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Description城市商业银行是我国银行业体系中的重要组成部分，在新冠疫情的背景下，本文从对我国商业银行不良贷款的成因进行分析，从新冠疫情前后城商行不良贷款、盈利能力、资本充足性等角度进行比较，总结新冠疫情之后城商行不良贷款规模上升、区域分化、不良处置加大等特征变化。然后，从企业、个人和银行本身等路径全面系统地分析新冠疫情对城商行不良贷款的直接影响，并从“宽信用”、“宽监管”和“宽货币”等政策层面对城商行不良贷款的间接影响机制进行分析。在实证分析上选取2018年一季度至2020年四季度的9个经济指标作为控制变量，分成宏观、行业和银行等三个层次，考虑到数据的可得性，选取20家上市城商行的不良贷款率作为被解释变量，通过建立连续型双重差分模型对新冠疫情对我国城市商业银行不良贷款率的影响进行实证分析，并进行稳定性和影响机制检验，得出了受疫情冲击越严重的地区，经济受影响越明显，因而城商行的不良贷款率增加得越多的结论，而且疫情对城商行不良贷款率且具有连续且时滞性的影响。相比高拨备覆盖率的城市商业银行，疫情更能提高低拨备覆盖率、抵御风险较低的城商行的不良贷款率。选取银行资本充足率作为被解释变量进行了稳健性检验。选取工业增加值和居民人均收入作为渠道变量，进行影响机制检验，结果说明工业增加值和居民人均收入对城商行不良贷款有负向的影响。最后，在理论和实证结果的基础上，对城商行不良贷款处置和有效预防疫情带来不良风险的措施提出相关建议。
ContributorsZhong, Rujian (Author) / Zhang, John (Thesis advisor) / Zhu, Ning (Thesis advisor) / Hu, Jie (Committee member) / Arizona State University (Publisher)
Created2022
Description近年来，越来越多的工作团队将功能性领导角色分配给那些具有必要才能的成员。认识到这一趋势，领导学领域的学者开始将他们的关注重点从自上而下的垂直影响过程转移到团队成员之间的水平和共享的领导过程。共享领导，被定义为一种团队现象，即领导的角色和影响力在团队成员中分配，已经在一系列学术领域中得到了相当大的关注，包括工业和组织心理学、组织行为学、战略管理、和创业管理等。与其他领导理论关注正式任命的领导者的领导作用不同，共享领导强调团队成员在团队领导过程中的代理作用。特别是，越来越多的证据表明，共享领导在提高团队效率方面发挥着积极的作用。因此，共享领导力是一个有趣的新领域，它丰富了我们对领导力的理解，并将领导力范式从将领导力视为个人的属性转变为将领导力视为集体的属性。本文以AR公司的技术或研发团队为例，对其共享型领导的典型特征、表现形式以及对员工个体创造力和离职意向的影响机制进行了分析。第一，理清了技术型团队共享型领导的特征与表现形式。技术团队共享型领导主要实现了领导力与影响力在团队成员内部之间的共享和横向分担，且领导与下属之间的角色界限也变得模糊。同时，技术团队共享型领导表现在开放性的领导风格、团队内部的知识分享与共同学习以及领导角色定期轮换与交流等。第二，探讨技术型团队共享型领导对个体创造力与离职意向的影响机制。本文采用定量实证研究方法，按照量表开发、数据采集、数据分析等程序，检验共享型领导对个体创造力与离职意向的影响机制，研究发现：共享型领导能够正向影响员工的团队认同；员工的团队认同能够负向影响其离职意向；员工团队认同在共享型领导与员工离职意向之间具有中介作用；共享型领导与心理授权正相关；心理授权与个体创造力正相关；员工的心理授权在共享型领导与员工创造力之间有显著的中介作用；支持性人力资源实践在在共
享型领导与员工心理授权之间起到调节作用；支持性人力资源实践在在共享型领导与员工团队认同之间起到调节作用。
ContributorsJi, Pengwei (Author) / Chen, Pei-Yu (Thesis advisor) / Hu, Jie (Thesis advisor) / Zhang, John (Committee member) / Arizona State University (Publisher)
Created2022
Description本文在对分子诊断与基因测序相关概念以及文献进行分析和整理的基础上，通过批判分析找到当前研究的空白之处。在此基础上，从理论角度对研发投入、团队背景、应用场景等因素对公司财务绩效的作用机理以及销售模式对研发投入与公司财务绩效关系的调节机理进行分析并提出相关研究假设。利用华大基因、达安基因、凯普生物、金域医学、迪安诊断、艾德生物、透景生命、贝瑞基因等8家分子诊断与基因测序领域上市公司的数据实证了上述研究假设。研究发现：（1）研发投入能够显著促进分子诊断与基因测序公司的财务绩效，但是这种作用效力较小。公司规模和债务水平的提高会降低公司财务绩效，机构投资人持股比例和市场推广费用对公司财务绩效的影响不显著。
（2）创业团队背景的不同并不会导致分子诊断与基因测序公司财务绩效产生差异。
（3）采取直销模式的分子诊断与基因测序公司财务绩效要优于代销和混合模式，后两者公司财务绩效没有显著差异；与代理模式相比，采取直销模式的公司其研发对公司财务绩效的促进作用更加明显，混合模式公司则没有显著差异。
（4）不同产品应用场景的分子诊断与基因测序公司财务绩效，肿瘤的最好，传染病其次，遗传病的排在最后。
ContributorsGuan, Jian (Author) / Shen, Wei (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Sun, Tianshu (Committee member) / Arizona State University (Publisher)
Created2022
Description
Under the new generation of technological and industrial revolutions, digital economy enterprises are increasingly becoming major contributors to socio-economic development. Their scale effect and marginal cost effect are different from traditional enterprises, which also raises concern and discussion on whether digital economy enterprises can promote more equitable and sustainable development of society. The participation of digital economy enterprises in the common wealth is an important source of legitimacy for their development. This thesis investigates the mechanism of the impact of their common wealth inputs on corporate financial performance by using a sample of digital economy firms among Chinese listed companies as a case study. It is found that, overall, the mechanism of the effect of firms' common affluence model on their financial performance has a positive effect. The main source of this positive effect is the secondary distribution of the firm, i.e., the legitimacy of tax contributions. Other legitimacy such as employee and shareholder legitimacy are not significantly associated with financial performance, while social philanthropic input from tertiary distribution participation has a significant negative effect. In the association of redistribution on firm performance, there is a positive facilitating effect on firms' R&D efficiency and a negative moderating effect of economic policy uncertainty. It suggests that there are differences in the impact of firms' legitimacy initiatives, such as tax contributions, on performance under different firm development expectations. Whereas in the third distribution, firms' R&D efficiency has a crowding-out effect on the economic gains from the legitimacy of common wealth participation, economic policy uncertainty has a reinforcing effect in the third distribution of firms. The above suggests that the development of digital economy firms is more positively facilitated by official legitimacy and currently lacks the constraints of industrial ecology from internal and public scrutiny.
