Toward the problem of judgement of enterprise crisis degree, the paper adopts fuzzy classification and fuzzy recognition method, forms enterprise character objective function in fuzzy condition, and brings forward to ...Toward the problem of judgement of enterprise crisis degree, the paper adopts fuzzy classification and fuzzy recognition method, forms enterprise character objective function in fuzzy condition, and brings forward to solve approach of optimal fuzzy classification center matrix, optimal fuzzy recognition matrix and optimal index weight under different crisis degree. By using the method in enterprise crisis early-warning example, it can distinguish enterprise crisis degree effectively.展开更多
We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management (ERM) disclosure in the annual reports of the largest US banks, and analyze its determinants. Usin...We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management (ERM) disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.展开更多
To establish a financial early-warning model with high accuracy of discrimination and achieve the aim of long-term prediction, principal component analysis (PCA), Fisher discriminant, together with grey forecasting mo...To establish a financial early-warning model with high accuracy of discrimination and achieve the aim of long-term prediction, principal component analysis (PCA), Fisher discriminant, together with grey forecasting models are used at the same time. 110 A-share companies listed on the Shanghai and Shenzhen stock exchange are selected as research samples. And 10 extractive factors with 89.746% of all the original information are determined by applying PCA, which obtains the goal of dimension reduction without information loss. Based on the index system, the early-warning model is constructed according to the Fisher rules. And then the GM(1,1) is adopted to predict financial ratios in 2004, according to 40 testing samples from 2000 to 2003. Finally, two different methods, a self-validated and a forecasting-validated, are used to test the validity of the financial crisis warning model. The empirical results show that the model has better predictability and feasibility, and GM(1,1) contributes to the ability to make long-term predictions.展开更多
Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The...Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The major pressure faced by the electricity industry has now turned from the contradiction between coal and electricity to electricity quantity. This is undoubtedly a true and new test to electricity enterprises which get used to high growth but are now suffering great losses. The reform of electricity system has already been in great difficulties and now is getting into a more serious situation. In order to help readers improve their knowledge and understanding of the current tough situation faced by the electricity industry and discuss how to alleviate and get through the difficulty resulted from the economic crisis "encountered once every one hundred years" by joint efforts of all parties concerned,a Seminar on Crisis and Countermeasures for Electricity Industry was held on November 20,2008. Here are some extracts from the speeches of four experts.展开更多
Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The...Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The major pressure faced by the electricity industry has now turned from the contradiction between coal and electricity to electricity quantity. This is undoubtedly a true and new test to electricity enterprises which get used to high growth but are now suffering great losses. The reform of electricity system has already been in great difficulties and now is getting into a more serious situation. In order to help readers improve their knowledge and understanding of the current tough situation faced by the electricity industry and discuss how to alleviate and get through the difficulty resulted from the economic crisis "encountered once every one hundred years" by joint efforts of all parties concerned,a Seminar on Crisis and Countermeasures for Electricity Industry was held on November 20,2008. Here are some extracts from the speeches of four experts.展开更多
Relying on the advanced information technologies, such as information monitoring, data mining, natural language processing etc., the dynamic technology early-warning system is constructed. The system consists of techn...Relying on the advanced information technologies, such as information monitoring, data mining, natural language processing etc., the dynamic technology early-warning system is constructed. The system consists of technology information automatic retrieval, technology information monitoring, technology threat evaluation, and crisis response and management subsystem, which implements uninterrupted dynamic monitoring, trace and crisis early-warning to the specific technology. Empirical study testifies that the system improves the accuracy, timeliness and reliability of technology early-warning.展开更多
