The supply chain finance (SCF) solutions are becoming increasingly diversified with the continuous perfection of the economic system. However, financing for small and medium sized enterprises (SMEs) is still a difficult issue waiting to be solved by enterprises and the government in China. SCF solutions based on e-commerce platforms have developed rapidly in China that provide an alternative for SMEs when few studies have been conducted on e-commerce SCF solutions which focus on fresh agricultural products. Therefore, this research focuses on the SCF solutions applicable to e commerce enterprises of fresh agricultural products.
{"title":"Financing Decisions Analysis of E-commerce Supply Chain Finance for Fresh Agricultural Products in China","authors":"Xiangdong Ning","doi":"10.26549/jfr.v5i2.6771","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.6771","url":null,"abstract":"The supply chain finance (SCF) solutions are becoming increasingly diversified with the continuous perfection of the economic system. However, financing for small and medium sized enterprises (SMEs) is still a difficult issue waiting to be solved by enterprises and the government in China. SCF solutions based on e-commerce platforms have developed rapidly in China that provide an alternative for SMEs when few studies have been conducted on e-commerce SCF solutions which focus on fresh agricultural products. Therefore, this research focuses on the SCF solutions applicable to e commerce enterprises of fresh agricultural products.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130412518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The real estate industry is a capital-intensive industry and capital has become a particular concern for real estate enterprises. For a long time, China’s real estate enterprises rely on high-leverage development and carry out high-debt and high-risk operations. The solvency of real estate enterprises has been the focus of stakeholders’ attention. In August 2020, China’s regulatory authorities introduced new financing regulations for real estate enterprises. They set up “three red lines,” which brought real estate enterprises’ solvency into focus once again. This article takes A-share listed companies in China’s real estate industry as an example, analyzes and evaluates its debt solvency, and gives suggestions based on new policies and regulations, hoping to provide specific references to the enterpriser’s manager and external decision-makers.
{"title":"Analysis of Solvency of A-Share Listed Companies in China’s Real Estate Industry","authors":"Hu Hongxia, Wang Yuting","doi":"10.26549/jfr.v5i2.6997","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.6997","url":null,"abstract":"The real estate industry is a capital-intensive industry and capital has become a particular concern for real estate enterprises. For a long time, China’s real estate enterprises rely on high-leverage development and carry out high-debt and high-risk operations. The solvency of real estate enterprises has been the focus of stakeholders’ attention. In August 2020, China’s regulatory authorities introduced new financing regulations for real estate enterprises. They set up “three red lines,” which brought real estate enterprises’ solvency into focus once again. This article takes A-share listed companies in China’s real estate industry as an example, analyzes and evaluates its debt solvency, and gives suggestions based on new policies and regulations, hoping to provide specific references to the enterpriser’s manager and external decision-makers.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114076744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stall economy can promote the recovery of national economy, relieve the employment pressure of tens of thousands of people, increase people’s happiness, and so on. Many benefits brought by stall economy show its important position and function. In fact, stall economy should be a durable product, not a substitute. We should look at it from a long-term perspective, standardize it and develop it. Combined with the practices and policies of many countries on the standardization of street stall economy, this article puts forward the reference methods for the standardization of street stall economy in the future. The country, society and individuals can enjoy the wealth and value brought by stall economy in the future.
{"title":"International Experience and Enlightenment of the Regularization Development of Stall Economy","authors":"Chen Mengni","doi":"10.26549/jfr.v5i2.8086","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.8086","url":null,"abstract":"Stall economy can promote the recovery of national economy, relieve the employment pressure of tens of thousands of people, increase people’s happiness, and so on. Many benefits brought by stall economy show its important position and function. In fact, stall economy should be a durable product, not a substitute. We should look at it from a long-term perspective, standardize it and develop it. Combined with the practices and policies of many countries on the standardization of street stall economy, this article puts forward the reference methods for the standardization of street stall economy in the future. The country, society and individuals can enjoy the wealth and value brought by stall economy in the future.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122849130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As a kind of integrated economy, digital economy has an important impact on the economic growth and production and lifestyle of multiple countries and regions, and plays a significant role in promoting the reconstruction of the international economic pattern. As an important industry of China’s national economy, the service industry is crucial to China’s economic growth. This paper measures the development level of digital economy in provinces and cities through constructing digital economy index system, uses super efficiency SBM-Malmquist model to measure total factor productivity of service industry, and tests the influence effect of digital economy on total factor productivity of Chinese service industry. Finally, the optimization path of digital economy on China’s service industry is proposed.
