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Financial Market Development and Income Distribution Inequality in the Emerging Markets 新兴市场金融市场发展与收入分配不平等
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.653
Dingli Xi
The disruptive effects of the subprime financial crisis have raised new global concerns toward the increasing income distribution inequality. Nowadays, it has become one of the mainstays of public and scientific discourse around the world. Theoretical financial Kuznets curve suggests that the relationship between financial market development and income distribution inequality follows an inverted U-shaped pattern. However, current literature failed to support this hypothesis. The expansion of the financial market truly provides more relative opportunities for the poor which benefits the equalization. But those advantage opportunities are likely to be captured by some specific groups instead of all population. The majority literature on this academic field focus on developed countries with cross-sectional and panel data analysis that providing controversial results. They emphasize the financial development as a consequence of economic growth without deep analysis of the financial market development as an independent entity in determining the inequality. This study proposes to use a more comprehensive and rigorous method to identify the direct relationship between financial market development and income distribution inequality in 10 most typical emerging markets. Both short-run and long-run impacts of financial market development on income distribution inequality are examined and defined by utilizing time-series data and error-correction modelling technique. By providing a better understanding of the relationship, the findings of the research would make contributions to financial market policy adjustments in developing countries.
次贷金融危机的破坏性影响引发了全球对收入分配不平等加剧的新担忧。如今,它已成为世界各地公共和科学话语的支柱之一。理论金融库兹涅茨曲线表明,金融市场发展与收入分配不平等之间的关系呈倒u型。然而,目前的文献并不能支持这一假设。金融市场的扩大确实为穷人提供了更多相对的机会,这有利于平等。但是这些有利的机会很可能被某些特定的群体所抓住,而不是所有的人。这一学术领域的大多数文献集中在发达国家,采用横断面和面板数据分析,提供了有争议的结果。他们强调金融发展是经济增长的结果,而没有深入分析金融市场发展作为一个独立实体来确定不平等。本研究建议使用更全面和严格的方法来识别10个最典型的新兴市场的金融市场发展与收入分配不平等之间的直接关系。金融市场发展对收入分配不平等的短期和长期影响通过使用时间序列数据和误差校正建模技术进行检验和定义。通过更好地理解这种关系,研究结果将有助于发展中国家的金融市场政策调整。
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引用次数: 0
The Status of Corporate Social Responsibility 企业社会责任的现状
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.683
Weikai Mao
This report shows the reason why corporate social responsibility (CSR) is needed by Australia companies with a brief introduction of CSR, and in order to achieve sustainability, organisations should fulfil social expectations. Both organisations and society can benefit from acting CSR. Internally, acting CSR can decrease the turnover of employees and the company’s potential risk, improve customers satisfaction and the company’s reputation. In addition, externally, acting CSR will protect the environment, facilitate the economic development and improve organisations’ ability to survive. However, CSR is an uncompleted concept, it still has some limitations in comparability, consistency, reliability, and relevance. Therefore, effective regulatory system should be designed to monitor those companies that introduced CSR policies.
本报告通过对企业社会责任的简要介绍,展示了澳大利亚公司需要企业社会责任(CSR)的原因,为了实现可持续发展,组织应该满足社会期望。企业和社会都可以从履行企业社会责任中获益。对内,履行企业社会责任可以减少员工流失率和公司潜在风险,提高客户满意度和公司美誉度。此外,在外部,代理企业社会责任将保护环境,促进经济发展,提高组织的生存能力。然而,企业社会责任是一个不完整的概念,它在可比性、一致性、可靠性和相关性方面仍然存在一定的局限性。因此,应该设计有效的监管体系来监督那些实施企业社会责任政策的公司。
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引用次数: 0
Risk Analysis of Two Leader Drink Company: PepsiCo and Coca-Cola 两家领先饮料公司:百事可乐和可口可乐的风险分析
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.686
Zhuo Zhang
The purpose of this report is to introduce and analyze risk factors of PepsiCo and Coca-Cola. By identifying the internal factors involving strategy, information system, contracts and governance and the external factors which include economy, law, customers preference and competitive environment of the two companies, the similarities and differences are given. Then risk taxonomy and analysis are given. In the end, some advice about reducing financial risk are given.
