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Effects of Digital Transformation on Dynamic Capital Structure Adjustment: Evidence from China 数字化转型对动态资本结构调整的影响:来自中国的证据
Pub Date : 2023-06-27 DOI: 10.3390/systems11070330
Ye Chen, Lei Shen, Yuchen Bian, Xi Zhang
Over the past two decades, there has been a surge in digital innovation. China is the world’s second-largest digital economy entity and the national strategy to build a digital China is in full swing. Chinese enterprises have received great support while pursuing digital transformation. This study aims to explore the impact of digital transformation on firm dynamic capital structure adjustment by taking evidence from Chinese listed firms. Based on the data of 3855 Chinese A-share listed firm-year observations during 2011–2021, this study employed a panel data fixed effects model to ascertain the association between the proposed variables. The results indicate that digital transformation has a significant positive effect on accelerating capital structure adjustment speed. Furthermore, we show that digital transformation promotes dynamic capital structure adjustment through financial flexibility. The impact of digital transformation on dynamic capital structure adjustment is characterized by heterogeneity in the ownership type, asset size, and credit cycle. In addition, reduced financing constraints and growing economic policy uncertainty will moderate the relationship between digital transformation and dynamic capital structure adjustment. Our findings provide insights into how digital transformation is driving companies to accelerate their capital structure adjustment speed to the optimal, and supplements the existing literature on the determinants of dynamic capital structure adjustment.
在过去的二十年里,数字创新出现了激增。中国是世界第二大数字经济体,建设数字中国的国家战略正在全面展开。中国企业在数字化转型过程中得到了大力支持。本文以中国上市公司为研究对象,探讨数字化转型对企业动态资本结构调整的影响。本文基于2011-2021年3855家中国a股上市公司的年度观察数据,采用面板数据固定效应模型来确定所提出变量之间的关联关系。结果表明,数字化转型对加快资本结构调整速度具有显著的正向作用。此外,我们发现数字化转型通过财务灵活性促进动态资本结构调整。数字化转型对动态资本结构调整的影响在所有权类型、资产规模和信贷周期上表现出异质性。此外,融资约束的减少和经济政策不确定性的增加将缓和数字化转型与动态资本结构调整之间的关系。我们的研究结果为数字化转型如何推动企业加速资本结构调整速度至最优提供了见解,并补充了现有关于动态资本结构调整决定因素的文献。
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引用次数: 1
How Does the Digital Transformation of Banks Improve Efficiency and Environmental, Social, and Governance Performance? 银行数字化转型如何提高效率、环境、社会和治理绩效?
Pub Date : 2023-06-26 DOI: 10.3390/systems11070328
Yongjie Zhu, Shanyue Jin
In the era of the digital economy, traditional industries have begun to realize digital transformations. For commercial banks, digital transformation is a trend and a requirement and is the only way to achieve sustainable development. At the same time, at the helm of the enterprise, executives play an essential role in the development of commercial banks. This study explored the relationship between digital bank transformation and bank efficiency, environment, society, and corporate governance (ESG) through empirical analysis, and how executives’ innovation awareness and executive technical background affect the relationships between digital bank transformation, bank efficiency, and ESG. This study used the regression method of fixed effects to conduct empirical research on the data of China’s A-share listed banks from 2011 to 2021. The research results show that the digital transformation of banks has improved efficiency and promoted the ESG performance of commercial banks. At the same time, executives’ innovation consciousness and technical background have played a positive regulatory role in banks’ digital transformation to promote bank efficiency and ESG. The main research object of this study was Chinese commercial banks. The bank’s digital transformation results were examined and the research was expanded to digital transformation and ESG. At the same time, this study has particular significance for investors who have a financial interest in banks.