{"title":"The Impact of Digital Economy on Total Factor Productivity of China’s Service Industry","authors":"Chunyan Liang, Zhengyuan Chen","doi":"10.26549/jfr.v5i2.8595","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.8595","url":null,"abstract":"As a kind of integrated economy, digital economy has an important impact on the economic growth and production and lifestyle of multiple countries and regions, and plays a significant role in promoting the reconstruction of the international economic pattern. As an important industry of China’s national economy, the service industry is crucial to China’s economic growth. This paper measures the development level of digital economy in provinces and cities through constructing digital economy index system, uses super efficiency SBM-Malmquist model to measure total factor productivity of service industry, and tests the influence effect of digital economy on total factor productivity of Chinese service industry. Finally, the optimization path of digital economy on China’s service industry is proposed.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134423517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses the panel stochastic frontier model to study the total factor productivity of Chinese soybean. The research shows that the impact of direct cost and labor cost on yield is positive and significant, the impact of indirect cost on yield is not significant, and the impact of cash cost on yield improvement is negative.
{"title":"The Research on Total Factor Productivity of Soybean in China","authors":"Chen Yuanchun","doi":"10.26549/jfr.v5i2.8696","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.8696","url":null,"abstract":"This paper uses the panel stochastic frontier model to study the total factor productivity of Chinese soybean. The research shows that the impact of direct cost and labor cost on yield is positive and significant, the impact of indirect cost on yield is not significant, and the impact of cash cost on yield improvement is negative.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128022436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The real economy is the main body of high-quality development, and the efficiency of capital allocation is an important manifestation of the development of the real economy. Therefore, it is very important to study the efficiency of capital allocation. As a representative of horizontal finance, commercial credit has a significant impact on the improvement of capital allocation efficiency. In view of this, this article combs the literature on commercial credit and capital allocation efficiency from the following aspects: firstly, by studying the literature, combing the literature on the macro-level, micro-level and economic effects of commercial credit; secondly, the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out, and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.
{"title":"A Literature Review of the Influence of Commercial Credit on the Efficiency of Enterprise Capital Allocation","authors":"Xie Xinxiu, Liu Tinghua, Kou Fengjuan","doi":"10.26549/jfr.v5i2.7746","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.7746","url":null,"abstract":"The real economy is the main body of high-quality development, and the efficiency of capital allocation is an important manifestation of the development of the real economy. Therefore, it is very important to study the efficiency of capital allocation. As a representative of horizontal finance, commercial credit has a significant impact on the improvement of capital allocation efficiency. In view of this, this article combs the literature on commercial credit and capital allocation efficiency from the following aspects: firstly, by studying the literature, combing the literature on the macro-level, micro-level and economic effects of commercial credit; secondly, the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out, and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121666446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we study the abnormal stock price returns of the top 10 stocks in the Chinese stock market in terms of total market capitalization before and after the release of their annual reports in the past 10 years, using the event study method implemented by the Event Study package of the Alpha Library under Python, using a market model to estimate normal returns. The results find that and most of the events have insider phenomenon.
{"title":"An Empirical Analysis of the Annual Report Effect of High Market Capitalization Companies in China","authors":"L. Xin, Huang Xi, S. Ganya","doi":"10.26549/jfr.v5i2.7177","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.7177","url":null,"abstract":"In this paper, we study the abnormal stock price returns of the top 10 stocks in the Chinese stock market in terms of total market capitalization before and after the release of their annual reports in the past 10 years, using the event study method implemented by the Event Study package of the Alpha Library under Python, using a market model to estimate normal returns. The results find that and most of the events have insider phenomenon.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124714537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Efficient Markets Hypothesis (EMH) is the focusing topic in the past 50 years of financial market researches. Many empirical studies are then provided that want to test EMH but have no consensus. The perception of EMH determines the attitude and strategy of participants and regulators in financial market. One perception of EMH argues that investors’ behavior of seeking abnormal profits and arbitrage drives prices to their ‘‘correct’’ value. Investigating the “correct” value derives the concept of “market indeterminacy”. It means the inability to determine whether stock prices are efficient or inefficient. Market indeterminacy pervades stock markets because “correct” prices are unknown because of imperfect information and model sensitivity. Market indeterminacy makes arbitrage risky and makes event studies unreliable in some policy and litigation applications. The concept of market efficiency is needed to be re-recognized considering the mechanism of price formation. In order to further research and practice in law and financial market, there needs a view from the “jumping together” of disparate disciplines. Adaptive Markets Hypothesis(AMH) that using the evolutionary principles in financial market is a new viewpoint oncognitive decision and deserves to be paid more attention to.
