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Analysis of Regulation Policies in May 2021 on Cryptocurrency Market 2021年5月加密货币市场监管政策分析
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572673
Jingxiang Su, Xinran Li, Mingchen Zhang, Ziyao Jin
In May 2021, Chinese government issued a series of policies to strengthen the supervision of cryptocurrency market. Based on the principle of event study and combing of Chinese and American cryptocurrency policies, this paper selects May 18 as the event announcement day and constant mean return models are constructed to measure the abnormal returns of top ten market value coins. It is found that the strengthening of regulatory policies had an evidently negative influence on the market. Combined with the analysis of the features of typical cryptocurrencies, this paper figures out that on the whole there is a strong correlation between the abnormal returns of currencies in the cryptocurrency market. At the same time, by analyzing the performance of daily abnormal returns of Bitcoin and Ether in the event window, this study draws a conclusion that investors in that market have patent speculativeness. In addition, complimentary survey on stable coin is also done to verify the overall policy impact, which indicates that the market value fluctuation of stable coin is consistent with the abnormal return changes of the whole market. On this basis, through information query and literature reference, this paper also forecasts the evolution trend of regulatory policies in various countries and the development of the overall cryptocurrency market by period.
2021年5月,中国政府发布了一系列政策,加强对加密货币市场的监管。基于事件研究原理,结合中美两国加密货币政策,本文选择5月18日作为事件公告日,构建恒均值收益模型,对市值排名前十位的加密货币的异常收益进行测度。研究发现,监管政策的加强对市场产生了明显的负面影响。结合对典型加密货币特征的分析,本文认为从整体上看,加密货币市场中货币的异常收益之间存在很强的相关性。同时,通过分析比特币和以太币在事件窗口的日异常收益表现,得出该市场的投资者具有专利投机性的结论。此外,本文还对稳定币进行了补充调查,验证了政策的整体影响,结果表明稳定币的市场价值波动与整个市场的异常收益变化是一致的。在此基础上,通过资料查询和文献参考,按时期预测各国监管政策的演变趋势和整个加密货币市场的发展。
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引用次数: 0
Organizing and Promoting e-Public Services: Case of Macao E-Government Approach 组织和推动电子公共服务:以澳门电子政务为例
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572676
Ngai Cheong, Lue Li, Xi Wang
In order to promote E-Government development, the Macao Special Administrative Region (SAR) government has put forward three five-year outlines of the infrastructure construction of E-Government in 2005, 2007, and 2015, respectively. The purposes of these development outlines were basically centralized approaches (motivations from top management), like "top-down” structure, to develop the infrastructure construction of E-Government. Therefore, the Macao SAR government has appropriated a large budget for these items. However, the progress of the whole E-Government in Macao is not in accordance with the above-planned outlines mentioned, and the overall situation is not satisfactory to the Macau citizen. The public and many members of the executive council have often expressed dissatisfaction with the overall development of the E-Government. This paper analyzes the reasons for the unsatisfactory of E-Government in Macao, and proposes an effective approach, that is from a centralized structure to a decentralized cluster since it is much more suitable for the development trend of electronic technology, and a better chance to the success, not only beneficial to the development of Macao E-Government but also as well as the experiences of developing E-Government in other countries and regions, which may expand the coverage of E-Government, effectively reducing administrative operating costs and improving operating efficiency.
