This paper explores the operational strategies of cross-border micro, small, and medium enterprises (MSMEs). Against the backdrop of globalization and digitalization, cross-border trade has become one of the important...This paper explores the operational strategies of cross-border micro, small, and medium enterprises (MSMEs). Against the backdrop of globalization and digitalization, cross-border trade has become one of the important pathways for many MSMEs to achieve growth and competitive advantage. Firstly, the paper outlines the concept and characteristics of cross-border MSMEs, as well as the analysis of their operational environment in the context of globalization, including political, economic, social, technological, environmental, and legal factors. Secondly, the paper proposes operational strategies for cross-border MSMEs, including international market selection and positioning, cross-border marketing strategies, supply chain management, cross-border financial management, and cross-border risk management. Finally, the paper summarizes the importance of effectively implementing these strategies for cross-border MSMEs to seize international market opportunities, reduce operational risks, and enhance competitiveness and profitability.展开更多
Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure ri...Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure risks that there exist CIR stochastic volatility of stock return and Vasicek or CIR stochastic interest rate in the market. In the end, the result of the model in the paper is compared with those in other models, including BS model with numerical experiment. These results show that the double exponential jump-diffusion model with CIR-market structure risks is suitable for modelling the real-market changes and very useful.展开更多
Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention...Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention effect is huge.Using statistical analysis and comparative analysis methods,this paper analyzed characteristics and influencing factors of agricultural market risks and pointed out characteristics of agricultural market and special characteristics of agricultural production and operation entities in Hubei Province.Based on SWOT analysis on market risk prevention ability of agricultural production and operation entities in Hubei Province,it came up with three recommendations,including upgrading agricultural production and operation entities,enlarging the production and operation scale,and strengthening the ability of balancing the market demand and supply and bargaining power and pricing power.展开更多
In the face of the corona virus disease 2019(COVID-19)pandemic,it is essential to stabilize the security of urban“shopping baskets”.Through a survey and interviews with 46 agricultural cooperatives in Shanghai,this ...In the face of the corona virus disease 2019(COVID-19)pandemic,it is essential to stabilize the security of urban“shopping baskets”.Through a survey and interviews with 46 agricultural cooperatives in Shanghai,this paper analyzes the impact of the pandemic on vegetable production and offers suggestions on agricultural insurance.The research results show that:(1)the pandemic has impacted almost all stages of the vegetable supply chain but has had a greater impact on the sales stage;(2)the market risks of vegetable production have increased significantly,and the gap between the field price and the market price has widened.The sales price difference between traditional channels and e-commerce is notable;(3)farmers’incomes have generally declined due to the COVID-19 pandemic,and traditional small-scale farmers have suffered more losses;and(4)agricultural insurance plays an important role in stabilizing the supply of vegetables to the city.To minimize the impact of the pandemic on vegetable production and to stabilize both urban“shopping baskets”and farmers’incomes,it is necessary to further improve agricultural insurance,especially to provide insurance against market risks.展开更多
Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk,...Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk, production risk, contract risk and policy risk, five aspects of a total of 12 assessment indicators. The fuzzy comprehensive evaluation method was used to evaluate the market risk. The evaluation results showed that the market risk of dairy farms in Heilongjiang Province was at low risk; however, the policy risk was high. Finally, according to the results of the assessment, the suggestions was made as the followings: the government should expand the scope of policy insurance for dairy farming, vigorously promote the development of cooperative organizations and intermediary organizations in dairy farms by purchasing services through government, increase their functional roles and establish strict supervision mechanisms, including the establishment of official advice hotline and consultation channel online and improving third-party testing mechanism; government and the department of management industry would improve their abilities of management and do a good job of training and guiding.展开更多
We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a n...We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.展开更多
Agricultural product price index insurance is a kind of index insurance. It avoids defects of traditional agricultural insurance,such as moral hazards,adverse selection,and high management cost. On the basis of studyi...Agricultural product price index insurance is a kind of index insurance. It avoids defects of traditional agricultural insurance,such as moral hazards,adverse selection,and high management cost. On the basis of studying agricultural product price index insurance of all areas of China,this paper analyzed characteristics of agricultural product price index insurance from object selection,product object,premium design,and policy support,and discussed feasibility of extending agricultural product price index insurance in an all-round way.展开更多
Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in impl...Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.展开更多
The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the followin...The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the following products-bedding products, curtain and towel- is United States.展开更多
For the first time,this paper uses the operation data of 575 online P2P lending platforms to test whether investors have a strong risk awareness of online lending products.It is found that investors’behavior shows a ...For the first time,this paper uses the operation data of 575 online P2P lending platforms to test whether investors have a strong risk awareness of online lending products.It is found that investors’behavior shows a certain risk awareness,both for the individual risk of specific platforms and for the overall market risk of the industry.On the one hand,raising interest rates and shortening the term does attract more investment,but for potentially problematic platforms,the effect of attracting investment is significantly worse,with excessive interest rates on the platforms even causing investors to invest less.On the other hand,when there are more online lending platforms in the market,investors will behave more cautiously.展开更多