在数字经济时代,传统行业开始实现数字化转型。对商业银行来说,数字化转型是一种趋势和要求,是实现可持续发展的必由之路。同时,作为企业掌舵者的高管在商业银行的发展中起着至关重要的作用。本研究通过实证分析探讨了数字银行转型与银行效率、环境、社会和公司治理(ESG)之间的关系,以及高管创新意识和高管技术背景如何影响数字银行转型、银行效率和ESG之间的关系。本研究采用固定效应回归方法,对中国a股上市银行2011 - 2021年的数据进行实证研究。研究结果表明,银行数字化转型提高了商业银行的效率,促进了商业银行的ESG绩效。同时,高管的创新意识和技术背景对银行数字化转型起到了积极的监管作用,促进了银行效率和ESG的提升。本研究的主要研究对象是中国商业银行。考察了银行数字化转型的成果,并将研究扩展到数字化转型和ESG。同时,本研究对银行有金融利益的投资者具有特别的意义。
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引用次数: 0
Research on Risk Evaluation of Hydropower Engineering EPC Project Based on Improved Fuzzy Evidence Reasoning Model 基于改进模糊证据推理模型的水电工程总承包项目风险评价研究
Pub Date : 2023-06-26 DOI: 10.3390/systems11070327
Q. Li, Ying Guo, Bo Wang, Yingqi Chen, Jiaxiao Xie, Chuanhao Wen
As clean renewable energy with strong advantages, hydropower plays an extremely important role in promoting green development and energy allocation patterns. Hydropower project construction is characterized by long duration, large scale, high cost, many participants, and complex construction conditions, and is closely related to the economy, society, and ecological environment, and its construction management mode and construction risk management have become the focus of extensive attention from all walks of life. In this paper, the risk evaluation index system of hydropower engineering EPC project is constructed, and the linear weighted combination method is introduced to determine the comprehensive weights based on the calculation of weights by sequential relationship method and entropy weight method, and the improved fuzzy normal distribution is introduced as the subordinate function distribution of fuzzy evaluation level based on DS evidence theory and fuzzy theory. The risk evaluation model of a hydropower engineering EPC project is also established. Meanwhile, the model was analyzed with hydropower project examples to verify the accuracy and practicality of the model, which can guide hydropower project stakeholders to manage hydropower project risks comprehensively, collaboratively, and efficiently, and provide decision support for hydropower project construction risk management.
水电作为具有强大优势的清洁可再生能源,在推动绿色发展和能源配置模式方面发挥着极其重要的作用。水电工程建设具有工期长、规模大、成本高、参与主体多、建设条件复杂,与经济、社会、生态环境密切相关的特点,其建设管理模式和建设风险管理已成为社会各界广泛关注的焦点。本文构建了水电工程EPC项目风险评价指标体系,在顺序关系法和熵权法计算权重的基础上,引入线性加权组合法确定综合权重,并基于DS证据理论和模糊理论,引入改进的模糊正态分布作为模糊评价等级的隶属函数分布。建立了某水电工程EPC项目风险评价模型。同时,通过水电工程实例对模型进行了分析,验证了模型的准确性和实用性,可以指导水电工程利益相关者全面、协同、高效地管理水电工程风险,为水电工程建设风险管理提供决策支持。
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引用次数: 2
Identification of Customer Churn Considering Difficult Case Mining 基于难案例挖掘的客户流失识别
Pub Date : 2023-06-25 DOI: 10.3390/systems11070325
Jianfeng Li, Xuepeng Bai, Qian Xu, Dexiang Yang
In the process of user churn modeling, due to the imbalance between lost users and retained users, the use of traditional classification models often cannot accurately and comprehensively identify users with churn tendency. To address this issue, it is not sufficient to simply increase the misclassification cost of minority class samples in cost-sensitive methods. This paper proposes using the Focal Loss hard example mining technique to add the class weight α and the focus parameter γ to the cross-entropy loss function of LightGBM. In addition, it emphasizes the identification of customers at risk of churning and raises the cost of misclassification for minority and difficult-to-classify samples. On the basis of the preceding ideas, the FocalLoss_LightGBM model is proposed, along with random forests, SVM, XGBoost, and LightGBM. Empirical analysis based on a dataset of credit card users publicly available on the Kaggle website. The AUC, TPR, and G-mean index values were superior to the existing model, which can effectively improve the accuracy and stability of potential lost users.
