Reflections and Improvements on China’s Asset-Backed Securities Information Disclosure System

Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.

Construction of Value-Creation Oriented Carbon Assets Management System of Oil Companies

As climate change draws more attention globally,the development of low-carbon economy has become an inevitable choice for mankind to achieve sustainable development.The increasingly strict control of carbon emission is making carbon emission rights a scarce resource and endowing the rights with the attributes of assets and commodities.China has announced the goal of“carbon emission peaking before 2030 and carbon neutralization before 2060”.Responding to this goal,as major carbon emitters,oil companies play the role of a driving force for green and low-carbon development.Carbon assets management is a key path for oil companies to achieve emission reduction goals and low-carbon transformation.However,the carbon assets management of China’s oil companies is still in the initial stage,with the system and regulations not yet sound,and the management process not yet closed loop.First the modes and experiences of carbon assets management in major international oil companies is introduced.Then the objective logical relationship and linkage laws between carbon assets management and enterprise value creation are comprehensively analyzed by integrating the basic theories of economics and management.On this basis,a value-creation oriented carbon assets management system for oil companies is constructed,mainly covering aspects such as enterprise strategy,control mechanisms,carbon inventory,and management modes.

Blockchain and Digital Transformation of University Asset Management

As educational activities realize value transmission and value realization through a digital form, the Digital transformation of universities continues to advance. The quantity of asset data continues to grow, with internal value reflected in education, management, and services, while external value is reflected in policies, resources and reputation. Therefore, effective management of university assets is particularly important. Blockchain is an important infrastructure for Digital transformation, which provides a trusted environment for the occurrence of various collaborations and will reshape many collaboration mechanisms. This paper discusses the current situation and problems faced by universities in the process of Digital transformation. We analyze the development opportunities brought about by Digital transformation and the specific problems faced by physical asset management in detail. We discuss the data platform optimization, asset data application, digital asset security, planning strategy, and construction path of digital transformation involved in the physical asset management of universities.

A World of Ice and Snow Being also Invaluable Asset:A Case Study of the"Snow Village"

Based on field visit and interview,the current situation of snow village in China is summarized from four aspects:core scenic spots in snow village,skiing industry in snow village,film and television industry in snow village,and ice and snow agritainment.The investigation found that there are still significant problems in homogenization,scenic area infrastructure,and government regulation in snow village.Targeted solutions are proposed from four aspects:tapping internal advantages,strengthening top-level design and infrastructure construction,promoting tourism industry upgrading,and collaborating to innovate the ice and snow tourism supply chain,in order to further promote the economic development of snow village.

The Association between Audit Business Scale Advantage and Audit Quality of Asset Write-downs

This paper examines whether the scale advantage of auditing firms can be used as an alternative indicator of audit quality when the evaluation of audit quality is costly. The adoption of asset impairment recognition in China has brought about a considerable impact on financial reporting of Chinese listing companies in recent years. This new accounting practice provided a special environment, which was subjected to less endogeneity problems than usual, to test the relationship between the scale of auditing business and audit quality. Prior research reported empirical evidence that both market value and firm characteristics are empirically related to write-downs, reflected in the four dimensions return relevance, price relevance, persistence and determinant. Using these four dimensions, we investigated whether audit business scale advantage(ABSA) affect audit quality of asset write-downs. We contribute to the literature with the following findings. First, auditors' business scale is positively related to return relevance of write-downs. Second, auditors with ABSA not only enhance the relevance between impairments and economic variables but also weaken the relation between impairments and managerial variables; however, the results appear in only a few of the firm-specific variables. Third, results are mixed when we test the ABSA effect on price-relevance and persistence dimensions. Fourth, the ABSA effect is stronger when the complexity of asset write-downs requires some inside information to comprehend the nature of action. Adding to the main finding, we also found the ABSA effect became weaker when we proxy ABSA with raw data of companies' business scale instead of the top five auditors in business scale. Taken together, our results show that the ABSA effect does exist in auditing of assets write-downs, although with weak evidence. Our results also indicated rational auditor choice based on quality of service in China's audit market. We identified some unique factors from stakeholders' cooperative structuring actions in China audit market as potential explanations to the market rationality.

