Pub Date : 2023-04-26DOI: 10.1080/14765284.2023.2206785
S. Nguyen, Yanrui Wu
{"title":"Vietnam’s bilateral trade intensity: the role of China","authors":"S. Nguyen, Yanrui Wu","doi":"10.1080/14765284.2023.2206785","DOIUrl":"https://doi.org/10.1080/14765284.2023.2206785","url":null,"abstract":"","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42111089","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}
Pub Date : 2023-04-03DOI: 10.1080/14765284.2023.2210482
H. Singh, Avneet Singh
ABSTRACT With the launch of text-based artificial Intelligence (AI) powered ChatGPT by OpenAI, the natural language processing method of communicating has been captivating the business world. Since its launch in November 2022, ChatGPT has been making waves in diverse areas ranging from customer care to healthcare, education to automobiles, and the financial world to communication technology. This study presents the theoretical background, use of technology, and its applications in various business areas. The study aims to organize much talked about but less understood technological aspects from a modern technological disruption perspective and lays the agenda for multidisciplinary research. Furthermore, we present AI-powered chatbot applications and business use cases vis-à-vis the uncertainties of using technology. Finally, we conclude by stating our thoughts regarding the direction of technology so that ChatGPT could benefit the business world.
{"title":"ChatGPT: Systematic Review, Applications, and Agenda for Multidisciplinary Research","authors":"H. Singh, Avneet Singh","doi":"10.1080/14765284.2023.2210482","DOIUrl":"https://doi.org/10.1080/14765284.2023.2210482","url":null,"abstract":"ABSTRACT With the launch of text-based artificial Intelligence (AI) powered ChatGPT by OpenAI, the natural language processing method of communicating has been captivating the business world. Since its launch in November 2022, ChatGPT has been making waves in diverse areas ranging from customer care to healthcare, education to automobiles, and the financial world to communication technology. This study presents the theoretical background, use of technology, and its applications in various business areas. The study aims to organize much talked about but less understood technological aspects from a modern technological disruption perspective and lays the agenda for multidisciplinary research. Furthermore, we present AI-powered chatbot applications and business use cases vis-à-vis the uncertainties of using technology. Finally, we conclude by stating our thoughts regarding the direction of technology so that ChatGPT could benefit the business world.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"193 - 212"},"PeriodicalIF":2.0,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59960961","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}
Pub Date : 2023-04-03DOI: 10.1080/14765284.2023.2212434
Yi Cao, Jianwu Zhai
ABSTRACT In March 2023, the release of GPT-4 and its application, Copilot, astounds the world and thrusts AI into the spotlight in industry, and academia. The incredible superiority of GPT-4 is demonstrated by its ability to achieve high scores on almost all mainstream academic and professional standard exams, Copilot’s capability to accomplish nearly all repetitive office work, and the rapid spread of its applications across massive areas of human society within weeks of its launch. These changes lead to the belief on the emergence of GPT-4 having a significant impact on academic research in the finance and accounting fields by establishing a consensus on the psychological acceptance of AI and rapidly eliminating technical barriers of using it. This paper presents practical examples to demonstrate GPT-4’s effectiveness in sentiment analysis, ESG analysis, corporate culture analysis, and Federal Reserve opinion analysis, and provides instructive recommendations for applying it in these subject areas.
