The Study on Multinational Operation Risk-Defense System Based on Corporate Governance Mechanism

：With the unceasing globalization development of MNCs＇ business and connnuous intensify in international competition, the managers of MNCs find that the strategy decisions they are faced on are becoming more complicated, and they have deeply realized that the perception and defense of the international risk has the impact on their strategy decisions. The thesis, proceeding with analyzing and evaluating risk types in the course of enterprises developing in the international markets, based on the integration international risk perception model, utilizing relative theories and study thoughts of the corporate governance mechanisms, especially the relative studies on overseas enterprises＇ governance mechanisms, explores how to use the corporate governance mechanisms to build the defense system against international risks. Meanwhile, the thesis further discusses the risks our native enterprises have suffered from during the multinational operation in detail, explores its reasons and offers the defense measures of all sorts of risk.

A New Cyber Risk: How Teens Expose Corporations in WFH Era

We analyze the risks associated with teenagers’ online activities and the potential migration of cyber threats originating from teenagers to their parents’ work-from-home (WFH) devices, even when defensive measures such as VPN are employed. Furthermore, we examine the serious implications these risks have on corporate security. Of particular concern, parents who work with confidential corporate information, such as financial projections or product roadmaps, might find that their kids are targeted by hackers who seek an easier entry-point to home networks and eventually WFH devices. This paper is timely since there is a rising trend of hybrid work in white-collar professions, mixing traditional in-office work with WFH. The latter is increasingly done in split shifts, including work performed before breakfast or after dinner. While this shift offers numerous workforce advantages and helps teen-parent bonding, it also introduces a plethora of cybersecurity risks, especially when these devices and networks are shared with teenagers on home networks. We did a structured survey of 62 teens which confirms that risky online activity abounds, so the threat of risk migration onto corporate networks should not be ignored. We perform a migration risk assessment and identify which teen-origin risks are most likely to contaminate parents’ WFH devices. We evaluate 20 attack vectors and generate 60 risk ratings. We classify 29 as high risk, 8 as medium risk, 13 as low risk, and 10 as not relevant. We offer recommendations to mitigate this new set of cyber risks.

Credit Risk Model Taking Account of Inflation and Its Contribution to Macroeconomic Discussion on Effect of Inflation on Output Growth

We use Extended Merton model(EMM)for estimating the firm’s credit risks in the presence of inflation.We show quantitatively that inflation is an influential factor making either a benign or adverse effect on the firm’s survival,supporting at the microeconomic level New Keynesian findings of the nonlinear inflation effect on output growth.Lower inflation increasing the firm’s expected rate of return can raise its mean year returns and decrease its default probability.Higher inflation,decreasing the expected rate return,makes the opposite effect.The magnitude of the adverse effect depends on the firm strength:for a steady firm,this effect is small,whereas for a weaker firm,it can be fatal.EMM is the only model taking account of inflation.It can be useful for banks or insurance companies estimating credit risks of commercial borrowers over the debt maturity,and for the firm’s management planning long-term business operations.