Matching Items (50)
Description无论是公募基金还是私募证券基金，基金经理的投资能力是影响其管理的基金的绩效的关键因素，如何挑选出拥有优秀的投资能力的基金经理，从而实现好的基金绩效，是一个无论是基金投资者还是基金公司都关注的问题。虽然已经有大量的学者研究基金经理的个人特征与基金绩效之间的关系，但是一方面是过往的而研究更侧重基金业绩的评价方面，另一方面是受限于数据的约束，研究也主要集中在公募基金行业。随着私募证券基金在信息披露等方面逐步规范，可用于比较研究的数据逐渐丰富和标准化，本文也借助美市科技的数据支持，重点分析私募证券基金的个人特征对其管理的基金绩效的影响。在前人研究的基础上，本文将基金总体绩效分解成为超额收益与总风险，并在此基础上将超额收益进一步分解成为选股能力及择时能力，将总风险进一步分解为系统性风险与非系统性风险。本文从生理特征、教育背景、从业时间这几个角度作为选择解释变量的依据，再将市场进一步分成牛市与熊市两个阶段，以更好地分析基金经理的个人特征和基金绩效之间的关系。
本文的研究结果显示：(1) 无论是牛市还是熊市，基金经理的性别特征对基金的绩效没有显著的影响关系。(2) 无论是牛市还是熊市，基金经理的学历与基金的总风险呈现显著的负向关系。并且在牛市中基金经理的学历因素与基金的综合绩效呈正相关的关系。(3) 基金经理的从业经验与基金的综合绩效呈负相关的关系。
ContributorsZhu, Yifan (Author) / Shi, Zhan (Thesis advisor) / Yan, Hong (Thesis advisor) / Chen, Hui (Committee member) / Chen, Andrew N.K. (Committee member) / Arizona State University (Publisher)
Created2022
Description
Private placement is an important financing tool for listed companies in China, and the lock-up arrangement is its supporting system. The Efficient Market Hypothesis suggests that, if investor expectations are unbiased, there will be no abnormal fluctuations in the stock prices of listed companies before and after the unlocking day. However, around the time of the unlocking of private placement shares, the stock prices generally show a V-shaped pattern.
Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities.
By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend.
Through the empirical analysis of the Chinese A-share stocks from May 8th,2006 to December 31st, 2016, I found that from the 40th day before the unlocking day to the 90th day after, the stock price showed an evident first-downward-then upward trend. The lowest price appeared near the unlocking day. Meanwhile, the greater stocks fall before the unlocking day, the greater prices rise after that. The characteristics of the distinctive difference between the stock prices before and after the unlocking day can provide investment opportunities.
By reviewing research on investor behavior, this paper suggests that the V-shaped pattern can be explained by the influence of investors’ psychological factors on their trading behavior. The general performance of the stocks before the unlocking day is negative due to the increasing uncertainty perceived by investors. After the unlocking day, the uncertainty gradually disappears and the stock rebounds. In addition, I found that stock returns during the lock-up period, shareholder background, and the length of lock-up period also had significant impacts on the V-shaped price trend.
ContributorsZhang, Hongwei (Author) / Zhu, Hongquan (Thesis advisor) / Yan, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
Description
Since the 2008 financial crisis, the total assets managed by U.S. mutual funds have frequently hit new highs and the industry has become increasingly concentrated. In the meantime, two strategies have emerged in the American mutual fund industry: active and passive management. What factors affect the market shares of firms that adopted these two different strategies?
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
Building on strategic management theories, I suggest that mutual fund families that adopted active and passive management strategies tend to compete in different dimensions. Active management fund families tend to implement the product differentiation strategy, competing on “product quality” through excess-returns, innovative and differentiated fund products; passively managed fund families focus more on "price competition" by conducting an overall cost leadership strategy.
This research examines the driven factors of fund families’ market share. The results show that: the market share of actively managed fund families is more sensitive to positive impact of fund performance, while passive management firms are more sensitive to negative effect of management fees and total loads; 12b-1 expense improves the competitiveness of active fund families and thus enhance their market shares but it has negative impact on passive fund families. In addition, high turnover decreases the market share of all fund families, especially for passively managed families. The outcome reveals the latest US mutual industry orientation: products differentiation, turnover, management fee have greater impact on market share while the competition of fund performance is diminishing. The Matthew effect in US mutual fund industry is outstanding. Industrial competition dimension expands from performance and products to cost cutting.
Empirical analysis on Chinese mutual fund families is also conducted. Different from the US, there is only small number of mutual fund families targeting passive management products. The results show that the distribution channel has the largest impact on Chinese mutual fund family market share and investors are more willing to chase performance than to consider cost-efficient fund families. This study then analyses reasons behind the difference of Chinese and American mutual fund industries.
