Financial literacy,behavioral traits,and ePayment adoption and usage in Japan

This study investigates how financial literacy and behavioral traits affect the adoption of electronic payment(ePayment)services in Japan.We construct a financial literacy index using a representative sample of 25,000 individuals from the Bank of Japan’s 2019 Financial Literacy Survey.We then analyze the relationship between this index and the extensive and intensive usage of two types of payment services:electronic money(e-money)and mobile payment apps.Using an instrumental variable approach,we find that higher financial literacy is positively associated with a higher likelihood of adopting ePayment services.The empirical results suggest that individuals with higher financial literacy use payment services more frequently.We also find that risk-averse people are less likely to adopt and use ePayment services,whereas people with herd behavior tend to adopt and use ePayment services more.Our empirical results also suggest that the effects of financial literacy on the adoption and use of ePayment differ among people with different behavioral traits.

Herding behavior in Ramadan and financial crises: the case of the Pakistani stock market

This study examines herding behavior in the Pakistani Stock Market under different market conditions,focusing on the Ramadan effect and Crisis period by using data from 2004 to 2014.Two regression models of Christie and Huang(Financ Analysts J 51:31-37,1995)and Chang et al.,(J Bank Finance 24:1651-1679,2000)are used for herding estimations.Results based on daily stock data reveal that there is an absence of herding behavior during rising(up)and falling(down)market as well as during high and low volatility in market.While herding behavior is detected during low trading volume days.Yearly analysis shows that herding existed during 2005,2006 and 2007,while it is not evident during rest of the period.However,herding behavior is not detected during Ramadan.Furthermore,during financial crisis of 2007-08,Pakistani Stock Market exhibits herding behavior due to higher uncertainty and information asymmetry.

Behavioral Finance Theory and Its Application in Investment Decision

Behavioral finance theory is constantly relaxing or even abandons traditional financial theory rational man assumptions and the efficient market hypothesis, based on the decision-making process to the actual person＇s psychological characteristics as variables studied financial market vision, such as asset pricing and portfolio a series of questions theoretical system. In this paper, from home and abroad on behavioral finance theory, based on the current situation in our country from the company＇s investment policy analysis behavioral finance theory in corporate finance in the application, in order for some of our corporate decision makers to provide a non-decision against the company fully rational and non-efficient market investment strategy.

Analyzing on the Characteristics of Several Typical Financial Behavior of Loss Listed Companies in China

In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.

Behavioral Aspects in Obligatory Reports of Public Hospitals in Poland

The health care sector is the most difficult one to manage and control. Special units in this field are public hospitals which are required to prepare a lot of reports to various institutions, including the ownership body. The paper focuses on two issues. The first is the presence of behavioral factors in the reporting of public hospitals in Poland to the ownership bodies. This article aims to indicate the thematic areas of specific reports, most affected by behavioral factors and explain the causes and consequences of their occurrence. The second issue is the analysis of the legal status of obligatory reporting of public hospitals. Participants of the conducted research, due to their specific ownership and political and social position, were public hospitals in Poland. The paper uses the research methods of the meta-analysis of the literature, legal acts in Poland and empirical materials, and also the methods of synthesis, observation, and deduction. Data analysis focused on specific sample of reports issued by Polish public hospitals for their ownership body. The research shows that hospitals draw up a tremendous number of often thematically overlapping and redundant reports addressed to different institutions in different time periods. It is a consequence of legal regulations failing to streamline the reporting of the health care sector institutions, in particular public hospitals. The paper points to the large number of legal instruments that contain imprecise requirements resulting from the complex and obscure forms of control of public funds allocation in this sector. There are many behavioral factors that shape some fields of public hospitals＇ reports, for example, interpersonal relationships, egoism, private financial interests, strengthening of the employment status and professional position, and professional competences. There is considerable freedom in the reporting process fulfilled by public hospitals in Poland for their ownership body. It causes strong consequences, like poor-quality data, duplication of information, and its chaos, as well as high costs of obtaining information. Reporting system of financial and non-financial data of public hospitals in Poland is dysfunctional.