{"title":"Bridging the gap – the impact of ChatGPT on financial research","authors":"Yi Cao, Jianwu Zhai","doi":"10.1080/14765284.2023.2212434","DOIUrl":"https://doi.org/10.1080/14765284.2023.2212434","url":null,"abstract":"ABSTRACT In March 2023, the release of GPT-4 and its application, Copilot, astounds the world and thrusts AI into the spotlight in industry, and academia. The incredible superiority of GPT-4 is demonstrated by its ability to achieve high scores on almost all mainstream academic and professional standard exams, Copilot’s capability to accomplish nearly all repetitive office work, and the rapid spread of its applications across massive areas of human society within weeks of its launch. These changes lead to the belief on the emergence of GPT-4 having a significant impact on academic research in the finance and accounting fields by establishing a consensus on the psychological acceptance of AI and rapidly eliminating technical barriers of using it. This paper presents practical examples to demonstrate GPT-4’s effectiveness in sentiment analysis, ESG analysis, corporate culture analysis, and Federal Reserve opinion analysis, and provides instructive recommendations for applying it in these subject areas.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"177 - 191"},"PeriodicalIF":2.0,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44769242","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}
Pub Date : 2023-02-27DOI: 10.1080/14765284.2023.2181619
W. Li, T. He
ABSTRACT This study adopts the view that at the current stage of economic development in China, the factor endowment structure is characterized as abundant labor and scarce capital, which determines that the viable industrial structure should be dominated by small- and medium-sized enterprises and the optimal banking structure should be dominated by labor-intensive banks. Using bank assets per employee to measure labor intensity of banks and investigating the data from various sources, we find that in China, major commercial banks and rural financial institutions are labor-intensive banks providing two thirds of the total bank loans to small enterprises. Furthermore, the cross-region investigation reveals that on average small-sized enterprises are positively associated with labor-intensive banks, and labor-intensive banks contribute significantly more to the SMEs business incomes than capital-intensive banks. This study also discusses some implications to researchers and policy makers.
{"title":"Banking structure and government policies regarding SMEs financing","authors":"W. Li, T. He","doi":"10.1080/14765284.2023.2181619","DOIUrl":"https://doi.org/10.1080/14765284.2023.2181619","url":null,"abstract":"ABSTRACT This study adopts the view that at the current stage of economic development in China, the factor endowment structure is characterized as abundant labor and scarce capital, which determines that the viable industrial structure should be dominated by small- and medium-sized enterprises and the optimal banking structure should be dominated by labor-intensive banks. Using bank assets per employee to measure labor intensity of banks and investigating the data from various sources, we find that in China, major commercial banks and rural financial institutions are labor-intensive banks providing two thirds of the total bank loans to small enterprises. Furthermore, the cross-region investigation reveals that on average small-sized enterprises are positively associated with labor-intensive banks, and labor-intensive banks contribute significantly more to the SMEs business incomes than capital-intensive banks. This study also discusses some implications to researchers and policy makers.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"387 - 402"},"PeriodicalIF":2.0,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44132672","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}
Pub Date : 2023-01-12DOI: 10.1080/14765284.2023.2167415
Jiguang Wang, Yushang Hu
{"title":"Corporate governance in Ming & Qing China: evidence from Shanxi (Jin) merchants","authors":"Jiguang Wang, Yushang Hu","doi":"10.1080/14765284.2023.2167415","DOIUrl":"https://doi.org/10.1080/14765284.2023.2167415","url":null,"abstract":"","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48761510","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}
Pub Date : 2023-01-02DOI: 10.1080/14765284.2023.2167413
Hui Li, Ruining Zhang, Lingyue Zhang, Yu Qin, H. Liao
ABSTRACT Since the release of the Energy Supply and Consumption Revolution Strategy (2016–2030), China has made remarkable advancements. This paper establishes an evaluation system to analyze the progress of the energy production revolution in China during 2016–2019. The results report that more than three-fourths of the indicators fulfill the process schedule by more than 80% in 2019. Specifically, the clean development and efficient utilization of coal is carried out significantly among the five major areas of the energy production revolution. However, China’s energy production revolution still faces challenges, such as insufficient technology innovation of power generation, weak consumption and storage capacity of clean energy, the outdated transaction management system of the energy market, the limited emergency capacity of the energy system, and the backward construction of an energy production intelligent system. Finally, policy implications for accelerating the energy production revolution are proposed.
