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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
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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
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Description
The theme for this work is the development of fast numerical algorithms for sparse optimization as well as their applications in medical imaging and source localization using sensor array processing. Due to the recently proposed theory of Compressive Sensing (CS), the $\ell_1$ minimization problem attracts more attention for its ability

The theme for this work is the development of fast numerical algorithms for sparse optimization as well as their applications in medical imaging and source localization using sensor array processing. Due to the recently proposed theory of Compressive Sensing (CS), the $\ell_1$ minimization problem attracts more attention for its ability to exploit sparsity. Traditional interior point methods encounter difficulties in computation for solving the CS applications. In the first part of this work, a fast algorithm based on the augmented Lagrangian method for solving the large-scale TV-$\ell_1$ regularized inverse problem is proposed. Specifically, by taking advantage of the separable structure, the original problem can be approximated via the sum of a series of simple functions with closed form solutions. A preconditioner for solving the block Toeplitz with Toeplitz block (BTTB) linear system is proposed to accelerate the computation. An in-depth discussion on the rate of convergence and the optimal parameter selection criteria is given. Numerical experiments are used to test the performance and the robustness of the proposed algorithm to a wide range of parameter values. Applications of the algorithm in magnetic resonance (MR) imaging and a comparison with other existing methods are included. The second part of this work is the application of the TV-$\ell_1$ model in source localization using sensor arrays. The array output is reformulated into a sparse waveform via an over-complete basis and study the $\ell_p$-norm properties in detecting the sparsity. An algorithm is proposed for minimizing a non-convex problem. According to the results of numerical experiments, the proposed algorithm with the aid of the $\ell_p$-norm can resolve closely distributed sources with higher accuracy than other existing methods.
ContributorsShen, Wei (Author) / Mittlemann, Hans D (Thesis advisor) / Renaut, Rosemary A. (Committee member) / Jackiewicz, Zdzislaw (Committee member) / Gelb, Anne (Committee member) / Ringhofer, Christian (Committee member) / Arizona State University (Publisher)
Created2011
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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。
ContributorsYang, Su (Author) / Shen, Wei (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2019
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Description
Health is among the most basic needs of the people and driving force of social and economic development. The health nutrition & wellness industry is gradually becoming a global sunrise industry . However, the industry is faced many problems and challenges including weaknesses in the industry structure, fragmentations of supply

Health is among the most basic needs of the people and driving force of social and economic development. The health nutrition & wellness industry is gradually becoming a global sunrise industry . However, the industry is faced many problems and challenges including weaknesses in the industry structure, fragmentations of supply chain, low

efficiency in resources allocation, and lacking in quality on personnel training. To achieve core competitiveness and value creation, it is important that the health nutrition & wellness industry must meet the needs of Chinese market and its customers with a customer centric perspective to design a firm’s organization strucrture and management processes. This thesis is based on an analysis of the competitive landscape faced by the nutrition & wellness industry as exemplified by By-Health.Ltd. The investigation begins with an analysis and synthsis of the common industry practices on sales & distribution channels for their underlying similarities and differences in product strategies, branding strategies, and agency models on incentive design and profit sharing mechanisms. Through an empirical survey, this thesis also investigate customer’s demand for nutritious and healthy products. The results through factor analysis reveal that such demands are driven by individual factor, product factor, enterprise factor and environmental factor. The study concludes with a proposed framework to link customer value through three innovative designs in sales and distribution: community marketing model, sharing marketing model and Internet factory marketing model.
ContributorsGong, Binghui (Author) / Pei, Ker-Wei (Thesis advisor) / Cui, Haitao (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
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Description随着社会经济发展,人们生活水平提高,红木市场不断发展壮大。但红木市场中存在

