Matching Items (931)
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
Description基于中国人口老龄化加速、目前人均医疗支出偏低和国内医疗器械企业以中低端产品
为主的局面，中国的医疗器械行业正面临着巨大的发展机遇，投融资活动将迎来爆发式增
长。 在此背景下， 医疗器械企业的估值研究对投融资双方都有较大的意义。
我们假设医疗器械公司的产品差异度对其公司的估值有正面影响。
产品差异度定义为：该产品区别于其他竞争性产品的独特性，由以下六个方面构成：
产品唯一性水平、先进性（器械类别、优秀国产医疗设备个数、产品的专利化程度）、利润
边际和其市场容量，并对此用 12 个指标做出了定量的估计。本研究主要的数据来源是上市
的医疗器械公司，因为这些公司的相关数据取得比较容易且数据客观性较强。我们使用一
般回归分析测量产品差异度与公司估值之间的关系。在得出正面的回归结果之后， 我们采
用双重差分分析（DID）方法，验证实际情形下新产品相关信息发布对公司股价波动的影响。
根据回归分析结果：
1、 “产生营收的产品唯一性水平”和“边际利润”与市值有显著相关性: 说明医疗器械
类企业确实是核心产品驱动发展的， 产品唯一性程度高（已剔除那些已逐渐被市场淘汰的
产品） 说明市场定价能力强， 边际利润率高，盈利能力强， 进而对公司估值形成正面影
响。
2、 “”净利润“和”“互联网概念”与市值也呈现显著相关性。净利润的相关性是显而易见
的。互联网概念的相关性体现了互联网+医疗成为近几年市场的风口。
iv
3、 其他一些指标未呈现明显的相关性，有可能是因为我们的数据量太少引起的， 也
有可能还有其他未在我们考虑范围内的因素导致的，也可能是因为中国目前的股票市场还
未到达半强式有效市场。这可能对其他行业的影响也是如此。
在后面进行的实证分析中， 除个别情况外，我们发现公司重磅新产品相关信息的发布
基本上对公司之后 1-30 个交易日的股价起到了较明显的推动作用。
关键词: 产品差异度 医疗器械行业 公司估值
为主的局面，中国的医疗器械行业正面临着巨大的发展机遇，投融资活动将迎来爆发式增
长。 在此背景下， 医疗器械企业的估值研究对投融资双方都有较大的意义。
我们假设医疗器械公司的产品差异度对其公司的估值有正面影响。
产品差异度定义为：该产品区别于其他竞争性产品的独特性，由以下六个方面构成：
产品唯一性水平、先进性（器械类别、优秀国产医疗设备个数、产品的专利化程度）、利润
边际和其市场容量，并对此用 12 个指标做出了定量的估计。本研究主要的数据来源是上市
的医疗器械公司，因为这些公司的相关数据取得比较容易且数据客观性较强。我们使用一
般回归分析测量产品差异度与公司估值之间的关系。在得出正面的回归结果之后， 我们采
用双重差分分析（DID）方法，验证实际情形下新产品相关信息发布对公司股价波动的影响。
根据回归分析结果：
1、 “产生营收的产品唯一性水平”和“边际利润”与市值有显著相关性: 说明医疗器械
类企业确实是核心产品驱动发展的， 产品唯一性程度高（已剔除那些已逐渐被市场淘汰的
产品） 说明市场定价能力强， 边际利润率高，盈利能力强， 进而对公司估值形成正面影
响。
2、 “”净利润“和”“互联网概念”与市值也呈现显著相关性。净利润的相关性是显而易见
的。互联网概念的相关性体现了互联网+医疗成为近几年市场的风口。
iv
3、 其他一些指标未呈现明显的相关性，有可能是因为我们的数据量太少引起的， 也
有可能还有其他未在我们考虑范围内的因素导致的，也可能是因为中国目前的股票市场还
未到达半强式有效市场。这可能对其他行业的影响也是如此。
在后面进行的实证分析中， 除个别情况外，我们发现公司重磅新产品相关信息的发布
基本上对公司之后 1-30 个交易日的股价起到了较明显的推动作用。
关键词: 产品差异度 医疗器械行业 公司估值
ContributorsShen, Huifeng (Author) / Chen, Pei-Yu (Thesis advisor) / Wang, Tan (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
With the fast development of Chinese capital market, an increasing number of institutions and retail investors invest through professional managers. The key to evaluating investment manager’s skill and performance persistence largely lies in portfolio style research and attribution analysis.
The current dissertation takes advantage of a unique dataset, uncover hidden investment style and trading behavior, understanding their source of excess returns, and establishing a more comprehensive methodology for evaluating portfolio performance and manager skills.
The dissertation focuses on quantitative analysis. Highlights three most important aspects. Investment style determines the systematic returns and risks of any portfolio, and can be assessed ex-ante; Transaction can be observed and modified during the investment process; and return attribution can be implemented to evaluate portfolio (managers), ex-post. Hence, these three elements make up a comprehensive and logical investment process.
Investment style is probably the most important factor in determining portfolio returns. However, Chinese investment managers are under constant pressure to follow the market trend and shift style accordingly. Therefore, accurately identifying and predicting each manager’s investment style proves critically valuable.
In addition, transaction data probably provides the most reliable source of information in observing and evaluating an investment manager’s style and strategy, in the middle of the investment process.
