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,especiall...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.展开更多
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 regulat...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.展开更多
As a pillar in the development of China5 s economy,the financial industry plays a key role in the production and life of residents.Along with the widespread application of the internet,internet finance has gradually e...As a pillar in the development of China5 s economy,the financial industry plays a key role in the production and life of residents.Along with the widespread application of the internet,internet finance has gradually emerged as required by the times,and in the achievement of the collection and extraction of big data,related analysis and exploration technologies have been emphasized more.However,in the context of big data technology,there are still risks of unsound laws,inadequate business publicity,user information security,and capital liquidity in internet finance.Under this digital economy era,this article attempts to discuss these risks,which need to be prevented from establishing a good internet financial system,strengthening interindustry exchanges and cooperation,building a unified internet financial information supervision platform,as well as optimizing the internet financial credit reporting system,so as to promote a healthy and sound development of the whole financial industry.展开更多
随着信息技术和移动通讯业务的发展,第三方支付、在线的小额信贷和信用支付等网络金融平台迅速崛起,互联网金融正在以前所未有的速度扩张,给传统金融带来了新变革的同时也为学术界带来了很多全新研究课题。因此,利用Citespace软件对2003...随着信息技术和移动通讯业务的发展,第三方支付、在线的小额信贷和信用支付等网络金融平台迅速崛起,互联网金融正在以前所未有的速度扩张,给传统金融带来了新变革的同时也为学术界带来了很多全新研究课题。因此,利用Citespace软件对2003—2013年Web of Science数据库中有关互联网金融的文献进行梳理,通过国家(地区)和机构分析并运用可视化图谱的方式可以展现互联网金融领域研究的影响力,美国在该领域的文献贡献率最大,英国在该领域的学术影响力最大;通过关键词共现分析可以得到过去十年互联网金融领域的研究热点和发展历程;结合文献共被引和膨胀词分析则可以探讨该领域研究的发展趋势,互联网金融的风险管理与监控将会是互联网金融研究领域的前沿。展开更多
硒砂瓜是宁夏自治区中宁县干旱地区特色产业,采用敏感性分析(Analysis of sensitivity)和盈亏平衡分析(Analysis of balance of payment)两种方法,分析了硒砂瓜投资建设项目效益的可能变化。结果表明,该项目风险较小,具有一定的抗风险...硒砂瓜是宁夏自治区中宁县干旱地区特色产业,采用敏感性分析(Analysis of sensitivity)和盈亏平衡分析(Analysis of balance of payment)两种方法,分析了硒砂瓜投资建设项目效益的可能变化。结果表明,该项目风险较小,具有一定的抗风险能力。展开更多
基金Special Project of Guangdong Provincial Key Discipline Project“Public Management”-Research on Information Literacy of Teachers and Students in Colleges and Universities from the Perspective of Crisis and Emergency Management(Key Construction Discipline of Guangdong Provincial Education Department in 2016)The Second Batch of Teaching Quality and Teaching Reform Project of Guangzhou Xinhua University in 2021-Finance Course Teaching and Research Department(Project Number:2021JYS001)。
文摘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.
基金supported by grants from the National Natural Science Foundation of China(71425002,72101166)the Capital University of Economics and Business for the Fundamental Research Funds for Universities affiliated to Beijing(XRZ2021066).
文摘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.
文摘As a pillar in the development of China5 s economy,the financial industry plays a key role in the production and life of residents.Along with the widespread application of the internet,internet finance has gradually emerged as required by the times,and in the achievement of the collection and extraction of big data,related analysis and exploration technologies have been emphasized more.However,in the context of big data technology,there are still risks of unsound laws,inadequate business publicity,user information security,and capital liquidity in internet finance.Under this digital economy era,this article attempts to discuss these risks,which need to be prevented from establishing a good internet financial system,strengthening interindustry exchanges and cooperation,building a unified internet financial information supervision platform,as well as optimizing the internet financial credit reporting system,so as to promote a healthy and sound development of the whole financial industry.
文摘随着信息技术和移动通讯业务的发展,第三方支付、在线的小额信贷和信用支付等网络金融平台迅速崛起,互联网金融正在以前所未有的速度扩张,给传统金融带来了新变革的同时也为学术界带来了很多全新研究课题。因此,利用Citespace软件对2003—2013年Web of Science数据库中有关互联网金融的文献进行梳理,通过国家(地区)和机构分析并运用可视化图谱的方式可以展现互联网金融领域研究的影响力,美国在该领域的文献贡献率最大,英国在该领域的学术影响力最大;通过关键词共现分析可以得到过去十年互联网金融领域的研究热点和发展历程;结合文献共被引和膨胀词分析则可以探讨该领域研究的发展趋势,互联网金融的风险管理与监控将会是互联网金融研究领域的前沿。