本报告的目的是介绍和分析百事可乐和可口可乐的风险因素。通过识别两家公司的战略、信息系统、合同、治理等内部因素和经济、法律、顾客偏好、竞争环境等外部因素,得出两家公司的异同。然后给出了风险分类和分析。最后,提出了降低财务风险的建议。
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引用次数: 1
An Experimental Analysis of Individual Irregularities Under the Temptation of Money: Network Simulation Interactive Platform Based on HTML5 金钱诱惑下个体违规行为的实验分析——基于HTML5的网络仿真交互平台
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.689
Pan Cui, Xuanwen Liu, Fenfang Lin
Irregularities in economic activities are actually the result of mutual game between different stakeholders. This research combines psychology and experimental economics to analyze irregularities. This research is done on the HBuilder software platform, using HTML5 and other technologies. According to the Nash Equilibrium Theory, the behavioral trajectory of the participant is described. In the real incentive situation, the individual's decision-making behavior in the face of social dilemma is investigated. From the perspective of cost-benefit, the game characteristics of individual irregularities are analyzed. The exogenous punishment mechanism and the inherent personality trait are respectively Dimensions are explored. Experiment result shows: The exogenous punishment mechanism will have a significant inhibitory effect on individual irregularities. The level of risk appetite is related to gender and determines the individual's risk-taking tendency.
经济活动中的不规范实际上是不同利益相关者相互博弈的结果。该研究将心理学和实验经济学相结合,对违规行为进行分析。本研究是在HBuilder软件平台上,使用HTML5等技术完成的。根据纳什均衡理论,描述了参与者的行为轨迹。在真实激励情境下,研究个体在面对社会困境时的决策行为。从成本效益的角度,分析了个体违规行为的博弈特征。外生惩罚机制和内在人格特质分别是研究的维度。实验结果表明:外生惩罚机制对个体违规行为具有显著的抑制作用。风险偏好水平与性别有关,决定了个体的冒险倾向。
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引用次数: 0
Analysis on the Sustainable Development of Gong Cha 贡茶可持续发展分析
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.684
Anqi Zhang
We selected Gong Cha Monash branch as the research object, conducted a research focusing on four topics which is Food supply chain, Packaging, Procurement and Transport/distribution, and obtained data through on-site interview, email consultation and questionnaire survey.There are some findings after analysing the collected data. Firstly, the main finding of food supply chain is that Gong Cha used Franchising system; all of the quality of materials can be controlled by head office. Although tribute tea has very little food waste, they waste a lot of water resources. Secondly, the main finding of packaging is that Gong Cha uses about 800 disposable plastic cups and straws in PE and LL materials a day, and about 20% customers choose to use another plastic carry bag to carry the drinking. All these raw materials in Gong Cha are transports in cartons, foam paper, and plastic bags and only the cartons are recycled. Thirdly, the main finding of procurement is that there is a storehouse nearby Monash’s sub-branch to provide relevant materials once per week or the employees can go to the storehouse to acquire materials everyday if they need. In order to keep the same standard of product taste or quality, all the raw materials are originated from Taiwan. The in-store containers are reused products, such as aluminum containers for tea and tea-leaves and recycled plastic boxes for pearl and puddings. Finally, the main finding of distribution is that, tea materials are shipped from Taiwan twice a week. Trucks are used for transportation between stores and warehouses. Gong Cha's use of American-invested power distribution equipment, which uses more light, water or energy than any other, violates Monash's network of sustainable solutions. Gong Cha does not offer any training on how to use the equipment sustainably.