为推动电子政务的发展,澳门特别行政区政府分别于2005年、2007年和2015年提出了三个电子政务基础设施建设五年纲要。这些发展纲要的目的基本上是采用“自上而下”结构等集中式方法(高层激励)来发展电子政务的基础设施建设。因此,澳门特别行政区政府拨出大量预算用于这些项目。然而,澳门整个电子政务的进展并不符合上述规划纲要,整体情况并不令澳门市民满意。市民和不少行政会议成员经常对电子政府的整体发展表示不满。本文分析了澳门电子政务发展不尽如人意的原因,提出了由集中式结构向分散式集群结构转变的有效途径,因为这更符合电子技术的发展趋势,更有可能取得成功,这不仅有利于澳门电子政务的发展,也有利于借鉴其他国家和地区发展电子政务的经验。可以扩大电子政务的覆盖范围,有效降低行政运作成本,提高运作效率。
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引用次数: 0
Indonesian Banking Performance: Impact of Intellectual Capital Analysis 印尼银行业绩效:智力资本分析的影响
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572675
K. Deniswara, Stephen Kusuma, Brian Chouvinsen, Sebastian Prasetya Kresnandita, Veronica Veronica
The digital banking 4.0 era provides more innovative opportunities for Indonesian banks in providing services to customers as innovation plays a role in answering the rapidly growing competition but changes in consumer behavior require banks to adapt more to digital technology. Thus, this study has the main purpose to measure intellectual capital efficiency and to analyze its association with the return on assets and return of equity as a proxy for profitability and asset turnover as a proxy for the productivity of 24 Indonesian banks between 2016 and 2021. The adjusted value-added intellectual coefficient (A-VAIC) model has been used to measure the hidden value of the firms to make an impact in value creation. Our results show that A-VAIC and one of its components Capital Employed Efficiency (CEE) have significant relationship with ROA, ROE, and ATO. While HCE and INVCE are insignificant for all the financial performance measures.
数字银行4.0时代为印尼银行在为客户提供服务方面提供了更多的创新机会,因为创新在应对快速增长的竞争中发挥了作用,但消费者行为的变化要求银行更多地适应数字技术。因此,本研究的主要目的是衡量智力资本效率,并分析其与资产回报率和股本回报率之间的关系,作为盈利能力和资产周转率的代理,作为2016年至2021年间24家印尼银行生产率的代理。本文采用调整后的增值智力系数(A-VAIC)模型来衡量企业的隐性价值,从而对价值创造产生影响。研究结果表明,A-VAIC及其成分之一的资本利用效率(CEE)与ROA、ROE和ATO之间存在显著的相关关系。而HCE和INVCE对所有财务绩效指标都不重要。
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引用次数: 0
Correlation between CBCFI and Carbon Trading Price Mining from An Econometric Perspective 计量经济学视角下CBCFI与碳交易价格挖掘的相关性
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572683
Jianli Li, Wei Xiao, Yuanyuan Hu, Songlin Li, Xin Tang
As China's carbon emissions trading market continues to develop, the study of factors affecting carbon trading prices has become increasingly important. Data mining is a kind of analyzing technology of considering from the data itself, carrying on the scientific classification, estimation, prediction, and sequence pattern mining. The mining process is capable to provide good support for decision making. Data mining also has certain applications in carbon trading price analysis. This paper investigates the relationship between carbon trading price and CBCFI based on econometric methods, so as to obtain more accurate data analysis results, and provide more reliable trading strategies for carbon rights trading. Econometrics, a comprehensive discipline combining statistics, computer science and economics, has been widely used in the field of carbon emissions trading and is an excellent choice to study the correlation between China's coastal coal transportation price index and carbon trading prices. We constructed a VAR model using the China Coastal Coal Transportation Price Index and the China Carbon Emissions Trading Market Index to determine the mechanism of the relationship between these two indices. According to the results of this study, there is a one-way Granger causality between the carbon emission trading price and the China carbon market price index. Moreover, a hybrid nonlinear model of VAR and BP was constructed to forecast the CBCFI and carbon trading price, where results indicated the nonlinear combination model work well with both objects.
随着中国碳排放权交易市场的不断发展,对碳交易价格影响因素的研究变得越来越重要。数据挖掘是一种从数据本身出发,进行科学分类、估计、预测和序列模式挖掘的分析技术。挖掘过程能够为决策提供良好的支持。数据挖掘在碳交易价格分析中也有一定的应用。本文运用计量经济学方法对碳交易价格与CBCFI之间的关系进行研究,以期获得更准确的数据分析结果,为碳权交易提供更可靠的交易策略。计量经济学是统计学、计算机科学和经济学相结合的综合性学科,在碳排放交易领域得到了广泛的应用,是研究中国沿海煤炭运输价格指数与碳交易价格相关性的绝佳选择。利用中国沿海煤炭运输价格指数和中国碳排放交易市场指数构建VAR模型,确定两者之间的关系机制。研究结果表明,碳排放交易价格与中国碳市场价格指数之间存在单向格兰杰因果关系。此外,构建了VAR和BP的混合非线性模型来预测CBCFI和碳交易价格,结果表明非线性组合模型对两者都有较好的预测效果。
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引用次数: 0
Are Financial Excesses Listed Companies Generous in the Audit Fees: Empirical Evidence from China? 财务过剩上市公司对审计费用慷慨吗:来自中国的经验证据?
