Matching Items (59)
Description我国上市公司股东采取股权质押贷款方式融资非常普遍，股权质押贷款总余额已经高达5.70万亿元，这些贷款背后隐藏着巨大的风险。上市公司大股东采用股权质押贷款的动机可能是对未来乐观行业预期的资金需求，或者是由于股权转让的限制而采取的变相套现转移风险。后者的动机里本身就包含着上市公司大股东对自身股价已经估值过高的判断。本文通过分析上市公司股权质押贷款风险 (即，上市公司当年股价估值程度与上市公司下一年股价崩盘风险之间的关系)会因为股权质押动机的不同而存在差异。只有在套现动机下，当年股价估值程度才会导致下一年显著的股价崩盘风险，而在融资动机下当年股价估值程度与下一年股价崩盘风险之间的关系则呈现负相关。鉴于目前大多数上市公司并不会披露大股东质押所得资金的具体去向，本文通过融资约束程度这个维度对上市公司大股东股权质押的动机进行识别。当上市公司所受融资约束较低时，当年股价高估程度程度越大，下一年股价崩盘风险越大（正相关），上市公司进行股权质押的动机更倾向于高位套现。在融资约束程度高的情况下，上市公司股权质押更倾向于融资，当年股价估值程度越大，下一年上市公司股价崩盘风险越小（负相关）。 在大股东控制权高的情况下，对于所受融资约束程度低的上市公司，独立董事不论是比例高或者低，独立董事制度对大股东的股票质押的行为 (套现动机)无影响。 对于所受融资约束程度高的上市公司，独立董事在占比高时，对通过股票质押来融资的行为有强化作用，可以表现出其治理影响力，在独董占比低的情况下则无法产生作用。
ContributorsChen, Wei (Author) / Pei, Ker-Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2020
Description多元化公司整体上市和分拆上市的理论与实践在国际市场已经较为成熟，而对于中国A股来说，分拆上市一直受制于政策；2019年以来，随着科创板的开启及A股将迎来的改革，多元化公司分拆上市也将迎来重要机遇。
多年来，学术界对于多元化公司在资本市场方面的研究主要聚焦于估值比较、相关影响因素以及整体上市和者分拆上市的法律、财务、风险等方面。而本文在已有理论基础上，从股权集中度、新兴行业、跨市场上市（A+H）三个方面研究中国多元化公司的整体或者分拆上市的行为选择，研究发现：大股东持股比例更高的公司更倾向于整体上市，新兴行业或者创新性的子公司更可能被分拆上市，跨多个股票市场上市的公司更倾向分拆上市子公司，这与委托代理理论和信息不对称理论的预测一致。
为了让研究更加全面并具实用性，本文加入了对中国平安集团和温氏集团的案例分析，还针对中介投行和研究人员的特定人群进行分析式调研，结果均较好支持了研究结论，使得本文的研究兼具理论创新和实际指导价值。
关键词: 中国多元化公司，整体上市，分拆上市，股权集中度，新兴行业，跨市场上市
多年来，学术界对于多元化公司在资本市场方面的研究主要聚焦于估值比较、相关影响因素以及整体上市和者分拆上市的法律、财务、风险等方面。而本文在已有理论基础上，从股权集中度、新兴行业、跨市场上市（A+H）三个方面研究中国多元化公司的整体或者分拆上市的行为选择，研究发现：大股东持股比例更高的公司更倾向于整体上市，新兴行业或者创新性的子公司更可能被分拆上市，跨多个股票市场上市的公司更倾向分拆上市子公司，这与委托代理理论和信息不对称理论的预测一致。
为了让研究更加全面并具实用性，本文加入了对中国平安集团和温氏集团的案例分析，还针对中介投行和研究人员的特定人群进行分析式调研，结果均较好支持了研究结论，使得本文的研究兼具理论创新和实际指导价值。
关键词: 中国多元化公司，整体上市，分拆上市，股权集中度，新兴行业，跨市场上市
ContributorsSong, Guoping (Author) / Gu, Bin (Thesis advisor) / Li, Feng (Thesis advisor) / Wu, Fei (Committee member) / Arizona State University (Publisher)
Created2020
Description当今中国，人口老龄化趋势正驱动卫生总费用快速攀升，国家医保基金可持续性面临挑战。从卫生费用结构来看，中国长期以来存在药品费用占卫生总费用比例高、用药结构相对不合理等问题，限制了基金使用效率的提升，不利于医保基金的可持续发展。医保控费尤其是控制药品花费的必要性日益凸显。2018年末，新组建的国家医保局在“4+7城市”启动了国家药品集中采购试点工作，通过“量价挂钩”“以量换价”的形式，实现了25个药品品种的大幅降价，在减轻患者经济负担、节省医保费用、净化流通环境等方面成效显著。可以预期，在医保控费压力下，以带量采购为核心的集中采购将成为一项长期的政策选项。与此同时，该项政策将通过对价格信号的重大调整和采购量的重新分配重塑市场格局，对制药产业和制药企业产生深刻影响。因此，对集中采购政策的实施影响进行全面、审慎的评估，一方面能形成对集中采购政策执行现状的深刻理解，另一方面也能基于政策实施后的产业影响，对推广实施集中采购政策形成针对性建议。 本文通过文献梳理、案例研究、问卷分析和回归预测分析等多元研究方法，对国家药品集中采购试点政策实施后对制药企业和制药行业的影响进行了深入分析。研究发现，在企业层面，受制于本国制药企业发展阶段和价格下降导致的利润压缩，国家集中采购试点政策将在一定程度上影响中标药品对于大量中国患者需求的满足并对中标药品的质量控制形成一定压力；产业层面，由于价格下降和市场格局变动导致企业预期变化，国家集中采购试点政策将使得仿制药企业对待药品的“质量和疗效一致性评价”更为审慎，短期内在被采购的药物分子领域形成一家独大的局面，长远将导致行业集中度的进一步提高。针对上述研究发现。