This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital ope...This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.展开更多
This study investigates and compares the effects of the Coronavirus disease 2019(COVID-19)pandemic,the Chicago mercantile exchange(CME)'s negative price suggestion on prices and trading activities in the crude oil...This study investigates and compares the effects of the Coronavirus disease 2019(COVID-19)pandemic,the Chicago mercantile exchange(CME)'s negative price suggestion on prices and trading activities in the crude oil futures market to discuss the cause of negative crude oil futures prices.Through event studies,the empirical results show that the COVID-19 pandemic no longer impacts crude oil futures prices in April,2020 after controlled market risk,while the CME's negative prices suggestion can explain the crude oil futures price changes around and even after April 8,2020 to some degree.Moreover,this study uncovers anomalies in prices and trading activities by analyzing returns,trading volume,open interest,and illiquidity measures using vector autoregressive(VAR)models.The results imply that CME's allowing negative prices strengthens the price impact on trading volume and makes illiquidity risk matter.This study's results coincide with the following lawsuit evidence of market manipulation.展开更多
This paper examines the effect of government policies on the financing decisions of firms in China. A real options model is developed to understand how fiscal and monetary policies affect corporate leverage.The model ...This paper examines the effect of government policies on the financing decisions of firms in China. A real options model is developed to understand how fiscal and monetary policies affect corporate leverage.The model predictions will be tested with a comprehensive panel data set spanning from 2002 to 2011.This work documents robust evidence that show the positive association of both tax and risk-free rate with firm leverage:increase in tax rate and risk free rate by one standard deviation results in the increase in corporate leverages by 0.61 to 1.06 percent and 2.54 to 3.68 percent,respectively.In addition,the productions of the firms are not affected by the tax rate in the short run,and the firms are operating in their optimal market leverage.The implied tax rate and risk free rate are solved by assuming that the firms achieve their optimal leverages.The implied tax rate declines with the size, whereas the opposite goes for implied risk-free rate.展开更多
Based on an analysis of China 's current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts...Based on an analysis of China 's current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China's pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.展开更多
文摘This paper explores the operational strategies of cross-border micro, small, and medium enterprises (MSMEs). Against the backdrop of globalization and digitalization, cross-border trade has become one of the important pathways for many MSMEs to achieve growth and competitive advantage. Firstly, the paper outlines the concept and characteristics of cross-border MSMEs, as well as the analysis of their operational environment in the context of globalization, including political, economic, social, technological, environmental, and legal factors. Secondly, the paper proposes operational strategies for cross-border MSMEs, including international market selection and positioning, cross-border marketing strategies, supply chain management, cross-border financial management, and cross-border risk management. Finally, the paper summarizes the importance of effectively implementing these strategies for cross-border MSMEs to seize international market opportunities, reduce operational risks, and enhance competitiveness and profitability.
基金Supported by the NNSF of China(40675023)the PHD Foundation of Guangxi Normal University.
文摘Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure risks that there exist CIR stochastic volatility of stock return and Vasicek or CIR stochastic interest rate in the market. In the end, the result of the model in the paper is compared with those in other models, including BS model with numerical experiment. These results show that the double exponential jump-diffusion model with CIR-market structure risks is suitable for modelling the real-market changes and very useful.
基金Supported by the Project of Humanities and Social Science Foundation of Hubei Provincial Department of Education "Regional Agricultural Risks and Risk Management of Hubei Province"(2012Y027)
文摘Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention effect is huge.Using statistical analysis and comparative analysis methods,this paper analyzed characteristics and influencing factors of agricultural market risks and pointed out characteristics of agricultural market and special characteristics of agricultural production and operation entities in Hubei Province.Based on SWOT analysis on market risk prevention ability of agricultural production and operation entities in Hubei Province,it came up with three recommendations,including upgrading agricultural production and operation entities,enlarging the production and operation scale,and strengthening the ability of balancing the market demand and supply and bargaining power and pricing power.
基金This study was supported by the Humanity and Social Science Youth Fund of the Ministry of Education of China(18YJC790157)the National Social Science Fund of China(16ZDA019).
文摘In the face of the corona virus disease 2019(COVID-19)pandemic,it is essential to stabilize the security of urban“shopping baskets”.Through a survey and interviews with 46 agricultural cooperatives in Shanghai,this paper analyzes the impact of the pandemic on vegetable production and offers suggestions on agricultural insurance.The research results show that:(1)the pandemic has impacted almost all stages of the vegetable supply chain but has had a greater impact on the sales stage;(2)the market risks of vegetable production have increased significantly,and the gap between the field price and the market price has widened.The sales price difference between traditional channels and e-commerce is notable;(3)farmers’incomes have generally declined due to the COVID-19 pandemic,and traditional small-scale farmers have suffered more losses;and(4)agricultural insurance plays an important role in stabilizing the supply of vegetables to the city.To minimize the impact of the pandemic on vegetable production and to stabilize both urban“shopping baskets”and farmers’incomes,it is necessary to further improve agricultural insurance,especially to provide insurance against market risks.