我们选择贡茶莫纳什分公司作为研究对象,围绕食品供应链、包装、采购和运输/配送四个主题进行研究,通过现场访谈、邮件咨询和问卷调查的方式获取数据。在分析收集到的数据后,有一些发现。首先,食品供应链的主要发现是贡茶采用特许经营制度;所有材料的质量都可以由总部控制。虽然贡茶很少浪费食物,但却浪费了大量的水资源。其次,包装的主要发现是,工茶每天使用约800个PE和LL材料的一次性塑料杯和吸管,约20%的客户选择使用另一个塑料手提袋来携带饮料。贡茶所有的原材料都是用纸箱、泡沫纸和塑料袋运输的,只有纸箱是回收的。第三,采购的主要发现是,在Monash支行附近有一个仓库,每周提供一次相关材料,或者如果需要,员工每天都可以去仓库获取材料。为了保证产品的口感和质量,所有的原材料都来自台湾。店内的容器是可重复使用的产品,比如装茶和茶叶的铝制容器,装珍珠和布丁的可回收塑料盒。最后,分销的主要发现是,茶叶原料每周两次从台湾运来。卡车用于商店和仓库之间的运输。贡茶使用的是美国投资的配电设备,耗光、耗水和耗电比其他任何设备都要多,这违背了莫纳什的可持续解决方案网络。宫茶没有提供任何关于如何可持续使用设备的培训。
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引用次数: 1
Sustainable Development of Supply Chain in Footwear Industry – Take Nike as the Case 鞋业供应链的可持续发展——以耐克为例
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.690
Wenjie Jiang
Rapid growth in demand for designer shoes, rising per capita incomes in developed and developing economies, and the growing popularity of high-end customers and athletic shoes among men have led to a growing global demand for fashionable and comfortable footwear of all ages (FELTON, 2018). The market share of footwear industry has expanded rapidly which attracted more and more new entrants. However, the competition of shoe industry more incline to the competition of the supply chain, so, it is essential to maintain a certain competitiveness in terms of supply chain. Sustainable development is an emerging but important topic. Some processes of the supply chain of the sportswear industry have been accused of restricting its development, such as the use of polluting raw materials and sweatshops. Supply chain development should not only focus on the economic level, but also pay more attention to the environmental and social aspects of sustainable development. Therefore, this paper will take Nike, the most representative company in the footwear industry, as the analysis target to reflect the development of the supply chain of the footwear industry.This paper will start with the general analysis of the footwear industry, followed by considering the industry change; then, analyse Nike’s core product – Nike Flyknit. Further, before making the conclusion, this paper will explore the impact of external factors, i.e. Nike’s cooperation with the US government and footwear related associations, on its supply chain development.
对设计师鞋的需求快速增长,发达经济体和发展中经济体人均收入的增加,以及高端客户和运动鞋在男性中的日益普及,导致全球对各个年龄段时尚舒适鞋类的需求不断增长(FELTON, 2018)。鞋业的市场份额迅速扩大,吸引了越来越多的新进入者。然而,制鞋行业的竞争更倾向于供应链的竞争,因此,在供应链方面保持一定的竞争力至关重要。可持续发展是一个新兴而又重要的话题。运动服装行业供应链的一些流程被指责限制了其发展,例如使用污染原材料和血汗工厂。供应链的发展不仅要关注经济层面,更要关注可持续发展的环境和社会方面。因此,本文将鞋业中最具代表性的耐克公司作为分析对象,反映鞋业供应链的发展情况。本文将从鞋类行业的总体分析入手,其次考虑行业变化;然后,分析耐克的核心产品——Nike Flyknit。此外,在得出结论之前,本文将探讨外部因素,即耐克与美国政府和鞋类相关协会的合作对其供应链发展的影响。
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引用次数: 0
Financial Time Series Analysis by Using MATLAB 金融时间序列分析的MATLAB实现
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.687
Xinyuan Zheng
This report contains two parts. For part A, performing a Principle Components Analysis (PCA) and analyzing the drivers. Then, carrying out factor analyses and comparing them. For part B, employing 5 different quantitative models to forecast and generate moving origin horizon one forecasts of both return and volatility. Then, figuring out the optimal weights for the portfolio and assigning the optimal portfolio. Finally, comparing the returns and risk measure from all portfolio and models.
本报告分为两部分。对于A部分,执行主成分分析(PCA)并分析驱动因素。然后进行因子分析并进行比较。对于B部分,采用5种不同的定量模型来预测和生成移动原点地平线,预测收益和波动率。然后,计算出投资组合的最优权重,并分配最优投资组合。最后,比较了所有投资组合和模型的收益和风险度量。
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引用次数: 0
Fintech Application in Banking Operations - Application of Machine Learning in Mitigating Bank Derivatives Counterparty Risks 金融科技在银行业务中的应用——机器学习在降低银行衍生品交易对手风险中的应用
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.652
Tianshu Li
We all know that human has many psychological biases, including overconfidence, gender discrimination and so on. Although some genuine lenders may outperformance others, machine learnings have been utilized to solve this human psychological bias in many areas. By using machine learnings methods, people can make better financial decisions. This proposal tries to examine the effectiveness of several different machine learning models on predicting the ex-pose default risk, including BP neural network, decision tree, KNN, and random forest. I focus on loans on one electronic P2P lending platform, called “Paipaidai” in which lenders select and supply private loans to borrowers with different characteristics. I use machine learnings methods to predict the default risk and thus provides better ways for investors to select high-quality borrower. I will also further test how different machine learnings methods perform when there is soft information contained by using Prosper platform.
