, and hedging that organizations can undertake to reduce their dependence on the external environment as well as their respective benefits and costs. Next, I conduct a qualitative case analysis of the primary strategies the largest Chinese power generation companies have used to reduce their dependence on coal. I then explore a new approach that Chinese power generation companies may use to cope with increases in coal price, namely, by investing in an index of coal companies in the stock market. My regression analysis shows that coal price has a strong positive relation with the price of the coal company index. This finding suggests that it is possible for firms to reduce the negative impact of raw material price increase on their profits by investing in a stock market index of the companies that supply the raw materials that they depend on.

ContributorsSun, Min (Author) / Shen, Wei (Thesis advisor) / Liu, Jun (Committee member) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)

Created2015

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