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Description应收账款（Accounts Receivable）是企业在正常的经营过程中因销售商品、产品、提供劳务等业务，应向购买单位收取的款项，包括应由购买单位或接受劳务单位负担的税金、代购买方垫付的各种运杂费等。国内的工业制造业，由于产能过剩带来的产需不平衡、市场信誉危机带来的市场不规范以及历史供给关系等诸多问题的影响，形成了以买方市场为主的供需结构关系。企业为了提高资金周转效率、增大市场占有率，往往会选择以信用赊销为主的结算方式，造成应收账款激增。但是，应收账款的激增在提高企业账面利润、降低存货储备的同时，也无形中减少了企业的现金流量，造成企业真实盈利能力下降、偿还债务能力减弱、资金周转效率降低，加大企业经营风险。所以，如何有效管理应收账款，从而增加企业竞争力是每个企业发展过程中的重要课题。应收账款的管理不仅要在形成应收账款之后加大催收力度，形成多种多样、真实有效的回款方式，同时也要在合同签订、执行过程中加强风险管理力度。应收账款的信用风险管理已经成为现代企业管理中不可或缺的一部分。分析卧龙公司应收账款的成因与管理可以发现，赊销形成的应收账款占据极高比例，卧龙公司对于赊销管理缺乏有效的组织结构与保障体系，本研究从销售合同、客户特征属性、客户财务数据角度出发，研究合同条款、客户特征属性、客户财务数据与应收账款是否逾期的关系。研究发现，应收账款逾期的客户，每年的逾期原因都不一样，但是影响逾期的显性因素是很少的，这与电机行业作为传统制造业，受宏观经济周期影响相关，行业形势每年都面临较大的变化，但是另一方面，影响逾期的因素相对少意味着其实还是有办法找到主要原因的，只要可以提前预判出主要因素，并有针对性的采取预防措施，可以一定程度上缓解应收账款逾期的问题。从整体的逾期与否预测的逻辑回归模型看，无论使用单变量筛选的logistic回归模型，还是使用层次分析法确定的logistic回归模型，分类正确率都可以达到70%以上，使用本研究中提炼出来的变量，在历史数据中，模拟预测过程的效果很好，为解决应收账款逾期问题提供了有力的辅助工具，而且，层次分析法充分采纳了团队管理公司多年的经验，变量最后控制在15个以内，能实现与50多个变量类似的效果，甚至更佳，降价了模型维护的经济成本、实际使用的难度，也客观上给带领团队进行尝试提供了信心。本文研究成果可以辅助卧龙集团管理应收账款，为控制风险提供指导，具有一定的实践价值。
ContributorsPang, Xinyuan (Author) / Pei, Ker-Wei (Thesis advisor) / Chang, Chun (Thesis advisor) / Zhu, Qigui (Committee member) / Arizona State University (Publisher)
Created2022
Description在世界经济周期当中，货币及信贷政策是各国政府调节经济周期的主要手段，但宽松的货币及信贷环境不仅仅会体现在GDP生产和交易过程中，也会带来二手的资产市场价格变动，进而对国家的经济，资产市场等产生长远的影响。当前疫情之下，美国采取极度宽松的货币政策，而中国资产价格经过过去30年的发展，已经处在高位，如何控制货币信贷政策和资产价格的关系是政策研究重点。本文引入信贷脉冲（Credit impulse）、利率、房地产价格增速作为变量，采用VAR模型评估中国的信贷脉冲对于中国房地产价格增速的影响，发现信贷脉冲的冲击在当期不会对房地产价格增速造成很大影响，但在第二期开始对房地产价格增速产生明显的正向作用，然后从第三期开始效果减弱，但是持续时间也比较长，即信贷脉冲可以作为房价预测的6-12个月的领先指标。而对分能级的一二三线城市的研究来看，一线城市房价增速受到信贷脉冲的影响程度明显强于二线城市，二线城市强于三线城市；而从脉冲响应的时间滞后性来看也是一线城市快于二线城市，二线城市快于三线城市。
本文引入房地产价格增速、信贷脉冲、利率、收入因素、城市化作为变量采用面板模型分析了中国信贷脉冲对各类城市商品住房平均销售价格增速的影响。从能级来看，信贷脉冲影响的程度上，一线城市强于二线城市，二线城市强于三线城市；从区位来看，信贷脉冲对东部地区价格影响显著，中部和西部影响较弱。
本文从一个新的视角提出了一个预测中国房地产价格的走势的宏观模型，并提供了实证检验，可为中国的投资者提供投资判断依据。
ContributorsGuo, Hongzhi (Author) / Huang, Xiaochuan (Thesis advisor) / Yan, Hong (Thesis advisor) / Sun, Jianfei (Committee member) / Arizona State University (Publisher)
Created2022
Description
Lithium (Li) is a trace element in kerogen, but the content and isotopic distribution (δ7Li) in kerogen has not previously been quantified. Furthermore, kerogen has been overlooked as a potential source of Li to sedimentary porefluids and buried sediments. Thus, knowing the content and isotopic composition of Li derived from kerogen may have implications for research focused on the Li-isotopes of buried sediments (e.g., evaluating paleoclimate variations using marine carbonates).The objective of this work is to better understand the role of kerogen in the Li geochemical cycle. The research approach consisted of 1) developing reference materials and methodologies to measure the Li-contents and δ7Li of kerogen in-situ by Secondary Ion Mass Spectrometry, 2) surveying the Li-contents and δ7Li of kerogen bearing rocks from different depositional and diagenetic environments and 3) quantifying the Li-content and δ7Li variations in kerogen empirically in a field study and 4) experimentally through hydrous pyrolysis.