Three monitor models of enterprise crisis were introduced,i.e.,the monitoring model of enterprise crisis based on intelligent Meta search,the enterprise crisis management model based on artificial neural network and t...Three monitor models of enterprise crisis were introduced,i.e.,the monitoring model of enterprise crisis based on intelligent Meta search,the enterprise crisis management model based on artificial neural network and the combined early-warning model.Combined with the advantages of cloud computing,the prominent crisis management models are improved and more efficient,comprehensive and accurate in enterprise crisis management.Through the empirical study of the models,cloud computing makes the early warning structures of enterprise crisis tend to be more simple and efficient,cloud computing can effectively enhance the recognition ability and learning ability of the crisis management,and cloud computing can keep data information updating and realize the dynamic management of enterprise joint early-warning.At the same time,according to the comparative analysis and the experimental result,the crisis management models based on cloud computing also need some improvements.展开更多
By decomposing complex issues into factors at all levels, Grey Relativity Analysis (GRA) can effectively calculate the degree the main factors affect the goal value, and overcome the problems that the traditional ...By decomposing complex issues into factors at all levels, Grey Relativity Analysis (GRA) can effectively calculate the degree the main factors affect the goal value, and overcome the problems that the traditional mathematical statistics have such as big samples, heavy computation, and inconsistency between quantitative results and qualitative analysis. So it becomes one kind of simple, convenient and distinctive systematic analysis method. GRA is applied to corporate crisis early warning analysis. The paper through the GRA the half of this quantitative approach, explores the correlation degree among the corporate crisis early warning factors, in order to find the importance sequence of instance enterprise early warning crisis factors by calculation so as to provide a theoretical foundation for the prevention and decrease of the instance enterprise crisis.展开更多
The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the ...The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.展开更多
The 2019 novel coronavirus disease(COVID-19)outbreak is a global crisis that has placed small and medium enterprises(SMEs)under huge pressure to survive,requiring them to respond effectively to the crisis.SMEs have ad...The 2019 novel coronavirus disease(COVID-19)outbreak is a global crisis that has placed small and medium enterprises(SMEs)under huge pressure to survive,requiring them to respond effectively to the crisis.SMEs have adopted various digital tech no logies to cope with this crisis.Using a data set from a survey with 518 Chin ese SMEs,the study examines the relati on ship between SMEs'digitalizatio n and their public crisis responses.The empirical results show that digitalization has enabled SMEs to respond effectively to the public crisis by making use of their dynamic capabilities.In addition,digitalization can help improve SMEs'performance.We propose a theoretical framework ofdigitalization and crisis respohses for SMEs and present three avenues for future research.展开更多
基金The work is supported by National Natural Science Foundation of China (70372011) and Higher Education PH.D Discipline-spot Special Fund(20030006009)
文摘Toward the problem of judgement of enterprise crisis degree, the paper adopts fuzzy classification and fuzzy recognition method, forms enterprise character objective function in fuzzy condition, and brings forward to solve approach of optimal fuzzy classification center matrix, optimal fuzzy recognition matrix and optimal index weight under different crisis degree. By using the method in enterprise crisis early-warning example, it can distinguish enterprise crisis degree effectively.
文摘We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management (ERM) disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.
文摘To establish a financial early-warning model with high accuracy of discrimination and achieve the aim of long-term prediction, principal component analysis (PCA), Fisher discriminant, together with grey forecasting models are used at the same time. 110 A-share companies listed on the Shanghai and Shenzhen stock exchange are selected as research samples. And 10 extractive factors with 89.746% of all the original information are determined by applying PCA, which obtains the goal of dimension reduction without information loss. Based on the index system, the early-warning model is constructed according to the Fisher rules. And then the GM(1,1) is adopted to predict financial ratios in 2004, according to 40 testing samples from 2000 to 2003. Finally, two different methods, a self-validated and a forecasting-validated, are used to test the validity of the financial crisis warning model. The empirical results show that the model has better predictability and feasibility, and GM(1,1) contributes to the ability to make long-term predictions.
文摘Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The major pressure faced by the electricity industry has now turned from the contradiction between coal and electricity to electricity quantity. This is undoubtedly a true and new test to electricity enterprises which get used to high growth but are now suffering great losses. The reform of electricity system has already been in great difficulties and now is getting into a more serious situation. In order to help readers improve their knowledge and understanding of the current tough situation faced by the electricity industry and discuss how to alleviate and get through the difficulty resulted from the economic crisis "encountered once every one hundred years" by joint efforts of all parties concerned,a Seminar on Crisis and Countermeasures for Electricity Industry was held on November 20,2008. Here are some extracts from the speeches of four experts.