在用户流失建模过程中,由于流失用户与留存用户之间的不平衡,使用传统的分类模型往往不能准确、全面地识别出具有流失倾向的用户。为了解决这一问题,仅仅增加成本敏感方法中少数类样本的误分类成本是不够的。本文提出了采用Focal Loss硬例挖掘技术,将类权值α和焦点参数γ加入到LightGBM的交叉熵损失函数中。此外,它强调了对有流失风险的客户的识别,并增加了对少数和难以分类的样本进行错误分类的成本。在上述思想的基础上,提出了FocalLoss_LightGBM模型,以及随机森林、SVM、XGBoost和LightGBM模型。基于Kaggle网站上公开的信用卡用户数据集的实证分析。AUC、TPR和G-mean指标值均优于现有模型,可有效提高潜在流失用户的准确性和稳定性。
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引用次数: 0
NativeVRF: A Simplified Decentralized Random Number Generator on EVM Blockchains 原生evrf: EVM区块链上简化的去中心化随机数生成器
Pub Date : 2023-06-25 DOI: 10.3390/systems11070326
Warodom Werapun, Tanakorn Karode, Jakapan Suaboot, T. Arpornthip, Esther Sangiamkul
Smart contracts refer to small programs that run in a decentralized blockchain infrastructure. The blockchain system is trustless, and the determination of common variables is done by consensus between peers. Developing applications that require generating random variables becomes significantly challenging—for instance, lotteries, games, and random assignments. Many random number generators (RNGs) for smart contracts have been developed for the decentralized environment. The methods can be classified into three categories: on-chain RNG, Verifiable Random Function (VRF), and the Commit–reveal scheme. Although the existing methods offer different strengths and weaknesses, none achieves the three important requirements for an ideal RNG solution: security, applicability, and cost efficiency. This paper proposes a novel RNG approach called Native VRF, which offers application development simplicity and cost efficiency while maintaining strong RNG security properties. Experimental results show that Native VRF has the same security properties as the widely used RNG methods, i.e., Randao and Chainlink VRF. On top of that, our work offers a much simpler setup process and lower hardware resources and developer expertise requirements. Most importantly, the proposed Native VRF is compatible with all Ethereum virtual machine (EVM) blockchains, contributing to the overall growth of the blockchain ecosystem.
智能合约是指在分散的区块链基础设施中运行的小程序。区块链系统是不可信的,公共变量的确定是通过对等体之间的共识来完成的。开发需要生成随机变量的应用程序变得非常具有挑战性——例如,彩票、游戏和随机分配。为去中心化环境开发了许多用于智能合约的随机数生成器(rng)。这些方法可以分为三类:链上RNG、可验证随机函数(VRF)和提交-披露方案。尽管现有的方法各有优缺点,但没有一种方法能够满足理想RNG解决方案的三个重要要求:安全性、适用性和成本效率。本文提出了一种新的RNG方法,称为原生VRF,它提供了应用程序开发的简单性和成本效率,同时保持了强大的RNG安全性。实验结果表明,Native VRF与目前广泛使用的RNG方法(Randao和Chainlink VRF)具有相同的安全性。最重要的是,我们的工作提供了一个更简单的设置过程和更低的硬件资源和开发人员的专业知识要求。最重要的是,拟议的原生VRF与所有以太坊虚拟机(EVM)区块链兼容,有助于区块链生态系统的整体增长。
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引用次数: 0
Research on Manufacturers' Logistics Strategy Selection in the Context of E-Commerce 电子商务背景下制造商物流战略选择研究
Pub Date : 2023-06-24 DOI: 10.3390/systems11070324
H. Liu, Yanan Zhao
This paper explores the logistics strategy selection of a manufacturer that uses two sales channels (resale and agency channels) to sell the same product through an E-commerce platform. The agency channel offers two logistic strategies, low-quality logistics services provided by third-party enterprises (Strategy N) and high-quality logistics services provided by the platform (Strategy S). When the manufacturer opts for Strategy S, a portion of the market share of the resale channel shifts to the agency channel, which results in the platform logistics effect. We developed a game-theoretic model to investigate the equilibrium results of a manufacturer under different logistics strategies. The results show that there exists a threshold for the platform logistics effect. When the platform logistics effect is lower than this threshold, the manufacturer prefers Strategy N. Otherwise, the manufacturer prefers Strategy S. However, when the platform logistics price reaches a certain level, the manufacturer will always prefer Strategy N. Our study provides valuable insights for manufacturers and e-commerce platforms to optimize their operational decisions based on different logistics strategies. It also helps manufacturers make rational choices about logistics strategies.