A survey of δ7Li of coals from depositional basins across the USA showed that thermally immature coals have light δ7Li values (–20 to – 10‰) compared to typical terrestrial materials (> –10‰) and the δ7Li of coal increases with burial temperature suggesting that 6Li is preferentially released from kerogen to porefluids during hydrocarbon generation. A field study was conducted on two Cretaceous coal seams in Colorado (USA) intruded by dikes (mafic and felsic) creating a temperature gradient from the intrusives into the country rock. Results showed that δ7Li values of the unmetamorphosed vitrinite macerals were up to 37‰ lighter than vitrinite macerals and coke within the contact metamorphosed coal.
To understand the significance of Li derived from kerogen during burial diagenesis, hydrous pyrolysis experiments of three coals were conducted. Results showed that Li is released from kerogen during hydrocarbon generation and could increase sedimentary porefluid Li-contents up to ~100 mg/L. The δ7Li of coals becomes heavier with increased temperature except where authigenic silicates may compete for the released Li. These results indicate that kerogen is a significant source of isotopically light Li to diagenetic fluids and is an important contributor to the global geochemical cycle.
ContributorsTeichert, Zebadiah (Author) / Williams, Lynda B. (Thesis advisor) / Bose, Maitrayee (Thesis advisor) / Hervig, Richard (Committee member) / Semken, Steven (Committee member) / Shock, Everett (Committee member) / Arizona State University (Publisher)
Created2022
Description
This paper studies the spillover effect of star funds in the Chinese mutual fund market. I show that star funds can attract more capital inflows to their sibling funds (managed by same fund manager) and family funds (managed by same fund company). The spillover effect is stronger for sibling funds.Further, I propose two mechanisms of spillover effect of star funds. The first mechanism is related to investors’ limited attention and ability. Star funds can easily attract investors’ attention among numerous fund products. The high degree of attention of star funds makes their related funds (e.g., family funds and sibling funds) get more attention, thus attracting more capital flows. I show that the spillover effect of star funds to their sibling funds is stronger among funds with a higher proportion of individual investors. Due that individual investors are more limited in attention and more easily pay attention to sibling funds, the result thus verifies the mechanism to a certain extent.
The second mechanism is about performance correlation. Investors choose sibling or family funds of star funds because they expect their future performance to be as excellent as that of star funds. I find that the performance correlation between sibling funds and star funds is stronger than that between family funds and star funds. Combined with the result that the spillover effect of star funds on sibling funds is stronger than that on family funds, it verifies the mechanism to some extent.
This paper is of great significance for understanding the spillover effect of star funds.
ContributorsZhou, Xiaolei (Author) / Shi, Zhan (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023
Description
This article first reviews the development process and research status of ESG, pointing out that there has been less attention paid to the impact of executive teams on corporate ESG performance in existing studies, while studying the impact of executive team background on corporate ESG performance has important theoretical and practical significance. This article starts from two aspects: the overseas background and academic background of the executive team, and uses empirical research methods to examine the impact of the background characteristics of the executive team on the ESG performance of enterprises.This study found that firstly, the larger the proportion of executive members with overseas backgrounds, the better the ESG performance of a company. The research results indicate that overseas experience and experience can influence executive behavior and make decisions that are beneficial for the ESG performance of the company. Secondly, the larger the proportion of executive members with academic backgrounds, the better the ESG performance of the enterprise. The research results indicate that the academic background of the executive team can significantly improve their learning and information collection abilities, thereby making them more proficient in ESG related decision-making, and thus having a positive promoting effect on the ESG performance of the enterprise. Heterogeneity analysis shows that the impact of overseas and academic backgrounds of executive teams on ESG performance is more pronounced in state-
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owned enterprises, when the external legal environment of the enterprise is more perfect, and when the proportion of executive shareholding is higher.