ContributorsLiu, Jianping (Author) / Zhu, Hongquan (Thesis advisor) / Chang, Chun (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2018
Description城投债是地方政府投融资平台作为发行主体发行的债券，所融资金多被投入地方政府基础设施建设或者公益性项目，拥有地方政府信用的隐性担保。城投债在一定程度上缓解了地方政府在城市发展过程中资金的短缺问题，在我国城市化进程，促进当地经济发展，引导产业转型升级等方面做出了重大贡献。 随着城投债不断发展，代表城投债信用风险的主要考量点-城投债信用利差愈发备受关注。因为无论是城投债的承销机构，还是城投债的投资机构，包括涉及到城投债风险管控的政策制定部门，都会关注到城投债信用利差，那么影响城投债信用利差的影响因素有哪些呢，这些影响因素有哪些是对城投债信用利差有显著影响呢。 本文首先对城投债相关理论概念，包括政府投融资平台、城投债概念以及相关文献综述做了介绍；并指出了之前研究的一些不足之处等问题。同时对城投债的发展概况做了简要描述并进行了相关统计；其次针对影响城投债信用风险的相关因素进行了详细的分析，主要包括宏观经济因素分析、地方政府影响因素分析、发债主体影响因素分析和债项自身影响因素分析；通过分析每一种影响因素的具体情况，假设相关因素与信用利差的关系。然后再提取二手数据通过实证验证回归分析的方法分别验证假设是否成立，找出影响城投债信用风险的主要共同影响因素，同时得出影响最为强烈的几种因素。最后根据上述分析得出的相关结论， 提出防范与降低城投债信用风险的对策和建议。 该研究一方面引导市场正视城投债信用利差的各种因素，明确我们平时认为的影响因素和理论研究得出的影响因素是否一致；继而找到影响城投债信用利差的关键因素，供城 投债承销机构及投资机构做参考，同时提示城投债风险防范应重点关注的核心问题，为防范和降低城投债风险提供重要参考。
ContributorsLi, Juhui (Author) / Gu, Bin (Thesis advisor) / Liang, Bing (Thesis advisor) / Wang, Tan (Committee member) / Arizona State University (Publisher)
Created2019
Description当前中国经济面临严峻挑战，新冠肺炎疫情的三年对于中国的许多产业造成了非常大的冲击。这些领域和薄弱环节需要大量的公共投资来实现复苏和发展。然而，由于公共投资存在“政府失灵”和“市场失灵”的问题，开发性金融的作用变得异常重要。通过寻找政府和市场的合适边界，并采用良好的组织变革和金融创新来修正两种失灵，开发性金融可以为经济复苏提供重要的可持续解决方案。本文围绕外国政府贷款在中国运作开发性金融项目这一核心话题展开：首先，本文定义了开发性金融项目的特点，并借助Coase和Hart的相关理论区分了商业银行、政策性银行和开发性金融机构之间的不同特征。其次，本文采用理论分析的方法，从组织变革、金融创新两个角度，对EKPAC在中国的外国政府贷款成功经营发展进行了深入剖析，并找到了背后可持续、可复制的理论模型。最后，本文使用实证分析的方法，基于手动收集的EKPAC的开发性金融项目数据，探究外国政府贷款对地方产业的投资的影响，并发现外国政府贷款的使用对当地外资企业的公司的固定资产投资率存在挤入效应，即每增加1%的外国政府贷款，会使得当地外企投资水平上升0.7%。这些挤入效应源于当地营商环境的提升，与Hart的合约理论中对合约保护的重视一致。最后，本文进一步研究了外国政府贷款对关键产业的长期影响。
本文所研究的外国政府贷款模式对开发性金融的国际化应用具有广泛的价值。
ContributorsLi, Sirong (Author) / Shao, Benjamin (Thesis advisor) / Chang, Chun (Thesis advisor) / Pei, Ker-Wei (Committee member) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2023
Description2016年12月26日中国全面实施 “两票制”政策，“两票制”与“多票制”的不同就是药品销售发票的开具次数不同，“两票制”只能开两次发票，就是药品生产企业销售药品给医药流通企业可以开一次发票，医药流通企业销售药品给公立医疗机构可以再开一次发票，总共只能开两次发票。研究发现“两票制”对医药行业在股市层面和企业基本面层面的影响出现了背离现象；同时发现“两票制”对于上游企业的毛利率和销管费用率有正向影响，对于高市值企业的毛利率和二级行业集中度有正向影响，对国有控股企业的行业集中度有正向影响；对于总资产规模较小的企业的影响要大于规模较大企业；降低了患者的药费负担。