ContributorsZhou, Guangyi (Author) / Wu, Shin-Yi (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
With the rapid development of information technology and the rise of the Internet+ era, the sharing economy has fundamentally changed people's lives and consumption patterns, and has also reshaped the process of value co-creation between enterprises and customers. In the sharing economy, enterprises no longer play the dominant role; instead, they have evolved into platforms that provide support and services for users. In this economy, users not only determine the profitability and reputation of enterprises but also create substantial value through the exchange of usage rights to idle resources and interactions both online and offline. Therefore, studying the value co-creation behavior of bilateral users on sharing service platforms is of significant necessity for enterprise development. This research aims to explore the impact mechanism of bilateral user value co-creation on customer value in sharing service platforms. Through the analysis and summarization of literature, a theoretical model of bilateral user value co-creation and customer value in the context of the sharing economy has been established. The research subjects include users of the homestay/inn platform on Ctrip, as well as users of other types of sharing platforms, such as Lazy Housekeeping, LoveChef, Didi and Airbnb.
In the empirical part, questionnaires were designed and sample data was collected through the Questionnaire Star platform. SPSS 25 and AMOS 23 data analysis software were used to perform reliability and validity analysis and correlation analysis of the scales. Multivariate regression analysis was employed to investigate the impact of bilateral user value co-creation on various aspects of customer value. Additionally, the Bootstrap method was used to test the mediating roles of relevant factors.
Through the above research methods, we will be able to have an in-depth understanding of the impact mechanism of two-sided user value co-creation on customer value of the shared service platform and obtain more comprehensive and concrete research findings. I believe that the findings of this study will have important implications for the theory and practice in the domain of sharing economy. Key words: sharing economy, sharing service platform, two-sided users, value co-creation, customer value
ContributorsLou, Wen (Author) / Shao, Benjamon (Thesis advisor) / Hu, Jie (Thesis advisor) / Dong, Xiaodan (Committee member) / Arizona State University (Publisher)
Created2024
Description
In recent years, the decentralized exchange (DEX) has shown an explosive growth trend in recent years. Uniswap, as one of the largest decentralized exchanges, invented Uniswap, a decentralized financial protocol of the same name based on exchanging cryptocurrencies. Automated transactions between cryptocurrency tokens on the Ethereum blockchain. Currency trading participants create a liquidity pool based on this agreement, and this paper mainly studies the factors that affect the liquidity of currency trading.Specifically, this paper explores the factors that affect monetary liquidity through three hypotheses. The first is the impact of rates on liquidity, exploring the differences in liquidity under various rates. Then, the impact of differences in Uniswap protocol versions on liquidity was studied. Compared with the V2 version, the Uniswap V3 version added centralized liquidity，which changed the unpaid loss. . This feature makes Uniswap V3 the most flexible and efficient protocol. Finally, the influence of different active users on liquidity is compared, and the change trend of liquidity under different numbers of users is explored.
