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The city of Shanghai is set to become an international financial center (IFC) by 2020. To achieve this goal, it is imperative to clearly define the key characteristics of an IFC. In this study I draw from recent research on the ranking of IFCs to develop an index of these key characteristics that can be used to assess a city’s standings as an IFC. Based on a review of prior research, I first put together a comprehensive list of the indicators that have been used to evaluate IFCs, which includes six first-level indicators and 34 second-level indicators. I then collect information on all these indicators from public sources for the following eight cities each year from 2011 to 2013: London, New York, Paris, Hong Kong, Tokyo, Singapore, Beijing and Shanghai. Next, I conduct a principal component analysis (PCA) on my data, and obtain four primary factors that contain most information of the original 34 indicators. The first factor covers 18 of the original indicators and reflects a city’s level of development in general business environment. The second factor covers 10 of the original indicators and reflects a city’s level of development in financial markets. The third factor covers three of the original indicators and reflects a city’s level of economic vitality. The fourth factor covers three of the original indicators and reflects a city’s level of the costs of living. I further calculate the composite scores for the above eight cities along these four factors, and find that these eight cities can be classified into three tiers on the basis of their scores. The first tier consists of New York and London; the second tier consists of Singapore, Hong Kong, Paris and Tokyo; and the third tier consists of Shanghai and Beijing. I also find that Shanghai has been making progress in its scores along these four factors over the last three years, especially regarding financial market development, economic vitality, and cost of living. What Shanghai needs to focus on next is to improve its business environment so that it can move up to the second tier in IFC status.
ContributorsWang, Weiren, Ph.D (Author) / Yao, David (Thesis advisor) / Gu, Bin (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015
Description
In the last two years, China’s booming of Internet Finance Platform made significant impacts on three dimensions. Compared with the conventional market, Internet Finance is asserted to open a revolutionary pathway of lending where by small and mid-sized companies may overcome the financing dilemma on credit accessibility and high cost. In other words, Internet Finance is hyped to be able to reduce information asymmetry, enhance allocation efficiency of resources, and promote product and process innovations for the financial institutions. However, the core essence of Internet Finance rests on risk assessment and control – a fundamental element applies to all forms of financing. Most current practice of internet finance on risk assessment and control remains unchanged from the mindset of traditional banking practices for small and medium sized firms. Hence, the same problems persisted and may only become even worse under the internet finance platform if no innovations take place.
In this thesis, the author proposed and tested a credit risk assessment model using data analytics techniques through an in-depth cases study with actual transaction data. Specifically, based on the 30,000 observations collected from actual transactional data from small and medium size firms of China’s home furnishing industry. The preliminary results are promising in spite of the limitations. The thesis concludes with the findings of relevance to improve the current practices and suggests areas of future research.
In this thesis, the author proposed and tested a credit risk assessment model using data analytics techniques through an in-depth cases study with actual transaction data. Specifically, based on the 30,000 observations collected from actual transactional data from small and medium size firms of China’s home furnishing industry. The preliminary results are promising in spite of the limitations. The thesis concludes with the findings of relevance to improve the current practices and suggests areas of future research.
ContributorsZhang, Qi (Author) / Pei, Ker-Wei (Thesis advisor) / Gu, Bin (Thesis advisor) / Cui, Haitao (Committee member) / Arizona State University (Publisher)
Created2016
Description
With the rapid rise of distributed generation, Internet of Things, and mobile Internet, both U.S. and European smart home manufacturers have developed energy management solutions for individual usage. These applications help people manage their energy consumption more efficiently. Domestic manufacturers have also launched similar products.
This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of two separate behavioural concepts: Energy Management Intention (EMI), and the traditional Energy Saving Intention (ESI).
Secondly, the author conducts statistical analyses on these two behavioural concepts. EMI is the main driver behind an individual’s EMB. EMI is affected by Behavioural Attitudes, Subjective Norms, and Perceived Behavioural Control (PBC). Among these three key factors, PBC exerts the strongest influence. This implies that the promotion of the energy management concept is mainly driven by good application user experience (UX). The traditional ESI also demonstrates positive influence on EMB, but its impact is weaker than the impacts arising under EMI’s three factors. In other words, the government and manufacturers may not be able to change an individual's energy management behaviour if they rely solely on their traditional promotion strategies. In addition, the study finds that the government may achieve better promotional results by launching subsidies to the manufacturers of these kinds of applications and smart appliances.
This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of two separate behavioural concepts: Energy Management Intention (EMI), and the traditional Energy Saving Intention (ESI).
Secondly, the author conducts statistical analyses on these two behavioural concepts. EMI is the main driver behind an individual’s EMB. EMI is affected by Behavioural Attitudes, Subjective Norms, and Perceived Behavioural Control (PBC). Among these three key factors, PBC exerts the strongest influence. This implies that the promotion of the energy management concept is mainly driven by good application user experience (UX). The traditional ESI also demonstrates positive influence on EMB, but its impact is weaker than the impacts arising under EMI’s three factors. In other words, the government and manufacturers may not be able to change an individual's energy management behaviour if they rely solely on their traditional promotion strategies. In addition, the study finds that the government may achieve better promotional results by launching subsidies to the manufacturers of these kinds of applications and smart appliances.
ContributorsFan, Yanfeng (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Committee member) / Chen, Xiaoping (Committee member) / Arizona State University (Publisher)
Created2016
Description
Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I examined how different state-owned firms vary in their approaches on managerial stock compensation design using a case study approach. The thesis concludes with a summary of major findings and a discussion of policy implications.