{"title":"Decision-making under Market Indeterminacy","authors":"Shihui Yun","doi":"10.26549/jfr.v5i2.6910","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.6910","url":null,"abstract":"The Efficient Markets Hypothesis (EMH) is the focusing topic in the past 50 years of financial market researches. Many empirical studies are then provided that want to test EMH but have no consensus. The perception of EMH determines the attitude and strategy of participants and regulators in financial market. One perception of EMH argues that investors’ behavior of seeking abnormal profits and arbitrage drives prices to their ‘‘correct’’ value. Investigating the “correct” value derives the concept of “market indeterminacy”. It means the inability to determine whether stock prices are efficient or inefficient. Market indeterminacy pervades stock markets because “correct” prices are unknown because of imperfect information and model sensitivity. Market indeterminacy makes arbitrage risky and makes event studies unreliable in some policy and litigation applications. The concept of market efficiency is needed to be re-recognized considering the mechanism of price formation. In order to further research and practice in law and financial market, there needs a view from the “jumping together” of disparate disciplines. Adaptive Markets Hypothesis(AMH) that using the evolutionary principles in financial market is a new viewpoint oncognitive decision and deserves to be paid more attention to.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126351454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the live-streaming area, high-tech social media has transformed our interactions and social activities through a brand new marketing approach. The research identifies the underlying drivers of purchasing decision from cognitive and perceptive perspective, and confirms the decision-making mechanism from individual view. Our study is based on S-O-R Theory, Social Presence Theory and Technology Acceptance Model, and we add Perceived Trust. A scale of 24 items which reflecting 6 construct was set up. Then a pre-test was designed to test the validity of scale and a formal experience was conducted to 311 customers. Data are analyzed applying the structural equation modelling (SEM) technique with SPSS and Amos. The results indicate that cognition and perception both positively influence Perceived Ease of Use. But only cognition can significantly affect Perceived Use, necessitating expertise of anchors and dissemination of high quality content. Besides, the affecting path of PU, PEOU and PT was verified, providing guidance for platform designing, anchor training and product selecting.
{"title":"Research on the Impact of Consumers’ Purchasing Decision in E-commerce Live-steaming——Based on Cognitive and Perceptive Perspective","authors":"Xu Qianran, Wu Jiazhen, Yang Menglang, Zhu Hong","doi":"10.26549/jfr.v5i2.6904","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.6904","url":null,"abstract":"In the live-streaming area, high-tech social media has transformed our interactions and social activities through a brand new marketing approach. The research identifies the underlying drivers of purchasing decision from cognitive and perceptive perspective, and confirms the decision-making mechanism from individual view. Our study is based on S-O-R Theory, Social Presence Theory and Technology Acceptance Model, and we add Perceived Trust. A scale of 24 items which reflecting 6 construct was set up. Then a pre-test was designed to test the validity of scale and a formal experience was conducted to 311 customers. Data are analyzed applying the structural equation modelling (SEM) technique with SPSS and Amos. The results indicate that cognition and perception both positively influence Perceived Ease of Use. But only cognition can significantly affect Perceived Use, necessitating expertise of anchors and dissemination of high quality content. Besides, the affecting path of PU, PEOU and PT was verified, providing guidance for platform designing, anchor training and product selecting.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127378934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As an emerging financial product, insurance is attracting more and more people. Hong Kong with developed insurance industry attracts investment from mainland residents. This paper starts with the development process and current situation of insurance products, insurance markets and relevant government policies in the mainland and Hong Kong, compares the similarities and differences of insurance products in the mainland and Hong Kong, and explores the development prospects and direction of both insurance by finding information and analyzing the audience.
{"title":"Comparative Analysis of Chinese Mainland and Hong Kong Insurance Products and the Prospect of Insurance Industry","authors":"Zhang Yujin, Liu Jiongjie, Hou Caiying","doi":"10.26549/jfr.v5i2.8391","DOIUrl":"https://doi.org/10.26549/jfr.v5i2.8391","url":null,"abstract":"As an emerging financial product, insurance is attracting more and more people. Hong Kong with developed insurance industry attracts investment from mainland residents. This paper starts with the development process and current situation of insurance products, insurance markets and relevant government policies in the mainland and Hong Kong, compares the similarities and differences of insurance products in the mainland and Hong Kong, and explores the development prospects and direction of both insurance by finding information and analyzing the audience.","PeriodicalId":390233,"journal":{"name":"Journal of Finance Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129678446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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