Operational risk assessment of third-party payment platforms:a case study of China

Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.

Key Points of Supervision of Third-Party Payment Business:A Comparative Analysis of China's Mainland and Macao

China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especially in payment technologies.Based on the concept and types of third-party payment business in China's Mainland and Macao,as well as to investigate the causes for Macao’s lack of innovation in third-party payment,this study compares their differences from two aspects:business licensing authorities and key points of supervision.By comparison,although the classification and methods of third-party payment businesses are different between China's Mainland and Macao,they are all managed and licensed by a unified supervision department.Moreover,the key points of supervision in both places are similar,but unlike China's Mainland,which takes financial risk prevention as the principle and financial technology as the means to encourage innovation,Macao showed obvious deficiencies.In order to further deepen the connection between the financial markets of China's Mainland and Macao as well as boost financial technologies in Macao,this study aims to provide some suggestions and references for the development of cross-border payment systems.

China’s online third-party payment booms in Q1

China’s online third-party payment market reached 758.3 billion yuan ($120.49 billion) in the first quarter of 2012, a major tech and Internet information provider was quoted as saying by Xinhua on May 7.

Dilemmas and Optimization of Third-Party Assessment System in Chinese Fair Competition Review

The current predominant self-review mechanism by policy-making bodies suffers from deficiencies such as insufficient motivations, limited review capabilities, and weak external supervision. Third-party assessment, characterized by independence and specialization, is designed to mitigate these shortcomings. However, the implementation of third-party assessment faces challenges too. This paper intends to improve the third-party assessment system and to realize the legislative purpose of the system. Based on social research, discussions and exchanges with relevant parties, and the existing research results, this paper analyzes the challenges and possible optimization measures for the third-party assessment. The challenges include repulsion from policy-making bodies, insufficient independence of assessment bodies, disparity of assessment quality, and limited application of assessment outcomes. Possible optimization measures include promoting fair competition culture, increasing the acceptance of third-party assessment from policy-making bodies, enhancing the quality of third-party assessment, clarifying the relationship between policy-making bodies and assessment bodies, ensuring the independence of third-party assessments, and promoting the application of assessment results.

Payment for Water-Related Ecosystem Services as a Strategic Watershed Management Approach

Payments for ecosystem services (PES) have been created worldwide to assist watershed management and improve or maintain water quality. Considering their importance, we conducted a holistic review of payment for water-related ecosystem services to understand how this instrument has been applied in watershed management worldwide. First, we identified the watershed management actions considered by the PES programs and the challenges of implementing water-related PES. After we identified the methods and criteria used to define priority areas for water-related PES. Our review considered articles published on the Web of Science from 2011 to 2022. We found 236 articles relating PES to water resources, highlighting the main water conservation strategies: native vegetation conservation, native vegetation restoration, and implementing best agricultural practices. The method most frequent was interview, followed by the use of technologies, document analysis, and hydrological models. Another significant result was that priority areas for receiving PES are mainly riparian zones, areas near or with native vegetation cover, areas with higher erosion potential, steep areas, and areas with socially vulnerable communities. This review was crucial to identify efficient water resource conservation strategies and potential challenges in the implementation and development of PES programs.

Financial literacy,behavioral traits,and ePayment adoption and usage in Japan

This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

Understanding the Importance of Effective Third-Party Risk Management on Data Governance

With a view to adopting to the globalized business landscape,organizations rely on third-party business relationships to enhance their operations,expand their capabilities,and drive innovation.While these collaborations offer numerous benefits,they also introduce a range of risks that organizations must carefully mitigate.If the obligation to meet the regulatory requirements is added to the equation,mitigating the third-party risk related to data governance,becomes one of the biggest challenges.

Online payment fraud:from anomaly detection to risk management

Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,without producing too many false alarms.This is a challenge for machine learning owing to the extremely imbalanced data and complexity of fraud.In addition,classical machine learning methods must be extended,minimizing expected financial losses.Finally,fraud can only be combated systematically and economically if the risks and costs in payment channels are known.We define three models that overcome these challenges:machine learning-based fraud detection,economic optimization of machine learning results,and a risk model to predict the risk of fraud while considering countermeasures.The models were tested utilizing real data.Our machine learning model alone reduces the expected and unexpected losses in the three aggregated payment channels by 15%compared to a benchmark consisting of static if-then rules.Optimizing the machine-learning model further reduces the expected losses by 52%.These results hold with a low false positive rate of 0.4%.Thus,the risk framework of the three models is viable from a business and risk perspective.