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572697
S. Gan, Xiangyu Liu, Tong Wu
The financial condition of "no actual borrowing" is more obvious in Japanese companies, while in China "no actual borrowing" is further extended and interpreted as "Financial excesses". According to the research findings, the phenomenon of financial excesses is also common in Chinese listed companies. The impact of financial excesses enterprises on audit decision-making is still unclear. This article takes the Shanghai and Shenzhen A-shares from 2010 to 2019 as a sample of financially excesses companies for 10 consecutive years. We use Logit and OLS model to test the hypothesis. Will financial excesses listed companies give priority to the "big four" in the selection of accounting firms? Will financial excesses listed companies be generous in the audit fees? The conclusions of this paper are as follows:financial excesses is negatively correlated with the choice of accounting firms. The higher the financial excesses, the more likely the firms are to choose the non-big4 accounting firms. Financial excesses is negatively correlated with the annual audit fee of the enterprise. The higher the financial excesses, the lower the annual audit fee of the enterprise. Our findings have important practical significance and academic value for understanding the relationship between financial excesses and audit decision-making.
“无实际借款”的财务状况在日本企业中更为明显,而在中国,“无实际借款”被进一步延伸,解释为“金融过度”。研究发现,中国上市公司的财务过度现象也很普遍。财务过剩企业对审计决策的影响尚不清楚。本文以2010 - 2019年沪深a股连续10年的财务过剩公司为样本。我们使用Logit和OLS模型来检验假设。金融过剩的上市公司在选择会计师事务所时会优先考虑“四大”吗?财务过剩的上市公司会慷慨地支付审计费用吗?本文的结论是:财务过剩与会计师事务所的选择呈负相关。财务过度程度越高,公司越有可能选择非四大会计师事务所。财务过度与企业年度审计费用呈负相关。财务超支越高,企业的年度审计费用越低。本文的研究结果对于理解财务过度与审计决策之间的关系具有重要的现实意义和学术价值。
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引用次数: 0
Exploratory Analysis of e-Government Implementations and Blockchain Technology on Document and Identity Verification of Overseas Filipino Workers 电子政务实施和区块链技术在海外菲律宾工人证件和身份验证中的探索性分析
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572680
M. Samonte, Ellanie Oray, Karel S. San Juan
The digitalization of Philippine government agencies has started and progressed significantly in the past years. Most, if not all, government agencies already have an established online services system or web application that serves Filipino citizens across the world. However, the connections between these separate systems can mean that some processes can start online and still be completed via a manual offline process. Simple document verification and certificate generation still usually happen through in-person transactions. This systematic review examines relevant literature on e-government, document verification and identity verification, and blockchain and the challenges involved in verifying a document or identity in different business or government agency settings. Some suggestions are proposed for the future research to decide on a more focused system to digitalize the process of the issuance of a certificate.
在过去的几年里,菲律宾政府机构的数字化已经开始并取得了重大进展。大多数(如果不是全部的话)政府机构已经建立了在线服务系统或网络应用程序,为世界各地的菲律宾公民提供服务。然而,这些独立系统之间的连接可能意味着一些流程可以在线启动,并且仍然可以通过手动脱机流程完成。简单的文件验证和证书生成通常仍然通过面对面的交易进行。本系统回顾了电子政务、文件验证和身份验证的相关文献,以及区块链和在不同的商业或政府机构设置中验证文件或身份所涉及的挑战。并对未来的研究提出了一些建议,以确定一个更有针对性的系统来实现证书颁发过程的数字化。
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引用次数: 0
China's Cross-Border E-Commerce Problems and Solutions from the Perspective of block chain 区块链视角下的中国跨境电子商务问题及解决方案
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572652
Dan Liu
In order to adapt to the current economic globalization, traditional commerce has been transformed and upgraded, cross-border e-commerce emerged at the historic moment and developed rapidly, which not only promoted the growth of China's foreign trade and national economy, but also promoted the diversification of China's economy.The cross-border logistics, cross-border payment and cross-border quality problems in the development process of cross-border e-commerce have also become the constraints of cross-border e-commerce. In terms of current economic development, relevant block chain technologies have been put into the field of cross-border e-commerce, and scene application has been carried out in the aspects of origin traceability and quality tracking of imported products.Based on the data tamperability, time stamp technology, point to point transmission technology, distributed technology of the block chain technology are further put into use for cross-border e-commerce, which can solve some of the current and future disputes of cross-border e-commerce.In the future,the extensive application of block chain technology will bring more and more perfect rules and regulations of cross-border e-commerce.The advantages of cross-border e-commerce are more and more obvious, which will lead to more and more rapid economic development.