本文所研究的“发票”是指在中国境内购销商品，提供或者接受服务以及从事其他经营活动中，所开具和收取的收付款凭证。纳税人从事正常的生产经营活动，一方面要向收款方收取发票，同时也要向付款方开具发票。全国统一发票监制章的式样和发票版面印刷的要求，由国家税务总局规定，禁止私印、伪造、变造发票。
ContributorsYang, Dexin (Author) / Chen, Pei-Yu (Thesis advisor) / Yan, Hong (Thesis advisor) / Chang, Stanley (Committee member) / Arizona State University (Publisher)
Created2023
Description2012年，《绿色信贷指引》发布，标志着成熟的绿色信贷政策体系的开始，该政策奠定了绿色信贷的基础。在绿色信贷政策的影响下，绿色企业是否能够扩大融资规模，降低融资成本，优化融资结构，使得资金向碳中和领域投入；通过该政策，银行信贷实现对社会投资的撬动，能否发挥积极作用；在双碳目标下，现行政策在实现碳中和方面能否起到新的关键作用，尤其是在清洁能源发电等碳中和重点行业；绿色信贷政策是否可通过技术升级推动高碳企业实现低碳转型尚未可知。
为回答上述问题，本文将2012年《绿色信贷指引》的颁布作为准自然实验，以上市公司为样本，运用双重差分模型考察绿色信贷政策对企业融资活动的影响。并就产权性质、行业特征、环境规制压力以及地区发展程度等维度，探讨绿色信贷政策对相关企业融资活动影响的差异性。并结合商业银行相关分行2014-2022年对公表内贷款数据，对绿色与非绿色信贷规模以及加权利率进行对比趋势分析。
最后以上述实证结果为依据，结合商业银行绿色信贷实践，得到本文的主要发现：一是绿色激励过低，绿色属性对于企业融资成本的降低，未能够超过融资期限对融资成本的降低；二是在碳中和重点行业，绿色信贷对社会融资总量的带动能力较弱，体现银行绿色信贷与其他融资此消彼长的现象；三是绿色信贷对重污染行业长期债务规模未有显著影响，反映该企业有其他融资方式的替代，向高成本融资转移；四是重污染企业可通过技术升级实现绿色转型。
在新的双碳背景下，对现行绿色信贷政策提出相关建议：一是完善政策体系，对绿色标准进行统一，企业绿色属性在融资端应给与更高激励；二是现行政策对两高一剩行业的限制与转型起到积极作用，但在推进碳中和领域中需要提升政策适用性；三是该政策后续要在推进转型金融领域发挥更重要作用。
ContributorsZhu, Xiaozhe (Author) / Huang, Shawn (Thesis advisor) / Wang, Tan (Thesis advisor) / Liang, Bing (Committee member) / Arizona State University (Publisher)
Created2023
Description政府引导基金的兴起是近十年中国创投实践中最重要的现象之一。根据投中数据统计，截至2020年，国内共成立1,349支政府引导基金，政府引导基金自身总规模达21,452亿元。然而，引导基金存在资源盘活问题，根据清科私募通数据显示，截至2019年11月底，57%的政府引导基金尚未发生过投资，而已投资的项目中，存在明显的和市场化资金争夺利益的情况，并未发挥引导效果，主要系其作为公共资本，与社会资本在创投引导基金的目标选择上存在冲突，社会资本追求利润最大化, 而公共资本则追求政府特定目标的实现，因而势必要求一定的补偿机制存在。什么样的影响？实践中应该选择什么样的补偿机制？对于这些问题，无论是引导基金的中国实践还是学术研究成果，均没有形成一致的看法。因此本文通过手动搜集整理各级引导基金管理方法，对目前我国实际应用的补偿机制设计作出分类，并以此基准运用实证分析的方法，首先确认了政府引导基金的正向补偿机制（收益奖励和亏损弥补）能够通过缓解社会资本与公共资本的目标冲突显著提升股权投资机构的投资效率和对当地的返投意愿，而明股实债作为一种负面机制则会显著削弱其投资效率和返投意愿。在此基础上，本文进一步考察不同补偿方式及其组合对创投效率产生的异质性影响，从而为政策制定者科学制定让利机制提供参考。此外，相比于参股国有背景创投机构而言，引导基金参股非国有背景股权投资机构时提供正向补偿机制，对其投资效率和返投意愿的提升作用更明显。本文拓宽了股权投资机构提升投资效率的战略选择，对引导基金主管部门选择补偿机制也有一定的参考意义。