ContributorsAn, Hongjun (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
Description
Using historical data from the third-party payment acquiring industry, I develop a statistical model to predict the probability of fraudulent transactions by the merchants. The model consists of two levels of analysis – the first focuses on fraud detection at the store level, and the second focuses on fraud detection at the merchant level by aggregating store level data to the merchant level for merchants with multiple stores. My purpose is to put the model into business operations, helping to identify fraudulent merchants at the time of transactions and thus mitigate the risk exposure of the payment acquiring businesses. The model developed in this study is distinct from existing fraud detection models in three important aspects. First, it predicts the probability of fraud at the merchant level, as opposed to at the transaction level or by the cardholders. Second, it is developed by applying machine learning algorithms and logistical regressions to all the transaction level and merchant level variables collected from real business operations, rather than relying on the experiences and analytical abilities of business experts as in the development of traditional expert systems. Third, instead of using a small sample, I develop and test the model using a huge sample that consists of over 600,000 merchants and 10 million transactions per month. I conclude this study with a discussion of the model’s possible applications in practice as well as its implications for future research.
ContributorsZhou, Ye (Author) / Chen, Hong (Thesis advisor) / Gu, Bin (Thesis advisor) / Chao, Xiuli (Committee member) / Arizona State University (Publisher)
Created2015
Description
In this study I investigate the factors that may influence consumer preference and choice in China’s home interior decoration industry. With the fast development of information technology such as the internet in China, it becomes increasingly important to have a more precise understanding of consumer preference and choice in home interior decoration decisions so that companies in this industry can provide better services to meet customer needs. Using survey data from a sample of potential customers and a sample of existing customers of a large home interior decoration company, I find that (1) internet has become the mostly used channel by consumers to gather information about home interior decoration, (2) design style is the most influential factor in consumers’ choice of home interior decoration company, and (3) consumers are more likely to choose home interior decoration companies to provide full services when they are between 35 to 45 years old or above 55 years old, when it is the first time for them to purchase a real estate property, and when they are located in the Eastern region of China. Findings of this study can help home interior decoration companies better understand customer needs and preferences, facilitate changes in their marketing and sales strategies, and consequently strengthen their competitive advantage．
ContributorsYang, Jin (Author) / Shen, Wei (Thesis advisor) / Zhang, Anmin (Committee member) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2015
Description
In this thesis I examine the opportunities and challenges faced by the community banks in China. Rooted in the local communities, community banks generally focus on serving the local residents, farmers, and micro and small business enterprises (MSBE) through relationship building. Although community banks tend to be small relative to the other financial institutions, their unique market positions and business strategies have helped them to survive the competition and secure some market shares. Thus, it is important to understand the business strategies of community banks and to explore their future business opportunities and challenges.
I first provide a brief overview about the importance of local communities, community economy, and community banking, on the basis of an analysis about mismatch in the demand and supply of community financial services due to information asymmetry. Next, I review and analyze how commercial banks have utilized different types of information in their operations. I classify the information used by commercial banks into different categories and discuss their importance to the operations of commercial banks. After that, I conduct a case analysis to illustrate the role of non-financial information in the development of community banks’ business strategy. I conclude this thesis with a discussion of how community banks can better utilize data analysis to develop their core competencies in the era of “Big Data”.
I first provide a brief overview about the importance of local communities, community economy, and community banking, on the basis of an analysis about mismatch in the demand and supply of community financial services due to information asymmetry. Next, I review and analyze how commercial banks have utilized different types of information in their operations. I classify the information used by commercial banks into different categories and discuss their importance to the operations of commercial banks. After that, I conduct a case analysis to illustrate the role of non-financial information in the development of community banks’ business strategy. I conclude this thesis with a discussion of how community banks can better utilize data analysis to develop their core competencies in the era of “Big Data”.
ContributorsHou, Funing (Author) / Li, Feng (Thesis advisor) / Wang, Jiang (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2015
Description
With years of continuous Chinese economic growth and accelerating aging population, better serving the changing demands in wealth management has become the new market development directions. As evidenced in international experiences, the embedded nature of privacy and isolation of managed assets in the trust business have demonstrated built-in consistency with the needs of high-end wealth management and inheritance; hence, trust has become a very fitting vehicle for wealth management. By 2014, total assets under trust management have reached RMB14trillion.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
However, there is as yet a massive gap between the current service levels received by high net worth individuals and their requirements; a gap that is adverse in establishing a stable customer service relationship; which eventually hinders the vigorous development of the overall industry.
With modeling the gaps in service levels as the basic foundation, this paper first and foremost starts with the discussion on the issues in listening to service needs. This paper conducted customer surveys in such categories as customer expected and perceived service quality, service level design and standards, service provided in accordance with the design, and service commitment actually fulfilled. By correlation and regression analyses, this paper analyzed the characteristics of high net worth population, concluding that high net worth individuals with different gender, profession, age exhibit varying needs, preferences and other determining factors in wealth management.
This Paper has designed wealth management service standards and value-added asset allocation systems; the Paper has structured a systematic and disciplined framework in wealth management, which serves as a guideline in the implementation of leading wealth management and in the establishment of superior trust management services. It serves as an impetus for the trust industry to thrive as the leader in China’s wealth management domain, enhance industry brand image, accumulate stable customer segments and develop sustainable market core competencies.
ContributorsZhao, Nuan (Author) / Wang, Jiang (Thesis advisor) / Gu, Bin (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2015
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
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.
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