Despite the efficacy of traditional return attribution methodology, there are clear limitations. The current study proposes a novel return attribution methodology, by synthesizing major portfolio strategy components, such as risk exposure adjustment, sector rotation, stock selection, altogether. Our novel methodology reveals that investment managers do not obtain much abnormal returns through risk exposure adjustment or sector rotation. Instead, Chinese investment managers seem to enjoy most of their excess returns through stock selection.
In addition, we find several interesting patterns in Chinese A-share market: 1). There is a negative relationship between asset under management (AUM) and investment performance, beyond certain AUM threshold; 2). There are limited benefits from style switching in the long run; 3). Many investment managers use CSI 300 component stocks as portfolio ballast and speculate with CSI500 and Medium-and-Small board component stocks for excess returns; 4). There is no systematic negative relationship between portfolio turnover and investment performance; despite negative relationship within certain sub-samples and sectors; 5). It is plausible to construct out-performing portfolios with style index funds and ETFs.
The current dissertation takes advantage of a unique dataset, uncover hidden investment style and trading behavior, understanding their source of excess returns, and establishing a more comprehensive methodology for evaluating portfolio performance and manager skills.
The dissertation focuses on quantitative analysis. Highlights three most important aspects. Investment style determines the systematic returns and risks of any portfolio, and can be assessed ex-ante; Transaction can be observed and modified during the investment process; and return attribution can be implemented to evaluate portfolio (managers), ex-post. Hence, these three elements make up a comprehensive and logical investment process.
Investment style is probably the most important factor in determining portfolio returns. However, Chinese investment managers are under constant pressure to follow the market trend and shift style accordingly. Therefore, accurately identifying and predicting each manager’s investment style proves critically valuable.
In addition, transaction data probably provides the most reliable source of information in observing and evaluating an investment manager’s style and strategy, in the middle of the investment process.
Despite the efficacy of traditional return attribution methodology, there are clear limitations. The current study proposes a novel return attribution methodology, by synthesizing major portfolio strategy components, such as risk exposure adjustment, sector rotation, stock selection, altogether. Our novel methodology reveals that investment managers do not obtain much abnormal returns through risk exposure adjustment or sector rotation. Instead, Chinese investment managers seem to enjoy most of their excess returns through stock selection.
In addition, we find several interesting patterns in Chinese A-share market: 1). There is a negative relationship between asset under management (AUM) and investment performance, beyond certain AUM threshold; 2). There are limited benefits from style switching in the long run; 3). Many investment managers use CSI 300 component stocks as portfolio ballast and speculate with CSI500 and Medium-and-Small board component stocks for excess returns; 4). There is no systematic negative relationship between portfolio turnover and investment performance; despite negative relationship within certain sub-samples and sectors; 5). It is plausible to construct out-performing portfolios with style index funds and ETFs.
ContributorsZhan, Yuyin (Author) / Gu, Bin (Thesis advisor) / Wang, Jiang (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
Description
Given the "New Nine Measures" for capital market reform, a policy document issued by the State Council of China, the development of markets for interest rate derivatives, such as treasury futures, becomes an increasingly important task. Several shortcomings of the existing treasury futures market have been noted: including low market liquidity, singular investor composition, restrict contract terms, and low hedging demand.
This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury futures market exists liquidity shortage, the trading system, market structure and the division of regulatory are factors which influence the liquidity of China treasury futures market.
This study found that reducing transaction costs for further optimization of the width and depth of China treasury futures market are not obvious by using quantitative analysis method, expanding the smallest change price can optimize the market depth, reducing transaction costs and expanding smallest change price can optimize the immediacy, volume and hosting amount. In addition, the bond market will also influence the treasury futures market, the price fluctuations and the morphology of the yield curve of bond market have significant influence on width, depth and holdings of market.
The system of China treasury futures market needs to be optimized by expanding the smallest change price and reducing transaction costs. The market structure needs to be optimized by establishing unified bond market and enriching investor structure.
These findings have significant theoretical and practical implications. The study also provides policy recommendations for the design and establishment of treasury futures market to the regulatory agencies.
This study contributes to a better understanding of the treasury futures market by analyzing changes in China treasury futures market regulations and their impact on market liquidity of treasury futures. Found that compared with the mature market, China treasury futures market exists liquidity shortage, the trading system, market structure and the division of regulatory are factors which influence the liquidity of China treasury futures market.
This study found that reducing transaction costs for further optimization of the width and depth of China treasury futures market are not obvious by using quantitative analysis method, expanding the smallest change price can optimize the market depth, reducing transaction costs and expanding smallest change price can optimize the immediacy, volume and hosting amount. In addition, the bond market will also influence the treasury futures market, the price fluctuations and the morphology of the yield curve of bond market have significant influence on width, depth and holdings of market.
The system of China treasury futures market needs to be optimized by expanding the smallest change price and reducing transaction costs. The market structure needs to be optimized by establishing unified bond market and enriching investor structure.
These findings have significant theoretical and practical implications. The study also provides policy recommendations for the design and establishment of treasury futures market to the regulatory agencies.
ContributorsMa, Jun (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2016
ContributorsHandel, George Frideric, 1685-1759 (Composer)
ContributorsHandel, George Frideric, 1685-1759 (Composer)
ContributorsHandel, George Frideric, 1685-1759 (Composer) / Halvorsen, Johan, 1864-1935 (Composer)
ContributorsHandel, George Frideric, 1685-1759 (Composer)
ContributorsHandel, George Frideric, 1685-1759 (Composer)