Matching Items (9)
Filtering by
- All Subjects: Finance
- Genre: Academic theses
- Creators: Chang, Chun
- Member of: ASU Electronic Theses and Dissertations
- Member of: Theses and Dissertations
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
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
Description
Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
ContributorsLiu, Jianping (Author) / Zhu, Hongquan (Thesis advisor) / Chang, Chun (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2018
Description中国改革开放40年，全国人民整体生活水平提升，家用轿车已经全面普及，医疗及需求的提升，导致医院停车空间严重欠缺。而智能立体停车设备，可以采用零星用地，解决医院停车难题。
建设领域常用的融资手段，在智能停车位建设上尚不能完全适应，本文的智能停车位建设在医院，受土地性质的限制，在融资方面受到的限制也比较多。因而本文围绕以医院建设智能停车位的资金需求而展开的融资方案研究，采用实地研究中的案例研究方法，案例研究自变量中，2016年2月-2017年12月，耗时20个月，以上海的107家医院62个融资需求的智能停车位的收益稳定性、建设批量、建设速度、收益权期限、建设投入、运营收入、运营支出及智能停车设备建成后的综合收益做充分的研究统计分析；案例研究因变量中，2016年10月-2017年12月，耗时14个月，对145家金融机构、210位机构负责人，诸如银行、信托、基金、保理、融资租赁、资产管理、小额贷款、消费金融、私募、ABS、保险、融资担保、融资中介、风险投资、证券等多个机构的风控标准要素如增信要求、担保条件、合作模式、放款额度、资金期限、资金成本、投资方案、融资费用、放款速度等多个投资条件实施访谈研究统计分析，总结提炼对照假设获得对应的高匹配程度的多种组合融资方案，高度优化了B-Park公司的初始融资方案。
本文一个主要的研究结论是：医院智能停车项目可以采取单一融资模式，也可以采取集成融资模式，揭示了在新的环境创新科技金融领域的融资方案。此外，项目的投资收益表现对收费价格很敏感，但是对资金成本（年利率）不是很敏感。结果表明，在新的环境下，
科技金融领域的融资方案得到了创新。这是一篇典型的生产、教学和研究论文，为我国停车建设融资需求的快速发展，特别是医院停车建设融资需求提供了较高的研究参考。
建设领域常用的融资手段，在智能停车位建设上尚不能完全适应，本文的智能停车位建设在医院，受土地性质的限制，在融资方面受到的限制也比较多。因而本文围绕以医院建设智能停车位的资金需求而展开的融资方案研究，采用实地研究中的案例研究方法，案例研究自变量中，2016年2月-2017年12月，耗时20个月，以上海的107家医院62个融资需求的智能停车位的收益稳定性、建设批量、建设速度、收益权期限、建设投入、运营收入、运营支出及智能停车设备建成后的综合收益做充分的研究统计分析；案例研究因变量中，2016年10月-2017年12月，耗时14个月，对145家金融机构、210位机构负责人，诸如银行、信托、基金、保理、融资租赁、资产管理、小额贷款、消费金融、私募、ABS、保险、融资担保、融资中介、风险投资、证券等多个机构的风控标准要素如增信要求、担保条件、合作模式、放款额度、资金期限、资金成本、投资方案、融资费用、放款速度等多个投资条件实施访谈研究统计分析，总结提炼对照假设获得对应的高匹配程度的多种组合融资方案，高度优化了B-Park公司的初始融资方案。
本文一个主要的研究结论是：医院智能停车项目可以采取单一融资模式，也可以采取集成融资模式，揭示了在新的环境创新科技金融领域的融资方案。此外，项目的投资收益表现对收费价格很敏感，但是对资金成本（年利率）不是很敏感。结果表明，在新的环境下，
科技金融领域的融资方案得到了创新。这是一篇典型的生产、教学和研究论文，为我国停车建设融资需求的快速发展，特别是医院停车建设融资需求提供了较高的研究参考。
ContributorsLin, Fengbing (Author) / Yin, Rui (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2019
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
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
Description随着经济和社会的进步，企业不仅要以盈利为目标，也为利益相关者和生态环境负责并承担相应的社会责任。社会公众也日渐对企业社会责任问题加以重视，伴随着社会责任这一理念的深入，监管部门制定并出台了一系列与企业社会责任信息披露有关的政策和法规，用以规范和引导企业社会责任信息的披露工作。本文以有效市场理论、信息不对称理论和利益相关者理论为基础，将2010-2018年香港证券交易所上市公司为作为研究对象，运用实证研究的方法，将企业社会责任融入股票崩盘风险的研究视角。本文结合理论演绎和实证检验的方法，突破已有文献以收益框架为研究视角的限制，从金融资本市场的角度出发研究企业社会责任的崩盘效应，系统的探索了企业社会责任影响股票崩盘风险的效应及其影响因素。研究结果显示，对比未披露企业社会责任的公司而言，披露企业社会责任相关信息的公司，未来股价崩盘风险越小。基于香港股市主要以机构投资者为主，进一步考察了社会责任信息披露和机构投资者对股价未来崩盘风险的交互作用，研究发现在机构持股比例越低的公司中，企业社会责任信息披露对未来崩盘效应的抑制作用越明显。此外，本文以独立董事占董事会人员比例作为企业治理因素，探索了社会责任信息披露和董事会独立性对股价崩盘风险的交互作用，研究发现企业董事独立性越强，社会责任信息披露对股票崩盘风险的抑制作用更为显著。最后，相对于非国有企业而言，国有企业性质削弱了企业社会责任信息披露对未来崩盘效应的抑制作用。
ContributorsHe, Jie (Author) / Zhu, David, H. (Thesis advisor) / Zhang, Jie (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2021
Description随着科创板、注册制出台，企业间的竞争逐步从资源型竞争转向科技和技术的竞争，大量有知识、有文化、有理想、有技术的人才涌入社会，给科技发展、技术创新在政策、市场和人才层面提供了支撑、机遇和源动力，科技型创新企业大量涌现，形成趋势性上升行业。科技型创业企业多冠以“规模小、技术密集、高成长、高风险”的标签，在融资过程中困难重重，这些特点与风险投资（VC）“高风险、高回报”的特质不谋而合，VC机构还能给被投企业提供人才、信息、商业模式、政策法律咨询等增值服务，助力企业发展。引入VC走上市路径成为诸多科技型创业企业最优选择。
近些年VC行业在我国得到迅猛发展，IVC和CVC已成了助推我国科技型创业企业发展的主力军。由于IVC和CVC的组织架构、投资期限、资金来源、投资目标、投资经验、管理层薪资结构等方面存在着很大的不同。不同的投资模式势必会对被投企业的经营活动产生不同影响，本文基于总资产单位产出和投入为经济学逻辑，针对相关变量提出假设。
本文对我国中小板和创业板2013年以前上市的七个高新技术行业（5G通信、大数据、人工智能、软件服务、生物制药、新材料、医疗器械）共123家，以上市为起点的6年企业数据为基础。以IVC和CVC为自变量，以上市司龄、企业规模、行业控制、分红占净利润比为控制变量，以V/A、E/A、K/A和E/R为因变量，对IVC和CVC投入的科技型创业企业分别进行描述性统计、相关性分析和回归分析，验证IVC和CVC对被投企业的市场维度（V/A）、财务维度（E/A、E/R）、创新维度（K/A）的影响。试图从企业的角度出发，理清企业与VC的关系，为二级市场投资者提供一个投资决策视角。
ContributorsZhang, Mingpeng (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2021