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Description2012年,《绿色信贷指引》发布,标志着成熟的绿色信贷政策体系的开始,该政策奠定了绿色信贷的基础。在绿色信贷政策的影响下,绿色企业是否能够扩大融资规模,降低融资成本,优化融资结构,使得资金向碳中和领域投入;通过该政策,银行信贷实现对社会投资的撬动,能否发挥积极作用;在双碳目标下,现行政策在实现碳中和方面能否起到新的关键作用,尤其是在清洁能源发电等碳中和重点行业;绿色信贷政策是否可通过技术升级推动高碳企业实现低碳转型尚未可知。 为回答上述问题,本文将2012年《绿色信贷指引》的颁布作为准自然实验,以上市公司为样本,运用双重差分模型考察绿色信贷政策对企业融资活动的影响。并就产权性质、行业特征、环境规制压力以及地区发展程度等维度,探讨绿色信贷政策对相关企业融资活动影响的差异性。并结合商业银行相关分行2014-2022年对公表内贷款数据,对绿色与非绿色信贷规模以及加权利率进行对比趋势分析。 最后以上述实证结果为依据,结合商业银行绿色信贷实践,得到本文的主要发现:一是绿色激励过低,绿色属性对于企业融资成本的降低,未能够超过融资期限对融资成本的降低;二是在碳中和重点行业,绿色信贷对社会融资总量的带动能力较弱,体现银行绿色信贷与其他融资此消彼长的现象;三是绿色信贷对重污染行业长期债务规模未有显著影响,反映该企业有其他融资方式的替代,向高成本融资转移;四是重污染企业可通过技术升级实现绿色转型。 在新的双碳背景下,对现行绿色信贷政策提出相关建议:一是完善政策体系,对绿色标准进行统一,企业绿色属性在融资端应给与更高激励;二是现行政策对两高一剩行业的限制与转型起到积极作用,但在推进碳中和领域中需要提升政策适用性;三是该政策后续要在推进转型金融领域发挥更重要作用。
ContributorsZhu, Xiaozhe (Author) / Huang, Shawn (Thesis advisor) / Wang, Tan (Thesis advisor) / Liang, Bing (Committee member) / Arizona State University (Publisher)
Created2023
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Description
This study focuses on China's mutual fund market and analyzes the impact of fund managers' past experience on their performance. The research results show that fund managers with management experience, including those who have held senior management positions, can significantly improve performance. This may be due to their excellent team

This study focuses on China's mutual fund market and analyzes the impact of fund managers' past experience on their performance. The research results show that fund managers with management experience, including those who have held senior management positions, can significantly improve performance. This may be due to their excellent team coordination, strategic planning, and decision-making abilities. In contrast, managers with professional technical or accounting backgrounds may reduce performance, possibly because they rely too much on past investment experience, lack decision-making flexibility, and are unfamiliar with corporate management. For management-type fund managers, the postgraduate education of the fund manager and the number of award-winning funds of the fund company have a positive moderating effect on performance. However, factors such as the number of funds managed, the amount of assets under management, the number of managers and employees in the fund company, and the amount of newly issued funds may have a negative impact. These findings provide valuable references for fund managers and fund companies in improving performance, and have important implications in various aspects such as selecting fund managers, setting investment strategies, and managing the number and size of funds.
ContributorsXu, Zheng (Author) / Zhu, David (Thesis advisor) / Liang, Bing (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2024
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Description近年来,中国内地FOF业务发展迅速,但在业务发展初期的实践中,FOF管理人在遴选基金资产和预测其未来收益等方面遇到诸多困难,传统的FOF组合构建技术往往不理想。本文借鉴海外因子配置相关理论,尝试通过归因分析基金的收益来源,寻找能深度刻画基金经理管理能力的特质因子,创新性地提出了基于权益类基金的特质因子构建FOF组合的新方法。本文选择100家权益类私募基金,通过因子拆解剥离了市场、行业、风格等共同影响因素,遴选出特质因子表现更优的基金经理,而不是仅仅选择过往业绩好的基金经理,并基于特质因子构建一组FOF组合,与此同时,运用传统方法构建基于基金资产的另一组FOF组合,对比两种组合方法的组合绩效,实证结果显示基于特质因子的FOF组合绩效更优。本文进一步运用转移概率矩阵和相关性分析,找到了基于特质因子的FOF组合绩效更优的证据,即特质因子延续性更好和相关性更低。与基于基金资产的FOF组合配置传统方法相比,由于基金的特质因子延续性更好,运用历史数据预测未来收益的确定性相对更好;基金的特质因子之间的相关性低,大幅增强了FOF组合配置的稳定性和分散性。总体来讲,基于特质因子的FOF组合配置方法为FOF管理人提供了一个更量化、更有效、更稳健的组合配置新路径,能有效提升FOF组合配置的绩效。

关键词: FOF、因子投资、组合配置、特质因子
ContributorsLi, Jie (Author) / Zhu, Hongquan (Thesis advisor) / Yan, Hong (Thesis advisor) / Liang, Bing (Committee member) / Arizona State University (Publisher)
Created2020
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Description当前,民营企业已成为中国重要支撑力量,而未来5到10年,约有300多万家民营企业面临传承困境。但学术研究领域在传承整体框架、配套机制建设方面有完整论述、有成功案例的所见不多。首先,针对以上民营企业的传承现状,本文将研究、回答五个问题:1、成功传承的标准和要素是什么?2、传承模式有哪几种,每种模式配套的传承机制是什么,该如何建立?3、民营企业应选择何种传承模式,如何选择?4、民营企业的整套传承方案如何落地搭建?5、是否有普适性的、可借鉴的民营企业传承模型,包含哪些要素?
其次,本文主要使用文献研究、案例研究、实证分析,选取中、美、德、日四家不同传承阶段、不同传承模式的知名民营企业,对其传承情况进行深入研究。在此基础上,归纳总结出传承的关键要素,对前述五个问题进行系统解答。同时,本文创新性地结合理论研究、案例研究及企业实践,提出适合我国大部分民营企业的传承全周期管理框架。
最后,根据以上研究,本文总结出关于中国民营企业传承的八大结论及建议:1、本质:权力的交接和义务的传递;2、两大风险:继任风险(继任人的能力要求)、代理风险(继任人对企业核心理念的意愿/忠诚度);3、降低风险的四大机制:领袖锻造、人才梯队、管控治理、激励机制;4、两大成功要素:“选领袖”和“建机制”;5、四大机制是并行推进、相辅相成的,要尽早构建、持续优化;6、三大模式:家族成员继承、内生培养经理人、外聘职业经理人;7、民营企业传承模型包含七大要素、五大步骤;8、民营企业在制定传承方案时,除了要注意传承模型中的要素,还要注意其他关键要素。
ContributorsCao, Jianwei (Author) / Huang, Xiaochuan (Thesis advisor) / Liang, Bing (Thesis advisor) / Cheng, Shijun (Committee member) / Arizona State University (Publisher)
Created2020