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TWO POEMS OF THE SONG DYNASTY is an original composition for soprano voice and orchestra. The duration of this two-movement work is approximately 10 minutes. The instrumentation is: Flute 1, 2, Oboe 1, 2 (doubling English Horn), Clarinet in Bb 1-2, Bassoon 1-2, Trumpet in Bb 1-3, Horn in F 1 - 4, Tenor Trombone 1-2 , Bass Trombone, Tuba, Timpani, Vibraphone, Cymbals, Triangle and Strings. This piece is of moderate difficulty; to be sung in Chinese with elements of sprechstimme and a vocal range from C4 to A5. The two movements, "Sheng Sheng Man" and "Yong Yu Le" refer to old poetic forms from the Song Dynasty (1127-1279). The poets Li Qingzhao and Xin Qiji provide contrasting laments for the wars of their time; the first is an introverted metaphor of sorrow and the second is a more explicit recollection of old times.
ContributorsJiang, Yang, M.M (Composer) / DeMars, James (Thesis advisor) / Rodgers, Rodney (Committee member) / Levy, Benjamin (Committee member) / Arizona State University (Publisher)
Created2012
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
How to play the advantages of network loan platform to reduce the financing costs of net loan platform both in theory and practice has important significance. In this paper, we use the method of qualitative and quantitative combination. First of all, through the interview of the net loan platform practitioners, the financing cost of the net loan platform comes from the internal and external parts. Part of the network loan platform should be righteous, but counterproductive human and material costs, credit costs, information efficiency, transaction costs and matching costs; part of the emerging industry as a challenge, compliance costs, technical costs and safety costs and other cost. And put forward the top design credit system, promote the credit system; build a unified development of regulatory policies to reduce compliance risks; increase investment in technology, share the improvement of technological progress bonuses. Through the establishment of the regression model, the paper analyzes the influence of various indexes of network loan platform on the cost of network reception. It is found that the background of net loan platform with shareholder and executive team as the proxy variable has significant influence on the cost of network loan platform. The effect is not significant. Risk control indicators on the net loan platform cost has a significant negative effect. The impact of operating capacity on the cost of net loan platform differentiation, the acquisition of the cost of positive relations, the other is negative relations. Policy compliance indicators of financial security on the net loan platform cost significantly, the other did not significantly affect the role of liquidity indicators of differentiation, the average borrowing period will significantly affect the net loan platform costs, liquidity is a negative impact. And finally put forward the policy and recommendations and research limitations and future direction.
ContributorsRen, Junxia (Author) / Gu, Bin (Thesis advisor) / Chang, Chun (Thesis advisor) / Qian, Jun (Committee member) / Arizona State University (Publisher)
Created2017
Description
This dissertation focuses on risk prevention and regulatory issues of financial asset trading platforms, exploring the composition of a financial asset trading platform and its risks, formulating the general framework of platform risk prevention and regulation, and discussing the methodologies for monitoring and managing the risk of financial assets trading platform. The dissertation is divided into eight chapters. The first chapter is the introduction, which discusses the current status in this research field, the motivation and significance of the research topic. The second chapter discusses the transaction cost theory, information asymmetry theory, financial risk management theory, financial supervision theory and other related basic theories related to financial asset trading platform risk prevention and supervision. The third chapter presents the definition, the main types, the generating mechanism and the transmission mechanism of the financial asset trading platform. The fourth chapter elaborates theoretically on the general framework of financial asset trading platform risk prevention and supervision based on the aspects of basic principles, key tasks, applicable methods and constituent elements. The fifth chapter discusses the performance of financial asset trading business, asset return trading business, financing business and information coupling business on financial asset trading platforms, and analyzes the risk prevention of financial asset trading platforms from a business perspective. The sixth chapter discusses the development of financial asset trading platforms in developed countries, and summarizes the experience and practice of their risk prevention and supervision based on four categories of business lines. On this basis, the dissertation draws the inspiration and implications for the future development of the trading platforms in our country. The seventh chapter puts forward policy recommendations regarding risk prevention and supervision of financial asset trading platforms in five aspects: legal positioning, credit information system, protection of consumer rights, self-discipline management and business supervision.
ContributorsXu, Chaojun (Author) / Hwang, Yuhchang (Thesis advisor) / Yan, Hong (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2017
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。
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
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
In an interview with the composer Liu Yintong, she shared her thoughts regarding
her inspiration to compose the duet Memorial II. Liu studied under Chen Yi, who is a leading female contemporary composer. She has won many honors and awards worldwide, in addition to performing with major symphonies and musicians, including Yo-Yo Ma, Evelyn Glennie, the Cleveland Orchestra, the British Broadcasting Company (BBC), and Los Angeles Philharmonic. Chen Yi’s Percussion Concerto combines Eastern and Western music styles and also includes Chinese poetry, and elements of Beijing opera. Similarly, Liu uses Chinese poetry and elements of Hebei opera in Memorial II. This document and recording of Memorial II will examine the musical integration of Liu’s educational and cultural experience into her composition. In addition this document will examine Hebei opera styles of singing, imitated in the cello and piano.
her inspiration to compose the duet Memorial II. Liu studied under Chen Yi, who is a leading female contemporary composer. She has won many honors and awards worldwide, in addition to performing with major symphonies and musicians, including Yo-Yo Ma, Evelyn Glennie, the Cleveland Orchestra, the British Broadcasting Company (BBC), and Los Angeles Philharmonic. Chen Yi’s Percussion Concerto combines Eastern and Western music styles and also includes Chinese poetry, and elements of Beijing opera. Similarly, Liu uses Chinese poetry and elements of Hebei opera in Memorial II. This document and recording of Memorial II will examine the musical integration of Liu’s educational and cultural experience into her composition. In addition this document will examine Hebei opera styles of singing, imitated in the cello and piano.
ContributorsGuo, Wei (Author) / Landschoot, Tom (Thesis advisor) / Solís, Ted (Committee member) / Rotaru, Catalin (Committee member) / Arizona State University (Publisher)
Created2019
Description
The current study combines field study, survey study, and public financial reports, and conducts an in-depths comprehensive study of the cost of the global tire industry. By comparing the price and the total cost structure of standardized tire products, we investigate Chinese tire industry’s global competitiveness, especially in light of China’s fast increasing labor cost. By constructing a comprehensive cost index (CCI), this dissertation estimates the evolution and forecasts the trend of global tire industry’s cost structure. Based on our empirical analysis, we provide various recommendations for Chinese tire manufacturers, other manufacturing industries, and foreign trade policy makers.
ContributorsZhang, Ning (Author) / Zhu, Ning (Thesis advisor) / Shen, 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
With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
ContributorsZhao, Nuan (Author) / Wang, Jiang (Thesis advisor) / Gu, Bin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2015