为了适应当前的经济全球化,传统商务得到了转型升级,跨境电子商务应运而生并迅速发展,不仅促进了中国对外贸易和国民经济的增长,也促进了中国经济的多元化发展。跨境电商发展过程中出现的跨境物流、跨境支付、跨境质量等问题也成为制约跨境电商发展的因素。就当前经济发展而言,相关区块链技术已经投入到跨境电商领域,在进口产品原产地溯源、质量跟踪等方面进行了场景化应用。基于数据的可篡改性,将时间戳技术、点对点传输技术、区块链技术的分布式技术进一步应用到跨境电子商务中,可以解决当前和未来跨境电子商务的一些争议。未来,区块链技术的广泛应用将带来越来越完善的跨境电商规章制度。跨境电子商务的优势越来越明显,这将导致经济越来越快速的发展。
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引用次数: 0
The Influence of Innovation Resistance and Subjective Norms on the Adoption of Mobile Payment in Taiwan's Traditional Business Districts 创新阻力与主观规范对台湾传统商圈移动支付采用的影响
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572663
Chi-Chieh Hsieh, I. Chiang
The popularity of the Internet and smartphones has led to the rapid development of mobile payment. Because of its fast, convenient and contact-free characteristics, it has accelerated the utilization rate of mobile payment in the context of the raging of COVID-19. Even so, merchants in traditional business circles in Taiwan still do not provide mobile payment services. Secondly, most of the current literature on mobile payment is still discussing the usage behavior of consumers, and there are few related researches on merchants. Therefore, this study takes merchants in the Dadaocheng business district of Taipei City as the research object, and explores the influence of subjective norms on the introduction of mobile payment by traditional merchants through one-to-one interviews. The research result is that the handling fee will increase the operating cost, affect the profit of the store, and become the main obstacle to the implementation. However, merchants will pay attention to the use of mobile payment by surrounding stores, and will affect the decision of store A as to whether to install.
互联网和智能手机的普及带动了移动支付的快速发展。由于其快速、方便、无接触的特点,在新冠疫情肆虐的背景下,加快了移动支付的使用率。即便如此,台湾传统商圈的商家仍然不提供移动支付服务。其次,目前关于移动支付的文献大多还停留在讨论消费者的使用行为,对商家的相关研究很少。因此,本研究以台北市大道城商圈商家为研究对象,通过一对一访谈的方式,探讨主观规范对传统商家引入移动支付的影响。研究结果表明,搬运费用会增加经营成本,影响店铺利润,成为实施的主要障碍。但是,商家会关注周边店铺对移动支付的使用情况,会影响到A店是否安装的决定。
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引用次数: 0
Sentiment Analysis on Book Reviews Using Convolutional Neural Network (CNN) Long Short-Term Memory (LSTM) Hybrid 基于卷积神经网络(CNN)和长短期记忆(LSTM)混合的书评情感分析
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572666
Lenz Baron S. Balita, Kyle Matthew A. Degrano, Andrei Daniel A. Pamoso, Joel C. De Goma
Sentiment analysis is one of the most prominent methods on gathering and analyzing insightful textual data from various sources. The information produced from such a method can be imperative in understanding the general public's sentiment on a certain product or service. Over the years, countless sentiment analysis models have already been established using known algorithms such as Naive Bayes, Support Vector Machine, and many more. However, with the advent of novel technologies and neural networking, recent studies have employed Convolutional Neural Network (CNN) and Long Short-Term Memory (LSTM) Recurrent Neural Network together to formulate more efficient and modernized models (Rehman, Malik, Raza, & Ali, 2019). As such, the study proposed a similar model to analyze the sentiments of book user reviews from GoodReads categorized according to three distinct genres – children's, young adults’, and romance. The paper also aimed to determine the viability and effects of amalgamating features such as Word2Vec, POS, and SenticNet to the overall accuracy (Ayutthaya & Pasupa, 2018). Once the model was trained to the procured dataset, the results suggested that combining Word Embedding, POS, and SenticNet features drastically improves its performance in contrast to other tested variations. Amalgamating the three features to a CNN-LSTM hybrid model yielded an F1-score of 90%; whilst other variants with lacking features or a standalone CNN or LSTM model only resulted to F1-scores around 86% below. Graphing the performance of all the constructed models to an ROC curve also indicated the effectiveness of the proposed model – having an AUC value of 0.9588.