Based on the above three assumptions, this paper adopts GARCH and OLS regression analysis to explore and analyze the collected currency transaction data, and draws the following conclusions for the three assumptions:
(1) Researcher may conclude that rates are correlated with trading volume, and volume growth impacts liquidity capacity and increases rates. Therefore, the fee rate has a significant impact on liquidity.
(2) Compared with V2, V3， quantitative analysis was carried out using unpaid loss. It was found that impermanent loss has a more significant impact on the liquidity of the V3 version but has little correlation with the V2 version.
(3) According to the analysis and comparison of the model, there is no obvious ARCH phenomenon among active users, so it is believed that there is no significant correlation between the two.
(4) Combining conclusions 1 and 3, researcher further analyzed the impact of several independent variables on liquidity and found that the fee rate has a more significant influence than active users
ContributorsWu, Jiawei (Author) / Chen, Pei-Yu (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description本文的研究背景部分首先回顾了我国上市公司定向增发发展历程以及相关规章制度，相关数据显示定向增发投资收益率年度平均值与不同公司定向增发投资收益率都存在较大差异，而且我国上市公司定向增发受政策的影响较大。因此，探索我国上市公司定向增发投资收益率的影响因素是一个重要且有意义的研究课题。为此，本文基于现有关于定增投资收益率的三个基础理论，即监督成本理论、流动性风险补偿理论以及信息不对称理论，分别选取机构投资者参与、大股东参与以及信息不对称三个因素，通过实证方法探索影响我国A股上市公司定向增发投资收益率的因素。本文从上市公司定向增发的动因与经济后果以及定向增发投资收益率影响因素三个方面对已有文献进行了回顾，并将可能影响定增收益率的其他因素纳入实证模型进行考察。本文通过实证研究方法检验了各个因素对定增收益率的影响，并且对不同股权结构、产权性质企业定向增发进行了异质性分析。在拓展性研究方面，本文进一步将定增投资收益率细分为定增折价收益率与锁定期收益率进行考察；并考察了各个影响因素对定向增发上市后绩效表现的影响；最后，考虑到我国政策因素对定增收益率的显著影响，本文进一步考察了2011年与2017年两次定增细则的修订如何作用于各个因素对定增收益率的影响。
本文的研究在学术层面丰富了定向增发影响因素的相关研究。在实践层面，本文关于定增政策影响方面的研究结论能够为优化我国上市公司定向增发相关政策提供参考；本文提供了全面而又系统的定向增发影响因素的相关证据，以及各个因素如何作用于定增上市后公司的绩效表现，研究结论能够为我国定向增发投资者选择定向增发企业，更好地做好风险与收益权衡以及后期的投资管理提供参考依据，也为上市公司是否进行定向增发，以及如何进行定向增发提供了指引。
ContributorsZhou, Huanfei (Author) / Zhu, David (Thesis advisor) / Hu, Jie (Thesis advisor) / Shao, Benjamin (Committee member) / Arizona State University (Publisher)
Created2023
Description作为凸显国际竞争战略的重要标志性产业之一，MEMS传感器因其技术含量高、市场前景广阔等特征备受全球主要国家的重点关注。我国MEMS传感器产业驱动力主要表现为政策的正向驱动效应明显，下游需求潜力巨大，资本流入效应明显，企业研发重视程度不断提高等。在这些驱动因素下，我国MEMS产业涌现出以敏芯股份为代表的诸多优秀企业，国产化MEMS逐步在单一产品上突破外商“包围”，在全球占据较大市场份额，初步实现了点的突破。从MEMS产业本身来看，MEMS产品的商业进程慢、生产工艺非标准化、严重依赖下游应用场景、需求定制化程度高，技术端和需求端匹配要求极高，这意味着MEMS企业的先发优势尤其重要。然而，从技术成熟度、企业经营状况、竞争者数量等方面来看，本土MEMS传感器行业的替代趋势尚处初级阶段。企业规模还只是国际领先企业的零头， 产品比较单一，集成化集中度不高，而且产品加工制造等关键环节还严重依赖象IMT, TSMC(台积电)这样的外资控股企业。