原材料无法认证、加工工艺无法辨别、产品价格混乱的现象,成为我国红木市场三大痛

点。能否解决红木市场这三大痛点,成为未来红木行业能否健康顺利发展的关键因素。

针对红木行业存在的问题,本文应用市场交易效率理论、信息不对称理论、金融市场

微观结构理论对红木市场做理论梳理,通过实地调研获取红木企业发展现状、厘清传统红

木交易流程和各交易环节中存在的问题,尝试在信息不对称理论的框架下对行业和典型企

业进行分析,将红木市场的交易要素进行序列梳理,重构市场组织和流程再造,创造性地

利用现代的互联网技术,把涉及的非标准的市场要素进行标准化设计,使其成为可交易的

标准化标的产品,并在设计可操作性的红木交易平台上进行交易,从而解决现有红木市场

中信息不对称导致的市场交易效率低下问题。本文一共分为十一章,第一到第五章为绪论、理论研究和研究综述。主要根据市场交

易效率理论、信息不对称理论和金融市场微观结构理论,引出建立红木交易市场,从而为

后续红木交易市场的设计奠定理论基础。第五章,对红木产业及其市场的要素进行信息解

析,为后面的非标准的市场要素进行标准化设计提供依据。第六、第七章,主要对红木交

易市场的信息不对称现状、红木交易市场交易效率进行分析。第八、第九章,主要基于信

息对称条件下的交易要素标准化设计和交易架构设计。第十章,主要通过对实际数据抓

取,对红木交易平台的有效性进行实证对比验证。第十一章是本文的结论和建议。

由于红木交易平台的设计是弥补大宗交易的空白,特别是红木交易市场要素的非标

准化,给标准化交易架构的设计带来一定难度。红木交易平台未来运营与发展中可能会遇

到很多风险,特别是投资者资格认证、交易涉众等社会问题,本文限于篇幅没有进行研

究,留待今后实践中不断总结和修正。
ContributorsChiu, Yung (Author) / Pei, Ker-Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2018
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Description本文选取当前在学界和业界关注度较高的“新三板”企业作为研究对象,从融资效率和融资偏好角度实证了新三板企业当前的运行状况,补充了资本结构和融资效率的研究文献。利用二元选择回归以及分位数回归方法,探究了内部融资、债务融资以及权益融资偏好的影响因素。本文发现:1)对于内部融资,企业资产负债率越低、经营能力越强、盈利能力越好、抵押品越少以及公司成长性高的企业更倾向于使用内部融资,资产负债率对内部融资的负面影响边际增大;2)对于债务融资,资产负债率越低、盈利能力越好、经营能力越强、抵押品越多、公司成长性高的企业更倾向于使用债务融资;3)对于权益融资,盈利能力较差、经营能力较弱的企业更倾向于使用权益融资,而资本结构以及公司成长性对权益融资没有影响。分位数回归也发现,盈利能力、现金状况、总资产周转率、资产流动性、非债务税盾、民营企业以及公司成长性等变量对权益融资的影响较为稳定,提示公司的特征变量对权益融资并没有明显的主导作用。在融资效率上,本文也发现:1)于2012年挂牌新三板的企业整体融资效率不高,DEA融资效率为有效的企业占比仅为10%左右;但融资效率在逐年持续改善,表现出一个较好的发展势头。并且,对于做市转让的企业来说,2014年由协议转让改为做市转让以后,融资相对有效的企业数量增长明显快于协议转让企业,表明采用做市转让的企业融资效率优于采用协议转让的企业。2)市场整体融资规模并未达到挂牌企业的需求,导致一半以上企业尚未达到最优的生产经营状态,仍需要资金来增加生产资料的投入,以扩大生产规模获取规模收益。对于做市转让的企业来说,在2014年由协议转让改为做市转让以后,规模报酬递增的企业数量占比下降更快,表明做市转让制度要比协议转让制度从融资效率角度更能满足新三板企业的融资需求。
ContributorsWu, Jintao (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2019
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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
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Description摘要

在复杂多变的商业环境中,企业传统的人力资源管理已经难以应对日益频发的员工职业倦怠、人际间矛盾冲突、频繁跳槽等局面与问题。企业员工工作的价值与意义早已不再是传统的雇佣模式下,通过出卖劳动力或智力从而获得工资以实现“养家糊口”的目的那么单纯与简单,员工也希望通过辛勤的工作,以获得个体的幸福感、荣誉感与认同感等。对于现代企业的管理者而言,员工追求事业的提升、个人价值的实现,不仅体现在薪酬、福利待遇的提升,更重要的是员工个人的成长以及潜能和竞争力的提升。