Water System Condition and Asset Replacement Prioritization

The goal of asset management is to identify and track the maintenance and replacement of assets that have reached their useful life. For that reason, gathering data and collecting information is a critical step when developing an asset management plan. Such data gathering includes physical and operational properties of the assets as well as collecting and tracking important events during the lifespan of the asset (i.e., pipe breaks, replacement year, maintenance performed, etc.). Critical factors in the asset management plan may be overlooked when there is no data or poor quality data. However, many utilities lack the resources for examining buried infrastructure and lack good quality work order data, so other methods of data collection are needed. The concept for this paper was to develop a means to acquire data on the assets for a condition assessment to identify pipes that were most likely to break and those with the highest consequences for same. Three utilities were used as examples. It was found that for buried infrastructure, much more information was known than anticipated but the actual predictions relied on only a few factors related to pipe type. However, there is a need to track the consequences, in this case breaks, which would indicate a failure. The latter would be useful for predicting future maintenance needs and the most at-risk assets, but is often missing in utility systems as many utilities do not adequately track breaks sufficiently. In this case two utilities were analyzed and predication on a third was developed.

Dis-NDVW: Distributed Network Asset Detection and Vulnerability Warning Platform

With the rapid development of Internet technology,the issues of network asset detection and vulnerability warning have become hot topics of concern in the industry.However,most existing detection tools operate in a single-node mode and cannot parallelly process large-scale tasks,which cannot meet the current needs of the industry.To address the above issues,this paper proposes a distributed network asset detection and vulnerability warning platform(Dis-NDVW)based on distributed systems and multiple detection tools.Specifically,this paper proposes a distributed message sub-scription and publication system based on Zookeeper and Kafka,which endows Dis-NDVW with the ability to parallelly process large-scale tasks.Meanwhile,Dis-NDVW combines the RangeAssignor,RoundRobinAssignor,and StickyAssignor algorithms to achieve load balancing of task nodes in a distributed detection cluster.In terms of a large-scale task processing strategy,this paper proposes a task partitioning method based on First-In-First-Out(FIFO)queue.This method realizes the parallel operation of task producers and task consumers by dividing pending tasks into different queues according to task types.To ensure the data reliability of the task cluster,Dis-NDVW provides a redundant storage strategy for master-slave partition replicas.In terms of distributed storage,Dis-NDVW utilizes a distributed elastic storage service based on ElasticSearch to achieve distributed storage and efficient retrieval of big data.Experimental verification shows that Dis-NDVW can better meet the basic requirements of ultra-large-scale detection tasks.

Factors Influencing Employees on Compliance with Cybersecurity Policies and Their Implications for Protection of Information and Technology Assets in Saudi Arabia

In the current digital era, it is difficult to preserve the confidentiality, integrity, and availability of an organization’s information and technology assets against cyber attacks. Organizations cannot rely solely on technical solutions for defense, since many cyber attacks attempt to exploit non-technical vulnerabilities such as how well employees comply with the organization’s cybersecurity policies. This study surveyed 245 randomly selected employees of government organizations in the Kingdom of Saudi Arabia with an electronically distributed questionnaire about factors that influence employees’ compliance with cybersecurity policies. The study found that ethical factors had the most influence on employee compliance with cybersecurity policies, followed in decreasing order of influence by legislative factors, technical factors, and administrative factors.

The Application Mode of Blockchain in University Asset Management

With the development of higher education, the scale of university assets has become more diversified, complex and decentralized. Traditional asset management is inefficient. Information is not transparent and management responsibilities are unclear. This paper analyzes the difficulties in the process of asset management in universities and discusses the advantages of blockchain technology. We research on the application of blockchain technology in the process of asset management in universities and propose a framework design based on blockchain technology to standardize the asset management process. The result improves the efficiency of asset inventory and ensures the credibility of asset information. It helps to prevent asset information tampering, and improves the security of asset data. It also pushes the asset management mode from static to dynamic.

Asset specificity and farmers' intergenerational succession willingness of apple management

Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capital,physical assets,land assets,and geographical location in apple production,this study used a binary logistic regression and a mediating effect model to explore the impact of asset specificity on farmers’intergenerational succession willingness of apple management(FISWAM)and to examine the mediating effects of loss aversion in the impact of asset specificity on the FISWAM.The results showed that about 18.68%of the respondents expressed willingness to transfer their apple business between generations,and the FISWAM was generally weak.In addition to the negative impact of geographical location specificity(GLS),human capital specificity(HCS),physical assets specificity(PAS),and land assets specificity(LAS)can enhance the FISWAM.Loss aversion plays a partial mediating role in the impact of PAS,LAS,and GLS on the FISWAM.