ContributorsRu, Xiaoqin (Author) / Zhu, David (Thesis advisor) / Chang, Chun (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2023
Description克服外来者劣势是提高新兴市场企业国际化绩效的关键，本文从高管团队构建视角出发，采用多案例比较研究，提炼了新兴市场企业在国际化进程中实施高管团队构建的过程模型，并分析了不同模式与不同阶段的国际化推进机制。新兴市场企业国际化的高管团队构建将经历“配置-适应-融合”三个阶段，配置是企业根据国际化基础与扩张需求选拔内外部高管的阶段，适应是内外部高管成员互动、交流并进行成员动态调整的阶段，融合是内外部高管成员合为一体、形成新组织结构与组织制度的阶段。同时，根据高管团队的核心领导力量的不同分为“内部适应模式”与“外部培育模式”。内部适应模式下，企业从内部选拔具备创业精神与学习适应能力的管理者作为内派高管，并在国际市场引入兼具专业特长与综合管理能力的海外高管，通过内派高管持续学习吸收海外高管的经验知识，最终形成以内派团队为领导核心，实现战略一致、分工有效、利益协同的国际化经营团队。其中，内派团队的创业精神、学习适应能力、沟通协调能力是提高国际化绩效的关键。外部培育模式下，企业在具有国际出口基础的市场上选拔具备创业意愿、专业能力与行业声誉的海外高管，并在内外部团队并行发展的过程中，有意识地促进双方融合并培育海外高管的创业能力，最终形成以海外高管为领导核心，实现战略协同、资源互补、愿景一致的国际化经营团队。其中，海外高管的创业意愿与沟通协作能力是实现团队融合的关键。
此外，在不同高管团队构建阶段，外来者劣势缓解与国际化绩效提升的机制有显著差异。配置阶段，高管特征与国际扩张战略诉求匹配是提升团队绩效的关键；适应阶段，国际身份塑造、社会网络扩张与新能力构建是提高企业国际化绩效的关键；融合阶段，合作机制与治理机制等制度优化是实现团队融合与国际化持续扩张的关键。
本研究基于高管团队构建视角提炼了不同国际化经验基础的企业实现高管团队构建的动态过程模型，丰富了新兴市场企业国际化、高管团队构建等理论研究，为面临国际扩张的新兴市场企业提供一定启示。
ContributorsLiu, Quan (Author) / Shen, Wei (Thesis advisor) / Shi, Weilei (Thesis advisor) / Yan, Hong (Committee member) / Arizona State University (Publisher)
Created2023
Description近几年来，科技创新已经成为高新技术企业发展的重要动力源泉，如何提高企业的创新绩效，增强企业的竞争力，一直以来都是广大学者讨论的热点。高管是公司的核心，也是公司战略决策机构的主体，同时还是企业与内外部环境进行联系的重要纽带。高管的学习力会影响到高管群体职能的发挥，更会影响到企业的决策，这对企业的创新绩效有着母庸置疑的影响。目前，对于高管个人学习力的研究文献较少，关于高管学习力对创新绩效的作用机制的研究更是匮乏。高管学习力与创新绩效是怎么样的关系，哪些要素影响到了这两者的关系，都是需要进行深入挖掘的问题。本文深入探究了高管学习力与创新绩效的关系，并详细分析了高管学习力对创新绩效的影响路径和影响机制。主要的研究内容如下：
本文根据基础理论，分析了学习的转化机制与企业动态能力之间的关系，建立起本文的研究模型。利用陈国权的个人学习力模型，将高管学习力分为9个维度，同时确定组织学习为中介变量，调节变量确定为主动性人格与环境动态性。基于研究模型和现有的文献内容，本文提出了研究假设。而后通过问卷的方式收集到相关数据，通过对数据进行信度分析、效度分析和相关性分析后，确定了数据的可靠性。最后，通过描述性分析，回归分析的方法对研究假设进行了验证。
最终本文得出了以下结论：
（1）高管学习力能够正向影响到创新绩效。（2）高管学习力能够正向影响到组织学习。（3）组织学习能够正向影响到创新绩效。（4）在高管学习力与创新绩效的关系中，组织学习起到中介作用。（5）在高管学习力与组织学习的关系中，主动性人格起到正向调节作用。（6）在组织学习与创新绩效的关系中，环境动态性起到正向调节作用。
基于上述研究成果，本文对高管学习力和创新绩效之间的关系探究做了一次有益的尝试，为广大的企业和学者提供了一个崭新的思路和视角。同时也丰富了关于高管学习力和企业创新绩效的相关研究内容。
ContributorsTu, Yihua (Author) / Zhu, David (Thesis advisor) / Yan, Hong (Thesis advisor) / Hong, Yili (Committee member) / Arizona State University (Publisher)
Created2023