本文研究了某制造商在电子商务平台上使用两种销售渠道(转售渠道和代理渠道)销售同一产品的物流策略选择。代理渠道提供两种物流策略,即第三方企业提供的低质量物流服务(策略N)和平台提供的高质量物流服务(策略S)。当制造商选择策略S时,转售渠道的部分市场份额转移到代理渠道,从而产生平台物流效应。本文建立了一个博弈论模型来研究制造商在不同物流策略下的均衡结果。结果表明,平台物流效应存在阈值。当平台物流效果低于该阈值时,制造商更倾向于选择策略n,反之,制造商更倾向于选择策略s。然而,当平台物流价格达到一定水平时,制造商总是更倾向于选择策略n。我们的研究为制造商和电子商务平台基于不同的物流策略优化其运营决策提供了有价值的见解。它还有助于制造商对物流策略做出理性选择。
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引用次数: 1
Complementary Assets, Organizational Modularization, and Platform Enterprise Value Innovation 互补资产、组织模块化与平台企业价值创新
Pub Date : 2023-06-24 DOI: 10.3390/systems11070323
Kexin Rong, Long-ying Hu
In the platform economy, platform enterprises connect producers and customers, matching diverse supply with diverse demand to achieve profit goals. The big data assets and marketing relationships owned by platform enterprises are complementary assets, and their modular organizational structure is crucial for enhancing enterprise value innovation. The existing literature lacks in-depth exploration of the impact of complementary assets on platform enterprises. Therefore, the research purpose of this article is to investigate the impact of complementary assets and organizational modularity on platform enterprise value innovation. Taking Meituan as the research object, this paper adopts the single case-study method of grounded theory coding to explore the relationship between complementary assets, organizational modularity, and platform enterprise value innovation. Research has shown that organizational modularity includes two dimensions, dependency and structural arrangement, while value innovation includes three dimensions, customer value innovation, product value, and innovation ability. Among them, complementary assets and organizational modularity both have a positive impact on platform enterprise value innovation, and organizational modularity plays a moderating role in the impact of complementary assets on platform enterprise value innovation. The research results have enriched the research on complementary assets, organizational modularity, and value innovation theory, providing a theoretical basis and inspiration for enterprise organizational design and better utilization of complementary assets.
在平台经济中,平台企业连接生产者和消费者,将多样化的供给与多样化的需求相匹配,以实现盈利目标。平台企业拥有的大数据资产和营销关系是互补的资产,其模块化的组织结构对于提升企业价值创新至关重要。现有文献缺乏对互补资产对平台企业影响的深入探讨。因此,本文的研究目的是探讨互补资产和组织模块化对平台型企业价值创新的影响。本文以美团为研究对象,采用扎根理论编码的单案例研究方法,探讨互补资产、组织模块化与平台型企业价值创新之间的关系。研究表明,组织模块化包括依赖关系和结构安排两个维度,而价值创新包括顾客价值创新、产品价值和创新能力三个维度。其中,互补资产和组织模块化对平台企业价值创新均有正向影响,组织模块化在互补资产对平台企业价值创新的影响中起调节作用。研究成果丰富了互补资产、组织模块化、价值创新理论等方面的研究,为企业组织设计和更好地利用互补资产提供了理论依据和启示。
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引用次数: 0
A Novel Authentication and Communication Protocol for Urban Traffic Monitoring in VANETs Based on Cluster Management 一种基于集群管理的vanet城市交通监控认证与通信协议
Pub Date : 2023-06-24 DOI: 10.3390/systems11070322
R. Latif, Muhammad Jamil, Jinliao He, Muhammad Farhan
City zones have become increasingly overcrowded due to the extensive population widening ratio and the swift relocation of people from villages. The traffic monitoring process is a significant issue in these areas due to the massive traffic flow on the roads. This research proposed a cluster-based improved authentication and communication protocol for an Intelligent Transportation System in Vehicular AdHoc Networks (VANETs). Our primary objective is to optimize resource sharing in vehicular communication. We enhanced the reliability, scalability, and stability of fast-moving VANETs by introducing cluster-based routing protocols for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communications. We used a third-party certification authority for vehicle authentication to address security and privacy concerns. Our proposed protocol support minimizes the end-to-end (E2E) delay and route request and reduces link failure. Our protocol’s leading yield includes throughput enhancement, TCP Socket Initialization time minimization, TCP handshake response speedup, and DNS lookup improvement. The protocols are centered on short-range peer-to-peer (P2P) wireless communication in a 400 m radius cluster. They include innovative P2P wireless communications on VANET using minimized resources. The proposed protocols deliver a secure authentication mechanism with a securely generated vehicle authentication key provided by a certification authority. Furthermore, we have developed RESTful APIs in vehicular communication for implementation purposes and also offered and implemented algorithms for resource sharing regarding V2V and V2I communication. Ultimately, we evaluated the performance of our experiments.