Further research has found that the overseas background of the board of directors also has a positive impact on the ESG performance of enterprises. In addition, this study found that the improvement of ESG performance by the overseas background of the executive team is mainly reflected in the two dimensions of ESG society and governance, while the improvement of ESG performance by the academic background of the executive team is mainly reflected in the two dimensions of ESG environment and society.
This article starts with the latest business philosophy of enterprise ESG performance, examining the impact of executive team background characteristics on enterprise ESG performance, enriching research on the economic consequences of executive team background characteristics, and expanding research on the influencing factors of enterprise ESG performance. The research conclusions of this article contribute to a deeper understanding and understanding of the scenarios in which background characteristics of executive teams may play a role, and also contribute to a deeper analysis of the possible influencing factors of ESG performance in enterprises. The research conclusions of this article have certain practical guiding significance for the construction of ESG system and the formation of executive teams in Chinese listed companies.
ContributorsHe, Jing (Author) / Zhu, David (Thesis advisor) / Cheng, Shijun (Thesis advisor) / Pei, Buck (Committee member) / Arizona State University (Publisher)
Created2023
Description
With the ongoing development of China's financial market, the investment choices for investors are gradually enriched. Exploring asset allocation for different economic cycle stages can help investors achieve higher returns from the economic cycle rotation, and at the same time, effectively diversify the investment risks and improve the stability of investment returns. In this paper, we systematically sort out a series of studies on asset allocation and economic cycle theory, and build an economic cycle rotation investment strategy applicable to China's economic environment and changes in China's capital market.Based on China's macroeconomic data and investment asset classes, this paper optimizes the division of economic cycle stages, integrates the economic cycle rotation strategy and risk parity strategy, and incorporates liquidity elements to construct an asset allocation strategy. Specific findings are as follows: (1) this paper uses the "slope" and "threshold" of the year-on-year change of industrial value added to divide the economic output stage, which overcomes the drawbacks of relying on economic cycle indicators that cause frequent changes in cycle stages; (2) the investment strategy developed in the paper is able to obtain considerable investment returns, reduces investment risks, and achieves retracement control.
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The findings of this paper enrich and expand the research on economic cycle theory and asset allocation theory to a certain extent, and also provide some inspiration for the practice of asset allocation.
ContributorsZhao, Guomin (Author) / Huang, Xiao-Chuan (Thesis advisor) / Yan, Hong (Thesis advisor) / Liang, Bin (Committee member) / Arizona State University (Publisher)
Created2023
Description
This study aims to explore the impact of employee incentives on innovation in the Chinese inductive manufacturing industry. Using a sample of publicly listed inductive manufacturing companies in China, we construct a panel dataset spanning from 1994 to 2022 and employ a multiple regression model for empirical analysis. Our findings reveal that employee incentive programs have a significant positive effect on the performance of inductive companies in terms of inductive reliability experiments, and the number of patent applications, granted patents, and patent citations over the next two years. Particularly, the positive relationship between employee incentives and innovation is more pronounced in companies with higher ownership concentration. This study provides empirical evidence supporting the crucial role of employee incentives in facilitating corporate innovation in Chinese inductive manufacturing firms. Furthermore, the results provide valuable insights for firms in formulating stock ownership structures and employee incentive plans, as well as policy implications for developing China's high-end manufacturing industries.
ContributorsZhang, Jieping (Author) / Huang, Xiaochuan (Thesis advisor) / Zhang, Harold (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2023
Description
This paper first introduces the institutional background of the study. In the context of the transition from the approval system to the registration system in China, the gatekeeper role of IPO enterprises has changed from the supervisor to the market, which puts forward higher requirements for intermediary institutions such as securities companies. As an important market medium connecting IPO enterprises and external investors, securities companies are known as the "gatekeepers" of the capital market. They can authenticate and supervise the IPO enterprises they underwrite and/or sponsor. The impact of securities companies on the IPO process has also been a hot topic in the academic and practical circles. This paper examines the impact of internal control of securities companies on IPO companies.This study finds that the higher the level of internal control of securities companies, the higher the quality of IPO companies, including higher IPO information disclosure quality, lower IPO underpricing and higher post IPO performance. The mechanism test indicates that the internal control of securities companies can reduce employees' self-interest behavior and improving employees' work efficiency. Secondly, the impact is stronger in non-state-owned enterprises, when the reputation of securities companies is lower, and the external legal environment is lower. In addition, this study finds the compliance degree of internal control and the reliability of reporting of securities firms are important dimensions that affect the quality of IPO enterprises.