我们都知道人类有很多心理偏见,包括过度自信,性别歧视等等。尽管一些真正的贷款人可能比其他人表现更好,但机器学习已被用于解决许多领域的这种人类心理偏见。通过使用机器学习方法,人们可以做出更好的财务决策。本文试图检验几种不同的机器学习模型在预测暴露违约风险方面的有效性,包括BP神经网络、决策树、KNN和随机森林。我关注的是一个名为“拍拍贷”的电子P2P借贷平台上的贷款,在这个平台上,贷款人选择并向不同特征的借款人提供私人贷款。我使用机器学习的方法来预测违约风险,从而为投资者选择优质借款人提供更好的方法。我还将进一步测试不同的机器学习方法在使用Prosper平台包含软信息时的表现。
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引用次数: 1
Analysis of Earnings Management and the Estimation Models in Earnings Management 盈余管理与盈余管理中的估计模型分析
Q2 Social Sciences Pub Date : 2019-10-08 DOI: 10.20849/abr.v4i3.682
Xiaohui Liu
This paper analyzes critically the early and recent literature on earnings management. I summarize the motivations and estimation models for accrual earnings management and real earnings management. Specifically, I focus on estimation models in real earnings management which are developed by Vorst (2016), extending the original sample period. Cross-sectional analysis reveals that earnings management is detectable purely based on companies’ financial data. The analyses are of interest to investors, regulators, and researchers with respect to the identification and consequences of earnings management.
本文批判性地分析了早期和最近关于盈余管理的文献。我总结了应计盈余管理和实际盈余管理的动机和估计模型。具体来说,我关注的是由Vorst(2016)开发的真实盈余管理中的估计模型,它延长了原始样本期。横断面分析表明,盈余管理是可检测的纯粹基于公司的财务数据。这些分析对投资者、监管机构和研究人员对盈余管理的识别和后果感兴趣。
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引用次数: 0
The Need for Agile Relationship Lending between Small Business and Banks, towards a More Engaged Relationship: A Case Study in Khayelitsha, South Africa 小企业和银行之间需要灵活的关系贷款,以建立更紧密的关系:以南非卡耶利沙为例
Q2 Social Sciences Pub Date : 2019-09-23 DOI: 10.20448/journal.518.2019.41.29.34
M. Langa, K. Govender
Despite much attention being focused on financing small, medium and micro enterprises (SMMEs), they (SMMEs) continue to face survival and growth challenges. Banks tend to be reluctant to offer loans and financial assistance if, based on their assessment of financial statements, the small businesses do not have the ability to repay loans, caused by the level of “opaqueness” of information that the banks have about small businesses, which has resulted in the introduction of the concept of ‘relationship lending.’ If banks are more agile and have an engaging relationship with small businesses, they will be in a better position to use their discretion when granting finance. Through engaged relationships with small business, banks would better manage information asymmetry and offer some possible specialised support to SMEs. By using a semi-structured questionnaire, the study probed problems with information asymmetry between the bank and small businesses, towards more agile solutions and engaged relationships. A case-study based research was conducted in two established businesses in the informal township of Khayelitsha in the Western Cape of South Africa. It became apparent that transactional lending is not viable in a country where a large population lives in poverty. It is recommended that banks in developing countries such as South Africa be more agile in order to speed up access to finance by small businesses.
尽管中小微企业融资备受关注,但中小微企业仍面临着生存和发展的挑战。如果根据他们对财务报表的评估,小企业没有偿还贷款的能力,银行往往不愿意提供贷款和财政援助,这是由于银行对小企业信息的“不透明”程度造成的,这导致了“关系贷款”概念的引入。如果银行更灵活,与小企业建立良好的关系,它们在提供融资时就能更好地运用自己的判断力。通过与小企业建立积极的关系,银行将更好地管理信息不对称,并为中小企业提供一些可能的专业支持。通过使用半结构化问卷,本研究探讨了银行和小企业之间的信息不对称问题,以寻求更灵活的解决方案和参与关系。在南非西开普省Khayelitsha非正式城镇的两家成熟企业中进行了一项基于案例研究的研究。很明显,在一个有大量人口生活在贫困中的国家,交易性贷款是不可行的。建议南非等发展中国家的银行更加灵活,以加快小企业获得融资的速度。
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引用次数: 5
期刊
Asian Journal of Business Research
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