Strategies for China’s Response to and Improvement of Third-Party Funding in International Investment Arbitration

China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehensive measures should be implemented to regulate third-party funding,aligning with international trends.This is crucial not only to safeguard the foreign investment of the Chinese government and enterprises but also to position China as a globally influential arbitration center.

Inspiration of Foreign Innovative Drug Pricing Methods and Medical Insurance Payment Standards to China

Objective To study the innovative drug pricing methods and medical insurance payment standards in foreign countries and to provide reference for China’s government.Methods The official websites were searched for information and related literature,and literature review was used.Results and Conclusion In foreign countries,the clinical value of innovative drugs and their impact on medical insurance funds were comprehensively evaluated based on factors such as quality-adjusted life years,clinical benefit,and improvement of clinical benefit.Then,the evaluation results were taken as an important basis for whether innovative drugs were admitted to the medical insurance catalog and establishing medical insurance payment standards.By using international experience for reference,innovative drug pricing methods and medical insurance payment standards for China’s national conditions can be improved by establishing a basic database of clinical value and drug economic evaluation of innovative drugs,as well as innovative drug payment models based on decision thresholds.

指尖上的旅行:移动支付能否促进家庭旅游消费?

基于2017年和2019年中国家庭金融调查数据,使用固定效应模型、工具变量估计、Tobit模型和差分模型,研究了移动支付对家庭旅游消费的影响。结果表明:移动支付能够显著提高家庭出游概率、促进家庭旅游消费,且对高收入、高人力资本、城镇和老年家庭影响更大。机制检验发现,移动支付通过提升居民信任水平、提高支付便利性促进家庭旅游消费。鉴于此,应深入发展智慧旅游,驱动旅游消费智慧化、数字化升级。

医保支付方式由治病向健康转型—先期探讨研究

为系统讨论医保支付方式改革驱动由治病向健康转型的可能性和实践模式,以目标—发展重点透视矩阵作为分析框架,以慢性病为切入点,基于安徽省医共体慢性病打包支付的案例,探讨中国情境下的以健康为导向的医保支付方式改革的路径和方法。研究发现,伴随人口结构和社会需求的变化,在理念层面上,医保支付政策已体现出由治病向健康转型的态势,医保支付政策的内容、形式、载体趋向多样化。目前中国复合式医保支付框架已经建立,但改革内容和进展不平衡,尚未发挥向健康转型的激励引领作用。持续推进医保支付方式改革并对改革内容进行适应性调整,将是下一阶段工作的重点。

未来5~10年中国医疗保障待遇设计的改革思路

医疗保障待遇包括起付线、报销比例、封顶线等内容。典型国家社会医疗保险报销起付线多设置在人均年收入的3%以内,对门诊、住院和药剂服务设立了不同的支付政策,医疗费用个人自付占可支配收入的比例在0.25%~2%。借鉴国际经验,展望中国社会医疗保险制度未来的发展,建议提高门诊保障待遇,以可支配收入为基数设置报销起付线,不同层级医疗机构实行相同的报销比例,设置个人自付封顶线,取消门诊报销封顶线,门诊和住院共用个人最高自付限额。

我国不同付费模式信用评级校验机制研究

我国债券市场刚性兑付被打破后,不断出现高评级债券违约事件。为此,监管部门积极发展多种评级,以期提高债券评级质量。通过理论建模与实证分析,研究了不同付费模式信用评级如何综合发挥校验作用。基于博弈模型的理论分析发现,不同付费模式评级发挥校验作用的机制在于投资者的反应:当投资者付费和发行人付费两种模式评级差值增大,投资者不以单一评级结果进行债券定价,而是根据评级差值调整债券价格。基于2011—2020年企业债评级数据的经验证据显示,随着评级差值增大,发行人付费评级机构会降低后续评级,且评级差值对单一信用评级与债券信用利差之间的负向关系具有抑制作用。进一步检验发现,发行人付费评级机构提供的偏正面的私有信息会降低债券信用利差,而以中债资信为代表的投资者付费评级机构提供的私有信息则不会显著影响债券信用利差,均体现出单一评级模式在定价方面的弊端。因此,监管部门应继续鼓励发展投资者付费评级模式,并鼓励机构投资者发展内部评级,以充分发挥多种评级模式的交叉校验作用。