由于广泛的人口扩张率和农村人口的迅速迁移,城市地区变得越来越拥挤。由于这些地区道路上的交通流量巨大,交通监控过程是一个重要的问题。针对车载自组织网络(VANETs)中的智能交通系统,提出了一种基于集群的改进认证与通信协议。我们的主要目标是优化车辆通信中的资源共享。我们通过引入基于集群的车对车(V2V)和车对基础设施(V2I)通信路由协议,增强了快速移动的vanet的可靠性、可扩展性和稳定性。我们使用第三方认证机构进行车辆认证,以解决安全和隐私问题。我们提出的协议支持最小化端到端(E2E)延迟和路由请求,减少链路故障。我们的协议的主要成果包括吞吐量增强、TCP套接字初始化时间最小化、TCP握手响应加速和DNS查找改进。这些协议以400米半径集群中的短程点对点(P2P)无线通信为中心。它们包括在VANET上使用最小资源的创新P2P无线通信。提议的协议使用由证书颁发机构提供的安全生成的车辆身份验证密钥提供安全的身份验证机制。此外,我们还开发了用于车载通信的RESTful api,并提供和实现了关于V2V和V2I通信的资源共享算法。最后,我们评估了实验的性能。
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引用次数: 1
Model Based Systems Engineering with a Docs-as-Code Approach for the SeaLion CubeSat Project 基于模型的系统工程与文档即代码方法的SeaLion CubeSat项目
Pub Date : 2023-06-23 DOI: 10.3390/systems11070320
Kevin Chiu, Sean Marquez, S. Asundi
The SeaLion mission architecture team sought to create a model-based systems engineering approach to assist improving CubeSat success rates as well as for the SeaLion CubeSat project to guide an implementation for the flight software. This is important because university CubeSat teams are growing in number but often have untrained students as their core personnel. This was done using a document-as-code, or docs-as-code, approach. With this the team created tools for the systems architecture with the Mach 30 Modeling Language to create an architecture that is easy to learn and use even for newly admitted team members with little to no training. These tools generate documents via its own code for easy presentation on a local file system without any proprietary software while keeping the model content format-agnostic.
SeaLion任务架构团队试图创建一种基于模型的系统工程方法,以帮助提高立方体卫星的成功率,并为SeaLion立方体卫星项目指导飞行软件的实施。这一点很重要,因为大学立方体卫星团队的人数在不断增加,但他们的核心人员往往是未经训练的学生。这是使用文档即代码或文档即代码的方法完成的。有了这个,团队用Mach 30建模语言为系统架构创建了工具,以创建一个易于学习和使用的架构,即使是新入职的团队成员几乎没有受过培训。这些工具通过自己的代码生成文档,以便在不需要任何专有软件的情况下在本地文件系统上轻松表示,同时保持模型内容格式无关。
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引用次数: 0
Analysis of Omni-Channel Evolution Game Strategy for E-Commerce Enterprises in the Context of Online and Offline Integration 线上线下融合背景下电子商务企业全渠道演化博弈策略分析
Pub Date : 2023-06-23 DOI: 10.3390/systems11070321
Yingying Cheng, Bo Xie, Keyu An
With the upgrading of people’s consumption patterns, the omni-channel supply chain becomes the mainstream form of e-commerce platform enterprise development. Aiming at two different e-commerce enterprises, we construct an evolutionary game model for enterprises’ “online+offline” omni-channel construction strategy by self-build or cooperating with brick-and-mortar stores. It is based on the Stackelberg and Cournot competition model, combined with the omni-channel pricing strategy, using the theory of perfect rationality and bounded rationality, and combing the non-cooperative game and evolutionary game to realize. Moreover, the evolutionary game process is simulated. Through the dynamic changes of the system, the strategy selection behavior mechanism of the retail channel subjects is deeply analyzed. It is found that enterprises’ strategy choices are influenced by both competitors and profits, and evolutionary stabilization strategies are not unique. In addition, changes in consumer loyalty, physical feelings, and sharing ratio during the evolutionary process will affect the stability rate of enterprises’ behavioral choices.
随着人们消费模式的升级,全渠道供应链成为电子商务平台企业发展的主流形式。针对两种不同的电子商务企业,构建了企业自建或与实体店合作的“线上+线下”全渠道建设策略的演化博弈模型。它以Stackelberg和Cournot竞争模型为基础,结合全渠道定价策略,运用完全理性和有限理性理论,结合非合作博弈和进化博弈来实现。此外,还模拟了进化博弈过程。通过系统的动态变化,深入分析了零售渠道主体的策略选择行为机制。研究发现,企业的战略选择同时受到竞争对手和利润的影响,演化稳定策略并非唯一的。此外,在进化过程中,消费者忠诚度、身体感受、分享比例的变化都会影响企业行为选择的稳定率。
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引用次数: 1
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