本文分别从带量采购政策的政策设计、带量采购中标药品质量监管政策和仿制药产业鼓励政策等维度提出了相应优化建议。建议政府在带量采购政策设计上坚持分类采购原则，强化中标企业产能、产量的核实，加大自由竞争市场份额，合理划分带量采购片区，避免医院采用“一刀切”的政策使用中标药；在质量监管上加强针对性质量监管，运用风险工具进行评估，针对高危风险制定风险最小化措施，加强推进ICH Q10在仿制药企业中的落地；在仿制药产业鼓励政策上落实“质量和疗效一致性评价”鼓励政策，为高质量仿制药提供积极的市场环境，优化流通环节费率计算方式。
本文分别从带量采购政策的政策设计、带量采购中标药品质量监管政策和仿制药产业鼓励政策等维度提出了相应优化建议。建议政府在带量采购政策设计上坚持分类采购原则，强化中标企业产能、产量的核实，加大自由竞争市场份额，合理划分带量采购片区，避免医院采用“一刀切”的政策使用中标药；在质量监管上加强针对性质量监管，运用风险工具进行评估，针对高危风险制定风险最小化措施，加强推进ICH Q10在仿制药企业中的落地；在仿制药产业鼓励政策上落实“质量和疗效一致性评价”鼓励政策，为高质量仿制药提供积极的市场环境，优化流通环节费率计算方式。
ContributorsChai, Yan (Author) / Chen, Pei-Yu (Thesis advisor) / Zhang, Anmin (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2020
Description
Digital media refers to any form of media which depends on electronic devices for its creation, distribution, view, and storage. Digital media analytics involves qualitative and quantitative analysis from the business to understand users’ behaviors. This technique brings disruptive changes to many industries and its path of economic disruption is getting wider and wider. Under the context of the increasingly popular digital media market, this dissertation investigates what are the best content delivery strategy and the new cultural phenomenon: Internet Water Army. The first essay proposes a theory-guided computational approach that consolidates distinct data sources spanning unstructured text, image, and video data, systematically measures modes of persuasion, and unveils the multimedia content design strategies for crowdfunding projects. The second essay studies whether using the Internet Water Army helps sales and under what conditions it helps. This study finds that the Internet water army helps product sales at both post-level and fans-level. The effect is largely reflected by changing the number of emotional fans. Furthermore, the earlier to purchase the water armies, more haters, likers, and neutral fans it can attract. The last essay builds a game model to study the trade- off between honestly promoting the product according to their evaluation and catering to the consumer’s prior belief on the product quality to stay on the market as long as possible. It provides insights on the optimum usage of promotion on social media and demonstrate how conventional wisdom about negative reviews will hurt business may be misleading in the presence of social media. These three studies jointly contribute to the crowdfunding and social media studies literature by elucidating the content delivery strategy, and the impact and purchasing strategy of the Internet Water Army.