文摘Since October 2008,China's social consumption of electricity had,for the first time,grown negatively compared to the same period of the previous year,and in November the negative growth range further expanded. The major pressure faced by the electricity industry has now turned from the contradiction between coal and electricity to electricity quantity. This is undoubtedly a true and new test to electricity enterprises which get used to high growth but are now suffering great losses. The reform of electricity system has already been in great difficulties and now is getting into a more serious situation. In order to help readers improve their knowledge and understanding of the current tough situation faced by the electricity industry and discuss how to alleviate and get through the difficulty resulted from the economic crisis "encountered once every one hundred years" by joint efforts of all parties concerned,a Seminar on Crisis and Countermeasures for Electricity Industry was held on November 20,2008. Here are some extracts from the speeches of four experts.
基金Sponsored by Excellent Young Scholars Research Fund of Beijing Institute of Technology (c2007Y0820)Program for New Century Excellent Talents in University (NCET)"985" Philosophy and Social Science Innovation Base of the Ministry of Education(107008200400024)
文摘Relying on the advanced information technologies, such as information monitoring, data mining, natural language processing etc., the dynamic technology early-warning system is constructed. The system consists of technology information automatic retrieval, technology information monitoring, technology threat evaluation, and crisis response and management subsystem, which implements uninterrupted dynamic monitoring, trace and crisis early-warning to the specific technology. Empirical study testifies that the system improves the accuracy, timeliness and reliability of technology early-warning.
基金The Central College Fund Free Exploration Projects,China(No.14D111002)The Research Achievements of Shanghai Public Crisis of Cross-Border Governance Research Achievements,China(No.15D111001)
文摘Three monitor models of enterprise crisis were introduced,i.e.,the monitoring model of enterprise crisis based on intelligent Meta search,the enterprise crisis management model based on artificial neural network and the combined early-warning model.Combined with the advantages of cloud computing,the prominent crisis management models are improved and more efficient,comprehensive and accurate in enterprise crisis management.Through the empirical study of the models,cloud computing makes the early warning structures of enterprise crisis tend to be more simple and efficient,cloud computing can effectively enhance the recognition ability and learning ability of the crisis management,and cloud computing can keep data information updating and realize the dynamic management of enterprise joint early-warning.At the same time,according to the comparative analysis and the experimental result,the crisis management models based on cloud computing also need some improvements.
文摘By decomposing complex issues into factors at all levels, Grey Relativity Analysis (GRA) can effectively calculate the degree the main factors affect the goal value, and overcome the problems that the traditional mathematical statistics have such as big samples, heavy computation, and inconsistency between quantitative results and qualitative analysis. So it becomes one kind of simple, convenient and distinctive systematic analysis method. GRA is applied to corporate crisis early warning analysis. The paper through the GRA the half of this quantitative approach, explores the correlation degree among the corporate crisis early warning factors, in order to find the importance sequence of instance enterprise early warning crisis factors by calculation so as to provide a theoretical foundation for the prevention and decrease of the instance enterprise crisis.
文摘The work investigates the use of trade credit in Italy for reasons of a financial nature. The analysis considers Italian small and medium-sized enterprises (SMEs) and investigates, over the years of 2009-2011: the existence of functional relationships between the incidence of trade receivables and payables and corporate profitability; the existence of interdependencies between trade credit policy and trade debt policy; and the coexistence of interchangeable and complementary conditions between trade debts and bank loans and other sources of funding. To verify the research hypotheses, linear regression models on a yearly basis are used and these models are put under observation over the years of 2009-2011. We can conclude that there are interdependencies between trade credit policy and trade debt policy and that trade credit is a source of flexible way of financing, also available in periods of crisis, which has a positive effect on the profitability of SMEs and can be utilized as a complementary and substitute source of financing to bank loans.
基金supported by the National Natural Science Foundation of China under Grant 71872178。
文摘The 2019 novel coronavirus disease(COVID-19)outbreak is a global crisis that has placed small and medium enterprises(SMEs)under huge pressure to survive,requiring them to respond effectively to the crisis.SMEs have adopted various digital tech no logies to cope with this crisis.Using a data set from a survey with 518 Chin ese SMEs,the study examines the relati on ship between SMEs'digitalizatio n and their public crisis responses.The empirical results show that digitalization has enabled SMEs to respond effectively to the public crisis by making use of their dynamic capabilities.In addition,digitalization can help improve SMEs'performance.We propose a theoretical framework ofdigitalization and crisis respohses for SMEs and present three avenues for future research.