随着组织行为学和心理学的不断发展与演变,与员工幸福感相关的研究备受关注。对现代企业而言,管理者借助制度设计对员工幸福积极管理,可以最大限度地发挥员工的积极性、主动性与创造性,实现员工与企业之间的利益相趋同,从而更为高效地实现组织的目标。基于此,本文以民营企业员工工作幸福感作为研究的切入点,借助理论分析、问卷调查和实证分析相结合的研究方法,系统深入地研究我国民营企业员工工作幸福感的构成、可控前因和绩效后果等问题。

本文研究发现:

第一,员工薪酬的提高有助于员工工作幸福感的提升,薪资对基层员工幸福感的影响显著高于其对高层员工幸福感的影响;

第二,完善的晋升机制对于中层员工而言更能提升其幸福感,完善的晋升机制更有利于中层员工;

第三,公平性的提高有助于提高员工工作幸福感,而且这种正效应更多体现在基层员工群体之中;

第四,高层员工更注重自我价值的实现,高层员工的工作挑战性越高,其自我实现需求获得的满足感则约高,但是对于基层员工和中层员工而言,其效果则恰恰相反,基础员工和高层员工更多地将工作挑战性和压力看作是一种负面的因素;

第五,员工幸福感的确会给企业带来正向的绩效。

本文的研究框架和实证结论不仅可以丰富学术界有关员工工作幸福感的研究,而且为企业管理者进行绩效管理以及员工工作质量的提升提供理论和实证借鉴。
ContributorsShu, Man (Author) / Shen, Wei (Thesis advisor) / Wu, Fei (Thesis advisor) / Chen, Xin (Committee member) / Arizona State University (Publisher)
Created2019
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Description当前各个城市都在努力推动“互联网+政务”的公共服务新模式,打造政府公共服务平台,提供“一站式”的服务资源,以民众需求为中心,解决民众信息查询、政府办事预约、政策咨询等公共活动的需要。可以看出,政务平台给民众的生活带来极大的便利,是当前各地政府响应中央建立“智慧城市”“数字中国”的重要举措。

本课题发现当前的政务平台逐步引入PPP模式,借助社会资源开发政务平台。但是,PPP模式是否有利于政务平台的建设,受到哪些因素的制约,如何更好地利用PPP模式进行开发工作,这些问题在现前的研究中没有得到很好地探索。带着这些问题,本课题对PPP模式在政务平台建设中的作用进行了深入剖析。主要研究内容如下:

在第一部分中,本课题政府公共服务和政务相关理论进行了全面整理,发现政务平台要想走出一条健康发展之路,需要借助社会资源进行市场化,而PPP模式符合当前政务平台建设的需要。本文对PPP模式在国内外电子政务的应用进行了分析,提出了本文的研究主题。

在第二部分中,本文对华东地区50座城市的政务平台进行了调研,对常见问题进行了整理,发现PPP模式已经广泛应用于政务平台建设中,且主要有四种模式,本文对50座城市的政务平台建设情况进行了数据采集,并进行了深入分析。

在第三部分中,结合调研现状和文献研究成果,提出了PPP模式影响政务平台建设的相关假设,并构建了计量模型。通过短面板分析验证假设,并进行了Robust分析,证实结论的普适性。

在第四部分中,本文分析了研究结果,认为政务平台采用PPP模式能够有效促进政务平台的建设水平,提高用户满意度;并且PPP模式与合作企业的估摸、信息的透明程度和平台的交互能力存在显著的交互作用,共同影响用户对政务平台的评价。政府引入PPP模式,充分对接可利用资源,并加强盈利控制,对当前政务平台的建设是具有积极意义的。
ContributorsZhao, Liang (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Xinlei (Thesis advisor) / Shao, Benjamin (Committee member) / Arizona State University (Publisher)
Created2019