{"title":"Energy production revolution in China during 2015–2019: progress and challenges","authors":"Hui Li, Ruining Zhang, Lingyue Zhang, Yu Qin, H. Liao","doi":"10.1080/14765284.2023.2167413","DOIUrl":"https://doi.org/10.1080/14765284.2023.2167413","url":null,"abstract":"ABSTRACT Since the release of the Energy Supply and Consumption Revolution Strategy (2016–2030), China has made remarkable advancements. This paper establishes an evaluation system to analyze the progress of the energy production revolution in China during 2016–2019. The results report that more than three-fourths of the indicators fulfill the process schedule by more than 80% in 2019. Specifically, the clean development and efficient utilization of coal is carried out significantly among the five major areas of the energy production revolution. However, China’s energy production revolution still faces challenges, such as insufficient technology innovation of power generation, weak consumption and storage capacity of clean energy, the outdated transaction management system of the energy market, the limited emergency capacity of the energy system, and the backward construction of an energy production intelligent system. Finally, policy implications for accelerating the energy production revolution are proposed.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"85 - 109"},"PeriodicalIF":2.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43196556","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}
Pub Date : 2023-01-02DOI: 10.1080/14765284.2022.2162246
B. Baesens
ABSTRACT Fraud is as old as humankind and appears in many types and forms. Popular examples are credit card fraud, tax evasion, identity theft, insurance fraud, counterfeit, click fraud, anti-money laundering, and payment transaction fraud. In earlier research we defined fraud as an uncommon, well-considered, imperceptibly concealed, time-evolving, and carefully organized crime. Nowadays, fraud is typically tackled using state-of-the-art analytical techniques with many accompanying challenges. It is the purpose of this article to highlight twelve research topics (RTs) that we believe prioritize high on the agenda of contemporary fraud analytics models. We do this by reviewing fraud analytics from a data, model, performance, and deployment perspective.
{"title":"Fraud analytics: a research","authors":"B. Baesens","doi":"10.1080/14765284.2022.2162246","DOIUrl":"https://doi.org/10.1080/14765284.2022.2162246","url":null,"abstract":"ABSTRACT Fraud is as old as humankind and appears in many types and forms. Popular examples are credit card fraud, tax evasion, identity theft, insurance fraud, counterfeit, click fraud, anti-money laundering, and payment transaction fraud. In earlier research we defined fraud as an uncommon, well-considered, imperceptibly concealed, time-evolving, and carefully organized crime. Nowadays, fraud is typically tackled using state-of-the-art analytical techniques with many accompanying challenges. It is the purpose of this article to highlight twelve research topics (RTs) that we believe prioritize high on the agenda of contemporary fraud analytics models. We do this by reviewing fraud analytics from a data, model, performance, and deployment perspective.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"137 - 141"},"PeriodicalIF":2.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48262564","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}
Pub Date : 2023-01-02DOI: 10.1080/14765284.2023.2182013
Z. Mi, Yuning Gao, Hua Liao
To achieve the 1.5°C goal, the world needs to reach carbon neutrality by the mid-century. The achievement of carbon neutrality not only relates to climate change mitigation, but also delivers unprecedented and tremendous changes to society in green economic growth, responsible consumer behaviours, human well-being, and health. This special issue originated from the China-UK Workshop on Climate Change Economics held by Center for Energy and Environmental Policy Research, Beijing Institute of Technology and Bartlett School of Sustainable Construction, University College London. This special issue serves as a platform for the researchers to have a discussion on the balance between socioeconomic targets and actions for decarbonization strategies. The papers in this SI cover topics on decarbonization of economic growth, transition in energy system, firms’ commitment to carbon neutrality, and the trends of carbon neutrality-related research in recent decades. China’s commitment to carbon neutrality is critical to the global efforts in climate change mitigation since it has been the world’s largest emitter since 2006. The achievement of carbon neutrality in China should be based on a thorough transition of the economic growth mode in the process of industrialisation and urbanisation. The old approaches of heavy investments in physical infrastructure, with a focus on manufacturing, high-carbon infrastructure and fossil