Voluntary national standards for classification and codes of assets released

The Standardization Administration of China(SAC)has published a newly revised voluntary national standard,GB/T 14885-2022,Basic classification and codes of fixed assets and other assets.Supported by SAC and organized by the Ministry of Finance,it took 3 years to complete the revision of GB/T 14885,which adopted the opinions of all sectors of society and industry administrative departments.

Research on Carbon Assets Management of Energy Group

Nowadays,the carbon markets in the world have increasingly matured and carbon trading have flourished in China.In the framework of carbon trading,the carbon emission right has become a tradable special commodity,and it has financial feature and asset feature.Relying on the business entities,carbon assets management joins up the virtual carbon emission right,financial capital and real economy,restructures existing carbon resources of enterprises and impacts the current international economic pattern.At present,however,the carbon assets management systems and market rules of our country remains to be perfect.How to increase the efficiency of carbon asset management,how to further improve the carbon management,how to further improve the carbon asset management method and mechanism have become the common issue of China’s academia and practice.

The Mechanism of Internet Finance on the Assets and Business of Commercial Banks in China

Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their low cost,high efficiency,and diversification characteristics,an increasing number of people are utilizing Internet finance for their businesses.This trend significantly affects traditional commercial banking operations and presents challenges.In order to gain competitive advantages through Internet finance,this paper explores how commercial banks can leverage their traditional business models.It introduces the concept,model,and characteristics of Internet finance;analyzes the importance of asset management for commercial banks;examines the influence of Internet on commercial bank’s asset management;finally proposes countermeasures for the development of Internet finance.It is advocated that commercial banks should actively explore the road of“structured finance”with all-round structural reform in the future.

Analysis of Students’ Preferences and Engagement with Mobile Games: A Study of Game Assets and Colour Impact

Mobile games are gaining in popularity among students, although the factors driving engagement remain poorly understood. This study, conducted among 378 students studying for a Bachelor’s degree in Computer and Digital Sciences at the Université Virtuelle de Côte d’Ivoire, explores the influence of game assets and colours on player engagement. Using an online questionnaire, the study identified students’ gaming preferences and their perception of colours. The results show that the key elements most favoured by students are graphics, sound design, the game system, narrative, interactivity and accessibility. What’s more, colour plays a decisive role in their preferences and commitment to educational mobile games.

Research on Integrating Data Assets Into Accounting Discipline System

As data is incorporated into production factors,the Accounting discipline should intensively study the new data asset.Starting from the analysis of the value attribute,right attribute,and relationship attribute of the data,it is found that under certain conditions,the data has complete Accounting attributes and can be included in the assets.The Accounting discipline shall establish the research direction of Data Asset Accounting and focus on the research,including the recognition and measurement of data assets,the value evaluation of data assets,information disclosure,and Data Asset Accounting standards.Data assets are facing the major challenge of integrating into the Accounting discipline.We can carry out the Accounting professional reform and textbook construction facing the practice of data assets management from the aspects of theoretical construction,talent training,and industry research cooperation.

地方审计管理体制改革能抑制地方国有 企业金融资产配置吗?

以2015年末我国实施的省以下审计机关人财物管理试点改革作为准自然实验,选取2011—2020年A股地方国有企业为研究样本,利用双重差分模型实证检验地方审计管理体制改革对地方国有企业金融资产配置的影响。研究结果表明,地方审计管理体制改革有效抑制了地方国有企业金融资产配置规模。区分金融资产类别后研究发现,地方审计管理体制改革对企业显性金融资产规模的抑制效果较明显,但与隐性金融资产配置规模间无明显相关关系。进一步研究发现,当地方审计管理体制改革力度以及地方审计机关的审计强度越大时,政府审计对企业金融资产配置的抑制作用越明显。机制分析发现,地方审计管理体制改革通过规范政府干预缩减了地方国有企业显性金融资产配置规模,且在财政压力较大的地区这一抑制效果更为明显。

