Based on rural household data collected in two rounds of the China Household Finance Survey(CHFS)in 2015 and 2017,respectively,this paper presents the likely impact of financial literacy and capability against risks o...Based on rural household data collected in two rounds of the China Household Finance Survey(CHFS)in 2015 and 2017,respectively,this paper presents the likely impact of financial literacy and capability against risks on the breadth and depth of participation by rural households in risky financial markets.After instrumental variables are used to solve endogenous problems,we find that a good command of financial knowledge and a higher risk management level could significantly increase the probability and proportion of rural households investing in risky financial assets.A mechanism analysis further reveals that financial knowledge motivates rural households to engage in financial investments by helping them evaluate their capability to guard against risks.After multiple dimensions of indicators are employed to measure financial knowledge,the estimated results remain stable.In view of this,we have put forward some policy suggestions to increase the property income of rural households and promote the rural financial market.展开更多
According to forecasts by relevant experts, the financial assets owned by Chinese residents will hit 7,211 billion yuan this year, a 17 per cent increase over last year or 16.4 per cent more after deduction of price f...According to forecasts by relevant experts, the financial assets owned by Chinese residents will hit 7,211 billion yuan this year, a 17 per cent increase over last year or 16.4 per cent more after deduction of price factors. So far as the structure of these financial assets is concerned, bank savings deposits by Chinese residents will grow by 17.2 per cent to 5,426 billion yuan by the end of this year, accounting for 75.2 per展开更多
The non-performing assets of China’s financial institutions totaled RMB l,800 billion. Has this threatened the safety of China’s financial industry? Where do this large amount of nonperforming assets come from?
The cryptomarket has evolved into a complex system of different types of cryptoassets,each playing an important role within the system.With specific features,opportunities,and risks.Studying their apparent and hidden ...The cryptomarket has evolved into a complex system of different types of cryptoassets,each playing an important role within the system.With specific features,opportunities,and risks.Studying their apparent and hidden linkages and general connectedness not only inside the system but also the linkages to the outer markets,being it either the traditional financial markets or the macroeconomic and monetary indicators and variables,plays a crucial role in understanding the market,managing risks,and aiming for profitable opportunities.The cryptomarkets are far from being simply Bitcoin or even just the most popular and capitalised cryptocurrencies and tokens which might have been the case just a few years back.展开更多
In 1996,the first author of this essay manifested that financial assets structure of China,which was then dominated by indirect financing,had led to many problems in the economy.After more than ten years of financial ...In 1996,the first author of this essay manifested that financial assets structure of China,which was then dominated by indirect financing,had led to many problems in the economy.After more than ten years of financial reform,has the financial assets structure been improved?Can the existing financial assets structure accommodate the development of Chinese economy?This paper tries to answer the above questions by reanalyzing the current financial structure in China.It is found that the financial asset structure of China has experienced obvious improvement.Meanwhile the new structure has brought some new problems which ought to be resolved by further improvement of monetary market and capital market.In the coming ten years,the optimal path for the development of China’s financial market is through twoway opening.展开更多
The Maroochy River, which is located on east coast of Australia, provides a variety of uses and values to the community. Changes in structure, function and management of the river will influence the value that the com...The Maroochy River, which is located on east coast of Australia, provides a variety of uses and values to the community. Changes in structure, function and management of the river will influence the value that the community derives from it. Therefore, critical to the river’s continued management is the development of policy relevant tools based on the community’s value of the river. This paper focuses on estimating the fi-nancial value the local residents derive from living close to the river through investigation of changes in residential property values due to attributes of the Maroochy River. It is a complex analysis since there are several confounding geographical and property variables. Given a large and complete dataset of 28,000 properties for the Maroochy region, Artificial Neural Networks (ANN) was applied to estimate the economic value of the properties. This ANN was then able to simulate scenarios for property values with respect to changes in environmental features. It showed the Maroochy River contributed AU$900,000,000 to the unim-proved capital value of the whole region, a value that could not be estimated previously, and much higher than anticipated. Calculating potential annual payments to the Shire Council through land tax analysis from these property values, provides the council with means to justify expenditure to maintain a standard of water quality and ecosystem health.展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization.This paper explains how te...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization.This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide.It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation.The findings show that regulation was unable to keep pace with financial innovation,which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by participating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography,which ultimately contributed to the global financial crisis.It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hong and its role as a driving force behind China's newly emerging shadow banking sector.It concludes with a policy recommendation and its implication for China's continued economic development.展开更多
Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a ...Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.展开更多
This study investigated the financial performance of Bangladesh’s State-Owned Commercial Banks,Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks over 12 years from 2006 to 2017.T...This study investigated the financial performance of Bangladesh’s State-Owned Commercial Banks,Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks over 12 years from 2006 to 2017.The objective of this study is to find out the financial performance of a bank based on CAMEL indicators.The finding of this study is that Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks has a good position than State-Owned Commercial Banks.Specific,Pubali Bank Limited,Standard Bank Limited,Prime Bank Limited,City Bank Limited and Al-Arafah Islami Bank Limited are in the best position in Bangladesh under this study.We also found that the performance of State-Owned Commercial Banks is not good.This study gives a policy implementation according to results.1.State-Owned Commercial Banks should restructure the infrastructure.2.It needs more emphasis on efficiency and effectiveness to control the cost and loan investment.3.It will be required to pay more in insurance premiums.4.It should be born in mine,for higher rating banks.We suggest to a higher number of rating banks that it’s hinders a bank’s ability to expand by investing,consolidating,or adding more branches.We also suggest to all lower rating banks.The institutions with a poor rating will be required to pay more in insurance premiums.展开更多
基金Social Science Planning Project of Sichuan Province(SC21B031)。
文摘Based on rural household data collected in two rounds of the China Household Finance Survey(CHFS)in 2015 and 2017,respectively,this paper presents the likely impact of financial literacy and capability against risks on the breadth and depth of participation by rural households in risky financial markets.After instrumental variables are used to solve endogenous problems,we find that a good command of financial knowledge and a higher risk management level could significantly increase the probability and proportion of rural households investing in risky financial assets.A mechanism analysis further reveals that financial knowledge motivates rural households to engage in financial investments by helping them evaluate their capability to guard against risks.After multiple dimensions of indicators are employed to measure financial knowledge,the estimated results remain stable.In view of this,we have put forward some policy suggestions to increase the property income of rural households and promote the rural financial market.