fuel, need to be abandoned. By linking the 14 Five-Year Plan and carbon neutrality goal, Stern and Xie (2023) proposed a new growth story for China to shift from overexploitation of natural resources and the chase for material wealth to a multidimensional conception of human well-being, protection of natural resources, boost of sustainable technologies, and changes in consumer behaviour. Investment in sustainable growth and low-carbon innovations is vital to promote the structural transformation of industries. In achieving the carbon neutrality goal, energy transition is one of the most important approaches. By establishing an evaluation indicator system, Li et al. (2023) assessed the progress in the energy production revolution during 2015–2019 in China. Results indicate that the production revolution in the supply-side management of energy and clean development and the efficient utilization of coal are the most prominent aspects of revolution advancements. A slowdown of the energy production revolution in 2018 and 2019 is also shown. China’s energy system is facing some challenges, including insufficient technology innovation, weak consumption and storage capacity for clean energy, sluggish construction of the energy product standard system and transaction management system, the brittle cross-regional transmission of energy, and the backward construction of an energy production intelligent system. R&D investment in clean power generation technology, the establishment of intelligent energy production, supply, storage and marketing systems
为了实现1.5°C的目标，世界需要在本世纪中叶达到碳中和。实现碳中和不仅关系到减缓气候变化，而且还在绿色经济增长、负责任的消费者行为、人类福祉和健康方面给社会带来前所未有的巨大变化。本期特刊源于北京理工大学能源与环境政策研究中心与伦敦大学学院巴特利特可持续建设学院联合举办的中英气候变化经济学研讨会。这期特刊为研究人员提供了一个讨论社会经济目标与脱碳战略行动之间平衡的平台。本SI的论文涵盖了经济增长的脱碳、能源系统的转型、企业对碳中和的承诺以及近几十年来碳中和相关研究的趋势。自2006年以来，中国一直是全球最大的碳排放国，因此中国对碳中和的承诺对全球减缓气候变化的努力至关重要。中国要实现碳中和，必须在工业化和城市化进程中彻底转变经济增长方式。必须放弃对有形基础设施进行大量投资的旧方法，重点放在制造业、高碳基础设施和化石燃料上。通过将“十四五”规划与碳中和目标联系起来，Stern和Xie(2023)提出了中国从过度开采自然资源和追求物质财富向多维度人类福祉、保护自然资源、促进可持续技术和改变消费者行为转变的新增长故事。投资可持续增长和低碳创新对促进产业结构转型至关重要。能源转型是实现碳中和目标的重要途径之一。Li et al.(2023)通过建立评价指标体系，评估了2015-2019年中国能源生产革命的进展情况。结果表明，能源供给侧管理的生产革命和清洁发展以及煤炭的高效利用是革命进展的最突出方面。报告还显示，2018年和2019年能源生产革命放缓。中国能源系统面临着技术创新不足、清洁能源消纳和储存能力薄弱、能源产品标准体系和交易管理体系建设滞后、能源跨区域传输脆弱、能源生产智能化系统建设滞后等挑战。清洁发电技术的研发投入，智能能源生产、供应、储存和销售系统的建立，以及改进《中国经济与商业研究》2023年第21卷第1期1,1 - 3 https://doi.org/10.1080/14765284.2023.2182013
{"title":"Carbon neutrality and socio-economic development","authors":"Z. Mi, Yuning Gao, Hua Liao","doi":"10.1080/14765284.2023.2182013","DOIUrl":"https://doi.org/10.1080/14765284.2023.2182013","url":null,"abstract":"To achieve the 1.5°C goal, the world needs to reach carbon neutrality by the mid-century. The achievement of carbon neutrality not only relates to climate change mitigation, but also delivers unprecedented and tremendous changes to society in green economic growth, responsible consumer behaviours, human well-being, and health. This special issue originated from the China-UK Workshop on Climate Change Economics held by Center for Energy and Environmental Policy Research, Beijing Institute of Technology and Bartlett School of Sustainable Construction, University College London. This special issue serves as a platform for the researchers to have a discussion on the balance between socioeconomic targets and actions for decarbonization strategies. The papers in this SI cover topics on decarbonization of economic growth, transition in energy system, firms’ commitment to carbon neutrality, and the trends of carbon neutrality-related research in recent decades. China’s commitment to carbon neutrality is critical to the global efforts in climate change mitigation since it has been the world’s largest emitter since 2006. The achievement of carbon neutrality in China should be based on a thorough transition of the economic growth mode in the process of industrialisation and urbanisation. The old approaches of heavy investments in physical infrastructure, with a focus on manufacturing, high-carbon infrastructure and fossil fuel, need to be abandoned. By linking the 14 Five-Year Plan and carbon neutrality goal, Stern and Xie (2023) proposed a new growth story for China to shift from overexploitation of natural resources and the chase for material wealth to a multidimensional conception of human well-being, protection of natural resources, boost of sustainable technologies, and changes in consumer behaviour. Investment in sustainable growth and low-carbon innovations is vital to promote the structural transformation of industries. In achieving the carbon neutrality goal, energy transition is one of the most important approaches. By establishing an evaluation indicator system, Li et al. (2023) assessed the progress in the energy production revolution during 2015–2019 in China. Results indicate that the production revolution in the supply-side management of energy and clean development and the efficient utilization of coal are the most prominent aspects of