自然资源资产规划:理论内涵、作用机理与编制逻辑

研究目的:界定自然资源资产规划理论内涵,明确规划定位、层级和分类,剖析规划引领自然资源资产价值实现的作用机理,理顺规划编制逻辑。研究方法:理论分析法,实践案例分析法和归纳演绎法。研究结果:(1)自然资源资产规划即以国土空间规划和用途管制为前提,以资产配置高效化、综合利益最大化、所有者收益最优化为根本目标,由不同履职主体对权责范围内自然资源资产保护和使用的目标、方向以及空间时序进行统筹安排的过程。规划定位为国家发展规划体系的专项规划,包括国家、省、市、县四级以及资产规划、专题规划和配置单元规划三类。(2)资产整备、资产配置和资产经营是规划关键策略和抓手,通过规划实施,可推进自然资源资产化、资产资本化、资本交易化、产品服务资金化,实现自然资源资产“存在价值—使用价值—要素价值—交换价值”演化。(3)资产规划编制实践要以“整体管护、整体配置、权责利统一”为根本原则,按照“目标导向+分区调控+策略牵引+协同落实”的逻辑开展。研究结论:自然资源资产规划是引导实现自然资源资产“明晰权利—高质供给—市场配置—价值显化—经营管理—收益分配—系统监督”全链条管理的关键,从资产价值实现视角为国土空间规划做补充,是推进“两统一”协同的重要桥梁,需尽快完善规划体系,深化技术规范研究,统筹开展各层级规划试编工作。

客户资产减值与供应商企业投资

高效投资是产业链安全的重要保证,供应链信息溢出效应会导致客户信息对供应商企业投资产生影响。本文运用中国上市公司的供应商企业—客户关系数据,考察了客户资产减值如何影响供应商企业投资。研究发现,客户资产减值会降低供应商企业的投资水平,这验证了客户资产减值在供应链上存在溢出效应。进一步研究发现,客户资产减值通过使供应商企业的管理层产生悲观预期,以及加剧供应商企业的经营风险,进而降低供应商企业的投资水平,但未通过减少信贷资源供给影响供应商企业的投资。此外,对于非国有控股、较弱议价能力、较低行业资产流动性及较高客户媒体关注度的供应商企业,客户资产减值对其投资水平的负向影响更为明显。本文研究结论不仅为客户信息影响上游供应商企业投资提供了经验证据,而且还为监管层规范企业计提资产减值行为,进而提升供应链整体投资效率提供了政策启示。

数字金融、家庭异质性决策与共同富裕——基于中国家庭金融调查数据的实证

降低居民收入不平等程度是实现共同富裕的根本途径。文章基于中国家庭金融调查数据(CHFS),使用OLS、2SLS、Logit模型和分位数回归模型,考察数字金融对收入分配的影响,揭示出数字金融促进共同富裕的作用途径。研究发现,数字金融提高了低收入和高收入家庭总收入、经营性收入、工资性收入以及财产性收入,整体上有助于改善收入分配状况,但是对不同类型的收入差距具有异质性影响。具体而言:(1)数字金融改善了低收入群体的创业行为,并且对低收入群体创业行为的影响大于高收入群体,缩小了家庭经营性收入差距;(2)数字金融能够提高居民就业水平,高收入群体受益更显著,扩大了家庭工资性收入差距;(3)数字金融增加了低收入群体持有金融资产偏好,低收入群体获得资产溢价,缩小了家庭财产性收入差距。进一步研究发现,数字金融显著促进了低收入家庭增收;相较于数字信贷,数字支付和数字理财能较好地缩小收入差距;户主受教育程度较低或者户主年龄在36岁及以上的中老年家庭,数字金融的收入再分配效应更显著。

产业园区资产证券化的违约风险——基于北大科技园的案例研究

在中国大力发展实体经济的背景下,产业园区的发展也备受关注。产业园区资产证券化产品于2018年呈现出爆发式增长态势,但该产品目前尚处于探索阶段,面临的违约风险较大,需要不断完善。为此,选取中国产业园区资产证券化的首单违约产品——北大科技园商业地产抵押贷款支持票据作为研究对象,基于北大科技园资产证券化产品原始浅层的风险识别和风险应对设计,首先,对其进行了深度的风险识别,并通过KMV模型等进行风险评估量化分析;其次,提出完备的风险应对方法;最后,通过风险调整手段评估调整现存风险、评估识别未知风险,进而构建完整的风险管理闭环机制。以期为其他企业规避融资风险提供有益借鉴,进而让金融更好地服务于实体经济,推进实体经济发展行稳致远。