在此背景下，本文以我国MEMS传感器产业链为切入点，系统梳理MEMS传感器产业上、中、下游产业链的发展现状、竞争格局与发展趋势等。一方面，本文通过剖析全球MEMS产业链现状，并对比分析中国MEMS产业发展的现状、困境、不足和未来发展趋势，以此强化对MEMS产业更为深刻、理性和全面的认知；另一方面，本文通过对比分析中国MEMS上市公司主营策略，并结合敏芯股份、美新半导体等案例，分析国内MEMS相关企业的全产业链的竞争格局， 提出了本人对如何实现突围，如何在全球市场抢占先机的竞争战略思考。
ContributorsZhu, Xiaodan (Author) / Wu, Shin-Yi (Thesis advisor) / Hu, Jie (Thesis advisor) / Sun, Tianshu (Committee member) / Arizona State University (Publisher)
Created2023
Description作为世界工程机械发展的重要市场，中国本土培育了多个优秀的国际工程机械品牌。根据2020年KHL group发布的全球50强工程机械企业榜单，中资品牌代表性企业如三一重工、徐工机械跻身前5强，这是自2013年以来首次有中资品牌回归前5强，可见中国工程机械企业在世界范围内的影响力近年来大大提升。工程机械产品作为大宗商品，具有价值高、投资回报周期长的特点，因此其交易方式也与一般商品存在着明显的差异，以分期、融资、按揭等为主要交易形式的信用销售在工程机械产品交易中占据着重要的地位。采用信用销售，减少客户资金压力，扩大客户覆盖面，更有利于和客户建立长期互信的合作关系。尤其是在当下，当各主流品牌在产品质量、营销服务方面无法拉开明显差距的时候，信用销售的应用成为打造市场竞争力的重要组成部分。由此，对信用销售风险的管理不可避免地成为了各大工程机械企业普遍面临的课题。
一方面国内传统信用销售风险管理建立在征信系统信息和历史资信的基础上，存在着信息更新不及时、不全面的缺憾，无法对潜在的风险进行动态的评估和把控，对于成本高昂的工程机械产品而言，如果无法较为精准地预测到客户风险、及时采取预防性举措，其经营活动将会受到严重的制约；另一方面，当下工程机械企业积极开展国际化业务，然而国际市场信息不对称现象更加严重，这对企业国际化过程中的信用销售管理提出了严峻挑战。
本文拟借助现代化物联网技术，使用机器历史数据来对事中风险进行综合性评估，以期实现对信用销售风险的积极管理。三一重工易维讯系统、徐工汉云信息平台、中联重科云谷工业互联网平台ZValley OS均是工程机械物联网技术的积极实践，因此，研究物联网技术在工程机械企业信用销售风险管理中的应用，对行业的发展具有很强的实际意义。
本文以国内工程机械代表性企业A公司为研究对象，从交易双方的内外部风险出发，结合宏观层面，客户层面以及物联网维度信息构造风控模型，进一步探究信用销售风险大小背后的原因，借助机器学习技术，构建逾期预测模型，实时预测客户风险，并依照模型结果采取针对性的预防措施和对应策略，为工程机械行业在如何应用物联网技术提升客户信用销售风险管理提供了良好借鉴。
ContributorsLi, Qin (Author) / Zhu, David (Thesis advisor) / Li, Feng (Thesis advisor) / Sun, Tianshu (Committee member) / Arizona State University (Publisher)
Created2023
Description基于人类加密学，第一例加密数字货币“比特币”的概念最初由中本聪在2008年11月1日提出，于2009年1月3日正式诞生。经过14年的历程，整个加密货币世界得到了快速的发展、加密生态得到了极大的繁荣、有利的推动了整个人类数字文明的衍进和发展。截至2021年5月，加密货币总市值达到2.4万亿美元的峰值，加密数字货币的数量已经近6000种。单只市值超过10亿美元的数字货币有77个，单只市值超过100万美元的数字货币有1600个。虽然对加密货币究竟应该定义为商品还是证券仍存在巨大争议，但毫无疑问的是加密货币已经成为瞩目且不可忽视的一类投资性资产。
本论文试图从金融资产分析框架和行为金融学角度出发，探究比特币和以太币这两只最具有代表性的数字货币的价格影响因素。本论文分别从宏观和微观两个维度探究两个维度下的因素对价格波动的影响。从宏观视角出发探究问题一：通缩发行机制、联储货币政策、以及中美监管政策对比特币及以太币价格的影响。从微观视角出发探究问题二：加密货币的应用、市场行为金融的视角看其比特币及以太币价格波动的影响。
本论文通过应用定性和定量相结合的研究分析方法，运用一系列时间序列回归模型、相关性分析、区间统计分析、经典行为金融学动能效应模型等工具对上述两个维度的问题进行深度研究和论证，发现各个角度中所涵盖的因素对以比特币和以太币为代表的数字货币价格的影响，同时涵盖了影响的方向和影响的层度，并构建多因素定价模型。
ContributorsLiu, Hongjie (Author) / Zhang, Zhongju (Thesis advisor) / Hu, Jie (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023