基金Supported by the National Natural Science Foundation(71673042)the National Natural Science Foundation(71640017)+1 种基金the Special Research Fund for Doctoral Programs in Colleges and Universities(20132325110019)the Natural Science Foundation of Heilongjiang Province(G201413)
文摘Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk, production risk, contract risk and policy risk, five aspects of a total of 12 assessment indicators. The fuzzy comprehensive evaluation method was used to evaluate the market risk. The evaluation results showed that the market risk of dairy farms in Heilongjiang Province was at low risk; however, the policy risk was high. Finally, according to the results of the assessment, the suggestions was made as the followings: the government should expand the scope of policy insurance for dairy farming, vigorously promote the development of cooperative organizations and intermediary organizations in dairy farms by purchasing services through government, increase their functional roles and establish strict supervision mechanisms, including the establishment of official advice hotline and consultation channel online and improving third-party testing mechanism; government and the department of management industry would improve their abilities of management and do a good job of training and guiding.
文摘We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.
基金Supported by the National Social Science Foundation of China(16BJY136) in 2016the Consultant Project of Chinese Academy of Engineering(07-XY-003) in 2015
文摘Agricultural product price index insurance is a kind of index insurance. It avoids defects of traditional agricultural insurance,such as moral hazards,adverse selection,and high management cost. On the basis of studying agricultural product price index insurance of all areas of China,this paper analyzed characteristics of agricultural product price index insurance from object selection,product object,premium design,and policy support,and discussed feasibility of extending agricultural product price index insurance in an all-round way.
基金Supported by National Social Science Foundation of China(13BJY141)
文摘Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.
文摘The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the following products-bedding products, curtain and towel- is United States.
文摘For the first time,this paper uses the operation data of 575 online P2P lending platforms to test whether investors have a strong risk awareness of online lending products.It is found that investors’behavior shows a certain risk awareness,both for the individual risk of specific platforms and for the overall market risk of the industry.On the one hand,raising interest rates and shortening the term does attract more investment,but for potentially problematic platforms,the effect of attracting investment is significantly worse,with excessive interest rates on the platforms even causing investors to invest less.On the other hand,when there are more online lending platforms in the market,investors will behave more cautiously.
文摘This article aims to provide a literature review on the impact of equity pledges on corporate value,and to explore in depth the application of equity pledges as a financial tool in corporate governance and capital operation,as well as its multidimensional impact on corporate value.By reviewing and analyzing relevant literature both domestically and internationally,this article first defines the basic concept of equity pledges and then elaborates on the impact mechanism of equity pledges on company value from both positive and negative perspectives.In terms of positive impact,this article explores how equity pledges can promote corporate financing,optimize capital structure,and enhance the control of major shareholders over the company.In terms of negative impacts,the possible control risk,market risk,and potential damage to the interests of small and medium-sized shareholders brought about by equity pledges were analyzed.Furthermore,this article also discusses the differences in the impact of equity pledges on company value in different scenarios and proposes corresponding policy recommendations and research prospects.
基金supported by Dr.Lu’s grants from the National Natural Science Foundation of China under Grant No.71871213Prof.Bu’s grants from the National Natural Science Foundation of China under Grant Nos.71671012 and 91846108。
文摘This study investigates and compares the effects of the Coronavirus disease 2019(COVID-19)pandemic,the Chicago mercantile exchange(CME)'s negative price suggestion on prices and trading activities in the crude oil futures market to discuss the cause of negative crude oil futures prices.Through event studies,the empirical results show that the COVID-19 pandemic no longer impacts crude oil futures prices in April,2020 after controlled market risk,while the CME's negative prices suggestion can explain the crude oil futures price changes around and even after April 8,2020 to some degree.Moreover,this study uncovers anomalies in prices and trading activities by analyzing returns,trading volume,open interest,and illiquidity measures using vector autoregressive(VAR)models.The results imply that CME's allowing negative prices strengthens the price impact on trading volume and makes illiquidity risk matter.This study's results coincide with the following lawsuit evidence of market manipulation.
文摘This paper examines the effect of government policies on the financing decisions of firms in China. A real options model is developed to understand how fiscal and monetary policies affect corporate leverage.The model predictions will be tested with a comprehensive panel data set spanning from 2002 to 2011.This work documents robust evidence that show the positive association of both tax and risk-free rate with firm leverage:increase in tax rate and risk free rate by one standard deviation results in the increase in corporate leverages by 0.61 to 1.06 percent and 2.54 to 3.68 percent,respectively.In addition,the productions of the firms are not affected by the tax rate in the short run,and the firms are operating in their optimal market leverage.The implied tax rate and risk free rate are solved by assuming that the firms achieve their optimal leverages.The implied tax rate declines with the size, whereas the opposite goes for implied risk-free rate.
文摘Based on an analysis of China 's current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China's pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.