revolution advancements. A slowdown of the energy production revolution in 2018 and 2019 is also shown. China’s energy system is facing some challenges, including insufficient technology innovation, weak consumption and storage capacity for clean energy, sluggish construction of the energy product standard system and transaction management system, the brittle cross-regional transmission of energy, and the backward construction of an energy production intelligent system. R&D investment in clean power generation technology, the establishment of intelligent energy production, supply, storage and marketing systems","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"1 - 3"},"PeriodicalIF":2.0,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45458253","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}
Pub Date : 2023-01-01DOI: 10.1080/14765284.2022.2161171
Xinyi Xie, Jianan Lu, Mao Li, Jiang Dai
ABSTRACT This study discusses the stock market reaction to the firm’s carbon neutrality commitments. By hand-collecting firm-level news and stock data, we conduct event studies as well as regression modelling studies. The results show that firms experience losses in market value from committing to being carbon neutral, and the decline in cumulative abnormal returns ranges from −2.09% to −1.21% across different event windows. However, we find better previous ESG performance and a higher level of carbon disclosure could mitigate adverse market reactions. This study innovatively links the ‘trade-off theory’ and ‘resource-based view’ to the discussion of CSR/ESG on firm value from the lens of carbon neutrality commitments.
{"title":"Does carbon neutrality commitment enhance firm value?","authors":"Xinyi Xie, Jianan Lu, Mao Li, Jiang Dai","doi":"10.1080/14765284.2022.2161171","DOIUrl":"https://doi.org/10.1080/14765284.2022.2161171","url":null,"abstract":"ABSTRACT This study discusses the stock market reaction to the firm’s carbon neutrality commitments. By hand-collecting firm-level news and stock data, we conduct event studies as well as regression modelling studies. The results show that firms experience losses in market value from committing to being carbon neutral, and the decline in cumulative abnormal returns ranges from −2.09% to −1.21% across different event windows. However, we find better previous ESG performance and a higher level of carbon disclosure could mitigate adverse market reactions. This study innovatively links the ‘trade-off theory’ and ‘resource-based view’ to the discussion of CSR/ESG on firm value from the lens of carbon neutrality commitments.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"49 - 83"},"PeriodicalIF":2.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46679592","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}
Pub Date : 2022-12-27DOI: 10.1080/14765284.2022.2161173
Xinhui Zhou, Yuzhe Li, Bing Chen, Huadong Jiang
ABSTRACT Starting from document research, this paper analyzes the mechanism of the risk spillover effect from developed capital markets to the Chinese capital market. After that, this paper conducts an empirical study on the risk spillover effect of developed capital markets on the Chinese capital market by using the DCC-GARCH model. Then the impact degree of global major stock market fluctuations on the Chinese stock market is measured. The analysis shows that there exists a significant risk spillover effect of developed capital markets on the Chinese capital market, but the effect began to weaken after the financial crisis and the size of the spillover effect can be affected by macro factors such as geographical locations, foreign trade, and foreign investment.
{"title":"Research on spillover effect of foreign market risk on Chinese capital market from perspective of full financial opening-up","authors":"Xinhui Zhou, Yuzhe Li, Bing Chen, Huadong Jiang","doi":"10.1080/14765284.2022.2161173","DOIUrl":"https://doi.org/10.1080/14765284.2022.2161173","url":null,"abstract":"ABSTRACT Starting from document research, this paper analyzes the mechanism of the risk spillover effect from developed capital markets to the Chinese capital market. After that, this paper conducts an empirical study on the risk spillover effect of developed capital markets on the Chinese capital market by using the DCC-GARCH model. Then the impact degree of global major stock market fluctuations on the Chinese stock market is measured. The analysis shows that there exists a significant risk spillover effect of developed capital markets on the Chinese capital market, but the effect began to weaken after the financial crisis and the size of the spillover effect can be affected by macro factors such as geographical locations, foreign trade, and foreign investment.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"1 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43055043","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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