惠民保可持续发展研究

在多层次医疗保障体系建设中,惠民保是连接基本医疗保险与商业健康保险的中间层,是化解重大疾病风险、推进共同富裕的一项保障。本文探讨惠民保在多层次医疗保障体系中的地位,分析其参保、赔付以及产品现状,总结惠民保面临参保率不足、参保人群结构不良、赔付率不稳定且赔付不均等问题。基于此,本文提出实行基于DRG/DIP按病组支付的惠民保发展模式,旨在不影响相关主体利益的基础上改善参保率,优化参保结构,增强参保人获得感,从而吸引健康人群投保,提升制度普惠性和可持续性,为完善多层次医疗保障体系建设做出贡献。

财政转移支付制度、财政提质增效与经济增长——基于转移支付不确定性的研究

地方政府财政收入的不确定性对其财税行为会造成影响,进而可能影响到财政支出的经济增长效应。使用1998-2007年中国县级层面的财政数据,以2001年民族地区转移支付制度的确立作为工具变量,估算中国地区层面的财政支出乘数,并研究转移支付不确定性对地区层面财政支出乘数的影响,实证结果表明,县级地区转移支付不确定性每增加1个标准差会导致县级地区财政支出乘数减少0.57,专项转移支付不确定性是导致地方政府财政支出乘数下降的主要因素,而一般性转移支付不确定性对地方政府财政支出乘数没有显著影响。机制研究表明,转移支付不确定性通过影响地方政府的财政收支行为,使得地方政府提高当地企业的实际税率,减少了当地企业的产出,进而影响到地区层面产出。

价值支付视角下门诊按人头付费的理论内涵和改革建议

按人头付费是医保门诊统筹改革的核心任务之一。价值支付视角下按人头付费应具有控制医疗成本、提升服务质量、改善患者健康结果的价值目标,其核心要素包括:以整合型医疗卫生服务组织和基层家庭医生签约团队为供方主体,为特定疾病人群或签约人群提供连续性医疗服务;支付标的为固定时间范围内发生的医疗费用总额,通过合理设定人头基础费率和风险调整因子,建立以质量和健康结果为核心的绩效支付和结余分享、风险分担机制等,建立起支付方、供方、患者三方价值均衡且相容的激励约束机制。

以价值为导向的住院康复服务价值调节因子构建研究

目的:本研究旨在建立实现康复治疗效果可比的价值调节因子,为将康复服务价值作为医保支付依据、基于现行医保制度建立按价值付费机制提供可行思路。方法:课题组于2022年1月1日—2023年3月31日收集样本医院脑损伤住院患者功能相关信息,并与样本地区医保结算清单数据库关联。采用神经网络模型拟合康复结果与康复效果影响因素之间的函数关系,根据康复结果实际值与预测值差值的分布区间判断康复服务价值。结果:共计878例脑损伤患者的住院康复病案与医保结算清单资料纳入分析;根据预测精度评价指标及其标准,选取了最优模型,并根据其预测结果对康复治疗效果进行了评价,确定了包含四个档次的价值调节因子。结论:本研究构建的价值调节因子,不仅为评价住院康复服务治疗效果、实现康复效果可比提供了重要工具,也为进一步推动医保对住院康复服务实施按价值付费提供了可行方向。

基于疾病特征的医保支付方式优化策略研究——以结核病为例

目的:探索符合结核病疾病特征的医保支付方式。方法:基于文献研究,分析当前我国结核病的医保支付方式。结果:当前我国结核病支付政策存在制度安排与临床实际不匹配、患者经济负担较重等问题,有必要从疾病特征出发,优化结核病医保支付方式。结论:实行科学动态的结核病门诊单病种支付方式,紧扣疾病特征优化按病种分值付费支付方式,建立全程治疗管理体系,探索捆绑支付模式,减轻结核病患者经济负担。

可再生能源投资的政企随机演化博弈研究——基于动态碳价视角

针对传统确定性演化博弈模型的不足,引入几何布朗运动模型模拟动态的碳价参数,构建了具有随机支付矩阵的演化博弈模型,以全国碳市场背景下的发电企业为例,研究了政企双方的演化过程和策略选择,探究了不同因素对演化均衡和政企决策的影响.结果显示:碳价是影响政企决策的重要因素,碳价较低时,政企的最优决策分别是选择作为策略即采取奖惩措施和不投资可再生能源,碳价较高时最优决策转变为不作为和投资.火力发电的成本、收益和碳排放系数以及可再生能源发电的成本、收益和建设成本是影响政府和发电企业策略选择的关键因素.发电企业投资意愿与政府的奖惩力度正相关,政府作为意愿与奖惩力度负相关,短期内提高政府的奖惩力度可激励发电企业的投资行为,但会缩短政府作为时长.