情感分析是收集和分析各种来源的文本数据的最重要的方法之一。这种方法产生的信息对于了解公众对某种产品或服务的看法是必不可少的。多年来,已经建立了无数的情感分析模型,使用已知的算法,如朴素贝叶斯,支持向量机等。然而,随着新技术和神经网络的出现,最近的研究将卷积神经网络(CNN)和长短期记忆(LSTM)递归神经网络一起用于制定更高效和现代化的模型(Rehman, Malik, Raza, & Ali, 2019)。因此,该研究提出了一个类似的模型来分析GoodReads上根据三种不同类型(儿童、青少年和浪漫)分类的图书用户评论的情绪。本文还旨在确定合并Word2Vec, POS和SenticNet等特征对整体准确性的可行性和影响(Ayutthaya & Pasupa, 2018)。一旦模型被训练到获取的数据集,结果表明,与其他测试变量相比,结合Word Embedding, POS和SenticNet特征大大提高了其性能。将这三个特征合并到CNN-LSTM混合模型中,f1得分为90%;而其他缺乏特征的变体或独立的CNN或LSTM模型仅导致f1得分低于86%左右。将所有构建的模型的性能绘制成ROC曲线也表明了所提出模型的有效性- AUC值为0.9588。
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引用次数: 0
ePondo: A Web-Based Rewards Crowdfunding Platform ePondo:基于网络的奖励众筹平台
Pub Date : 2022-10-14 DOI: 10.1145/3572647.3572662
W. Rey, Patricia Mae S. Gacusan, Ma. Nicole Dominique S. Leynes, Rey Martin A. Destacamento
The rising population of Filipinos under the poverty line is an increasing concern for the Philippines. Furthermore, the government has provided solutions such as 4Ps to attenuate the numbers. Still, there remains improvement and opportunities beyond these that can contribute to the initiative of the government to reduce poverty in the Philippines. This study aims to develop an application and explore how a rewards crowdfunding platform assists low-income and poor Filipino families through cash grant donations from crowdfunding campaigns and income revenue with commission rewards from small job opportunities in the form of services. With the same concept of the 4Ps of providing human capital investment, this study utilizes a rewards crowdfunding platform to crowdfund human capital investments through donations towards campaigns. In addition, incorporating an income revenue with commission rewards process through small job opportunities in the form of services. The study found that ePondo as a tool could generate service earnings income with commission rewards. Moreover, there were no generated campaign donations during this study. Still, users were found to have high positive endorsement support and continuation rate for campaigns and services, showing that ePondo is a high-yield tool that can assist low-income and poor Filipino families in balancing income generation with expenses output for expenses households.
越来越多的菲律宾人生活在贫困线以下,这是菲律宾日益关注的问题。此外,政府还提供了4p等解决方案来减少数字。然而,除此之外,仍有改善和机会可以为菲律宾政府减少贫困的倡议做出贡献。本研究旨在开发一个应用程序,并探索奖励众筹平台如何通过众筹活动的现金捐赠和小额工作机会的佣金奖励收入来帮助低收入和贫困的菲律宾家庭。与4p提供人力资本投资的概念相同,本研究利用奖励众筹平台,通过向活动捐款来众筹人力资本投资。此外,通过以服务的形式提供小的工作机会,将收入与佣金奖励结合起来。研究发现,ePondo作为一种工具可以产生带有佣金奖励的服务收益收入。此外,在本研究中没有产生竞选捐款。尽管如此,用户对活动和服务的积极支持和持续率仍然很高,这表明ePondo是一个高收益的工具,可以帮助低收入和贫困的菲律宾家庭平衡收入和支出产出。
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引用次数: 0
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Proceedings of the 2022 6th International Conference on E-Business and Internet
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