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The conclusions of this study have some practical significance. First, this study finds that the level of internal control of securities firms has an important impact on the quality of IPO enterprises. Therefore, improving the internal control of China's securities companies is an important work that needs to be grasped for a long time. The research conclusions of this paper have important research significance for further optimizing the gatekeeper responsibilities of securities companies and improving the efficiency of resource allocation in the IPO market under the background of the transition from the approval system to the registration system in China's IPO market.
ContributorsZhang, Hongzhe (Author) / Zhu, David (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Wang, Yimin (Committee member) / Arizona State University (Publisher)
Created2023
Description
The pharmaceutical industry is closely related to the national economy and people's livelihood, with high drug prices and pressure on health insurance. The implementation of the band purchasing policy has made an important contribution to lowering drug prices, improving the balance rate of health insurance, reshaping the pattern of the pharmaceutical industry, and improving the efficiency of pharmaceutical production and circulation, but how the band purchasing policy affects the performance of the majority of pharmaceutical enterprises, and how the pharmaceutical enterprises can effectively deal with the challenges of environmental mutation and other related problems have not yet been effectively explored.To this end, this paper collects data from A-share listed pharmaceutical companies in China from 2014 to 2022, takes 2018 as the base year for the implementation of the "4+7" "band purchasing" policy, and utilizes a multi-period DID double-difference model for hypothesis verification. It is found that the implementation of the band purchasing policy significantly reduces the profitability performance and growth performance of pharmaceutical enterprises. Secondly, the implementation of enhanced innovation can moderate the negative impact of band purchasing on the growth performance of enterprises, and the expansion of exports and the enhancement of digitalization can significantly
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improve the negative impact of band purchasing on the profitability performance of enterprises, but has no effect on the growth performance of enterprises. In addition, this paper analyzes the process of pharmaceutical enterprises' implementation of enhancing innovation, expanding exports, and improving digitalization through case studies, and refines the strategic change process model of "coping strategy formation - coping strategy implementation - adaptation to the new state" under the sudden change environment. This paper explores the differentiated effects of coping strategies of different types of pharmaceutical enterprises in the face of the band purchasing policy, and provides some insights into the practice of related enterprises.
ContributorsBao, Sheng (Author) / Zhu, David (Thesis advisor) / Chen, Xin (Thesis advisor) / Dong, Xiaodan (Committee member) / Arizona State University (Publisher)
Created2023
Description
This paper analyzes China's transformative changes over the past four decades through a microeconomic lens focused on enterprises. Market-oriented non-state-owned enterprises have emerged as a pivotal force driving China's economic development within this context. The article investigates the determinants of their development. Notably, more than half of market-oriented non-state-owned enterprises have entered the inheritance stage, necessitating the exploration of novel attributes for sustained growth.The study's research scope is defined across four dimensions, with a specific focus on approximately 4,000 market-oriented non-state-owned enterprises. It investigates the driving factors behind sustained performance growth at various stages of these enterprises, emphasizing five variables: "partnership governance, entrepreneurial spirit, development strategy, incentive mechanisms, and innovation capability." Employing a combination of "typical case studies" and "group validation" methods, the research examines the factors influencing sustained growth in these enterprises and their interrelationships. The goal is to construct a model for enterprise succession and development, ultimately offering recommendations to foster sustained growth.
The research paper is structured into an introduction, literature review and theoretical foundation, typical case studies, empirical research on a group, and a conclusion.
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Key findings include: Partnership governance positively impacts partners' entrepreneurial spirit, promoting sustained performance growth. Trajectory-oriented development strategies, effective incentive mechanisms, and leading innovation capabilities have a positive moderating effect on entrepreneurial spirit, fostering sustained performance growth. During the innovation development phase, partnership governance significantly influences entrepreneurial spirit with a noteworthy environmental moderation effect.
The paper recommends implementing a "Dual-Factor Improvement Model" that enhances both partnership governance systems and the selection and functioning mechanisms of entrepreneurial spirit partners. This approach aims to boost partners' entrepreneurial spirit and facilitate high-quality succession in market-oriented non-state-owned enterprises，，ultimately achieving sustained high-quality growth.
In conclusion, this research contributes to a deeper understanding of sustained performance growth in enterprises. It offers valuable insights for the succession and development of market-oriented non-state-owned enterprises and innovation-driven entrepreneurship. This research holds significant value in advancing sustained high-quality development among market-oriented non-state-owned enterprises in China, optimizing resource allocation, and nurturing talented individuals.
ContributorsDeng, Cheng (Author) / Shen, Wei (Thesis advisor) / Cheng, Shijun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2023