ContributorsYIN, XUEYAN (Author) / Chen, Pei-Yu (Thesis advisor) / Gu, Bin (Committee member) / Shi, Zhan (Committee member) / Benjamin, Victor (Committee member) / Arizona State University (Publisher)
Created2020
Description随着移动互联网的快速发展，共享经济在我国产业结构转型升级中作用愈来愈大，IT服务的供给和需求已逐渐卷入共享经济发展的浪潮。本文以我国产业互联网生态建设中共享经济应用的典型IT技术服务生态平台——S公司为例，系统研究线上IT技术服务模式下客户满意度的构成和影响因素。针对当前IT服务需求与资源的不均衡情况，S公司将社会化协作、共享经济等新型理念植入线上IT共享服务平台，将分散在全国范围内不同行业、不同地域、不同层次IT服务需求（客服IT服务外包）和供给（工程师、服务商资源、备品备件资源等）进行资源整合，通过APP打通了传统方式下客户需求和IT服务资源供给间的通道，并部署了云端IT服务资源池，持续为客户提供高质量的IT服务。
本文构建了客户所处不同阶段满意度量表，并结合S公司线上IT服务平台模式特征建立客户满意度影响因素研究模型，并从客户层面、工程师层面、平台层面入手构建了不同阶段实证模型。本文主要从两方面着手：第一，构建系统化的客户评价量表，并借助问卷调查法获取有效数据，为后续实证储备资源；第二，通过构建多元线性回归模式，实证检验客户对工程师的满意度的影响因素和作用机理。实证结果发现：（1）客户层面，客户自身对产品或服务价值感知的认可度越高，客户的整体满意度越高；（2）实证结果并未发现工程师年龄、性别、历史接单量对客户满意度具有显著的正向或负向影响，工程师级别越高客户满意度水平越高，交易后教育程度对客户满意度具有正向影响，工程师优质的服务评价对客户满意度具有正向影响，工程师投诉率越高客户满意度越低，订单的延期或终止（特别是由工程师发起）会大大降低客户的满意度；（3）平台层面，平台下载量越高，客户的整体满意度越高。
本文的研究框架和实证结论不仅可以丰富学术界有关线上IT服务平台的客户评价体系，而且有助于从企业提升客户粘性、提升平台流量等角度系统分析影响客户粘性的主要因素，为线上共享服务平台的发展提供借鉴。
ContributorsCao, Hongyi (Author) / Shao, Benjamin (Thesis advisor) / Li, Xianglin (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2021
Description
As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types.
This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.
This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.
There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.
Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.
This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.
This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.
There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.
Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.
ContributorsZhang, Xiangdong (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
Description
This study investigates the impact of a specific organizational form – partnership – on employees’ awareness of risk control and job engagement in securities companies. Given that their organizational performance relies heavily on the performance of individual employees, it is critical for securities companies in China to adopt appropriate organizational forms so that they can better captalize on their employees’ human capital to cope with the increasingly intense market competition. Partnership, as one of the few organizational forms, has been widely adopted in industries that rely on the performance of individuals, such as law, auditing, consulting, and investment banking, around the world. In the context of China’s emerging economy, it has also been adopted as an incentive system by market leaders across several industries, including Alibaba in online shopping, Vanke in real estate, and Fosun in investments. In contrast, partnership has not been adopted or implemented by securities companies in China as most of them are still state-owned enterprises.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
ContributorsSha, Changming (Author) / Shen, Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
Description
Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income). This paper examines how changes of key contents of VAM agreement affect firms’ ability to meet performance commitments from the perspective of incentive effects. Empirical results show that as the performance goals set in VAM agreement becomes higher, the incentive for management to meet performance commitments will initially increase and then decrease, so that the ratio of actual profits to promised profits for target firms will reach peak at some reasonable performance goal and then decrease. Second, as the level of the information asymmetry between buyer and seller turns higher, the incentive effect of performance goals becomes lower. Third, compared with cash-based compensation, stock-based compensation shows significantly higher incentive effects on promisors thus increasing the ability for target firms to achieve performance commitments.
ContributorsWang, Yixin (Author) / Gu, Bin (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
China's city commercial banks were reorganized by the urban credit cooperatives in the same city in the 1990s. Although they are allowed to open branches outside the registered city, the location and the number of their branches have been strictly restricted. It is fatal to them to increase the competitiveness of their branches. Based on the diversity theory and its mechanism, in this study I examined the impact of source diversity of the senior management in the branches of the city commercial bank on the branches’ productivity and their asset yield. Invoking the resource-based theory and the social capital framework, the source diversity lead to the organization resources diversity and the organization knowledge diversity. The results demonstrate that the source diversity contribute to the branches’ competitiveness advantage. Both internal trained personnel and external introduction personnel are important for the branches’ top management team. But one of the two kinds of personnel is more suitable to their middle management team.
ContributorsZhang, Xiande (Author) / Gu, Bin (Thesis advisor) / Wang, Tan (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017