文摘According to forecasts by relevant experts, the financial assets owned by Chinese residents will hit 7,211 billion yuan this year, a 17 per cent increase over last year or 16.4 per cent more after deduction of price factors. So far as the structure of these financial assets is concerned, bank savings deposits by Chinese residents will grow by 17.2 per cent to 5,426 billion yuan by the end of this year, accounting for 75.2 per
文摘The non-performing assets of China’s financial institutions totaled RMB l,800 billion. Has this threatened the safety of China’s financial industry? Where do this large amount of nonperforming assets come from?
文摘The cryptomarket has evolved into a complex system of different types of cryptoassets,each playing an important role within the system.With specific features,opportunities,and risks.Studying their apparent and hidden linkages and general connectedness not only inside the system but also the linkages to the outer markets,being it either the traditional financial markets or the macroeconomic and monetary indicators and variables,plays a crucial role in understanding the market,managing risks,and aiming for profitable opportunities.The cryptomarkets are far from being simply Bitcoin or even just the most popular and capitalised cryptocurrencies and tokens which might have been the case just a few years back.
文摘In 1996,the first author of this essay manifested that financial assets structure of China,which was then dominated by indirect financing,had led to many problems in the economy.After more than ten years of financial reform,has the financial assets structure been improved?Can the existing financial assets structure accommodate the development of Chinese economy?This paper tries to answer the above questions by reanalyzing the current financial structure in China.It is found that the financial asset structure of China has experienced obvious improvement.Meanwhile the new structure has brought some new problems which ought to be resolved by further improvement of monetary market and capital market.In the coming ten years,the optimal path for the development of China’s financial market is through twoway opening.
文摘The Maroochy River, which is located on east coast of Australia, provides a variety of uses and values to the community. Changes in structure, function and management of the river will influence the value that the community derives from it. Therefore, critical to the river’s continued management is the development of policy relevant tools based on the community’s value of the river. This paper focuses on estimating the fi-nancial value the local residents derive from living close to the river through investigation of changes in residential property values due to attributes of the Maroochy River. It is a complex analysis since there are several confounding geographical and property variables. Given a large and complete dataset of 28,000 properties for the Maroochy region, Artificial Neural Networks (ANN) was applied to estimate the economic value of the properties. This ANN was then able to simulate scenarios for property values with respect to changes in environmental features. It showed the Maroochy River contributed AU$900,000,000 to the unim-proved capital value of the whole region, a value that could not be estimated previously, and much higher than anticipated. Calculating potential annual payments to the Shire Council through land tax analysis from these property values, provides the council with means to justify expenditure to maintain a standard of water quality and ecosystem health.
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization.This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide.It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation.The findings show that regulation was unable to keep pace with financial innovation,which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by participating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography,which ultimately contributed to the global financial crisis.It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hong and its role as a driving force behind China's newly emerging shadow banking sector.It concludes with a policy recommendation and its implication for China's continued economic development.
文摘Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.
文摘This study investigated the financial performance of Bangladesh’s State-Owned Commercial Banks,Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks over 12 years from 2006 to 2017.The objective of this study is to find out the financial performance of a bank based on CAMEL indicators.The finding of this study is that Islami Shariah Based Private commercial Banks and Conventional Private Commercial Banks has a good position than State-Owned Commercial Banks.Specific,Pubali Bank Limited,Standard Bank Limited,Prime Bank Limited,City Bank Limited and Al-Arafah Islami Bank Limited are in the best position in Bangladesh under this study.We also found that the performance of State-Owned Commercial Banks is not good.This study gives a policy implementation according to results.1.State-Owned Commercial Banks should restructure the infrastructure.2.It needs more emphasis on efficiency and effectiveness to control the cost and loan investment.3.It will be required to pay more in insurance premiums.4.It should be born in mine,for higher rating banks.We suggest to a higher number of rating banks that it’s hinders a bank’s ability to expand by investing,consolidating,or adding more branches.We also suggest to all lower rating banks.The institutions with a poor rating will be required to pay more in insurance premiums.
基金The authors are grateful for financial support from the fund of the China National Social Science Fund Project (09CJY085), China Postdoctoral Science Foundation (20100470109), and the authors would like to thank to the funding by the Ministry of education of Humanities and social sciences research Youth Project (11YJC630243, 12YJC630010, and "Investors' expectancy, loss reversibility and the value of negative equity firms") Central University basic research funds (SWU1309116, SWU1309202).