Agents’ Behavior in Market Bubbles： Herding and Information Effects

This paper explores some behavioral factors that may explain the formation of speculative bubbles in financial markets. The study adopts an experimental approach focused on the agents’ behavior when facing a “true” bubble and is incentivized to herd and/or receive information about the market sentiment. For this purpose, a straightforward laboratory experiment that reproduces the dotcom market bubble and asks subjects to forecast asset prices in a true dynamic information scenario. The experiment was conducted in the laboratory of the Faculty of Economics at the University of Salamanca and involved 137 undergraduate students in the degree of economics. The results show that incentives to the herding behavior increase the forecasted volatility and thus contribute to the bubble inflation. Nevertheless, this effect may be offset by giving information to the agents about the expected market trend. Therefore, under herding effects, it is the absence of clear signals about market sentiments what inflates the bubble.

How Herding Behavior Affects Our lives——A Double-Edged Sword

Herding behavior is an important part of behavioral finance study. In this paper, I focus on the literature reviews of herding behavior along the timeline and explore how it affects our lives. Herding is a double-edged sword with various impacts. I conclude three possible explanations for herding actions based on regret aversion bias, group mind theory and Emergent Norms Theory. The historical evidence on social and economic impact including asset price bubbles, subprime crisis is presented. Although these negative impacts are serious, herding can improve decision-making for people who are less likely to be biased by regret. Herding may also accelerate society's development if we choose the right leader. Finally I would discuss several measures to ease the negative effect of herding behavior.

机构投资者羊群行为对上市公司股价同步性的影响

为探析资本市场上的机构投资者羊群行为类型及其对上市公司股价同步性的影响机制,采用2013—2023年沪深A股中企业个股年度数据,从信息竞争理论和类似策略理论角度进行探讨,并从信息获取可观测角度对机构投资者买入羊群行为和卖出羊群行为对上市公司股价同步性及信息获取的调节机制进行检验。根据实证结果,发现我国的机构投资者羊群行为是“伪羊群行为”,这将降低市场股价同步性,且在买入方向上表现得尤为突出;机构投资者的信息获取在机构投资者羊群行为与上市公司股价同步性中存在逆向调节作用,其中,卖出羊群行为对上市公司股价同步性的逆向调节作用更加明显。

考虑风险规避的绿色供应链融资决策

针对绿色供应链下小微制造企业融资难等问题,构建由单个制造商和零售商组成的二级绿色供应链博弈模型。在制造商不考虑融资进行绿色生产的基础上,引入银行融资、零售商融资和风险规避行为,分析当供不应求或需求突然增加而产能不足时,零售商是否为制造商提供融资以扩大产量的问题,给出不同融资策略下制造商和零售商的最优决策。结果显示:在绿色供应链中,增加产品绿色度可以提高制造商和零售商的利润。对于制造商来说,采用任何融资方式都能够缓解资金压力,但当零售商风险规避程度较小时,应选择向零售商融资;当零售商风险规避程度较大时,应选择向银行融资。当零售商为上游制造商提供融资时,双方的利润水平都可以得到有效提升。因此,零售商可以设定合理的融资利率,为制造商提供金融帮助,并多方位评估制造商的生产经营能力,选择合适的方式规避制造商产量不足所带来的风险,降低自身损失。同时,鼓励制造商进行绿色技术创新、生产绿色度更高的产品,从而提高市场竞争力。

数字普惠金融、过度负债与家庭财务风险

数字普惠金融在降低家庭金融准入门槛的同时也增加了家庭的财务风险。基于CHFS2013-2019年微观调查数据进行实证检验,以家庭过度负债为研究重点分析数字普惠金融对家庭财务风险的影响,探究数字普惠金融对家庭部门财务风险的影响机制与作用路径。研究发现,数字普惠金融通过增加家庭高风险型债务的方式扩大家庭过度负债风险,进而导致家庭偿债能力与资产流动性降低,增大家庭财务风险。进一步研究发现,中低收入家庭与农村家庭等财务弱势家庭更易受到数字普惠金融影响从而导致过度负债与财务风险扩大。政府应完善数字金融监管制度,加强社会金融福利保障体系建设,引导数字普惠金融市场良性发展。

行为金融视角下的风险感知

在世界秩序大变革、大调整的时代背景下,全球金融治理进入新时期,国际金融环境趋于复杂严峻。同时,金融市场拥有丰富的金融产品,作为金融市场的主要参与者,个人投资者在作出投资决策时往往受限于自身金融知识、金融素养、风险承受能力等因素,面临着巨大的风险,能否正确感知到自身所面临的风险,对于投资者后续作出合理的投资决策至关重要。考虑到传统金融学所采用的研究方法对风险感知作为心理变量准确定义的忽视,可从行为金融的视角,了解风险感知的概念、测量方法、影响因素等;系统梳理和回顾国内外风险感知研究,指出当前行为金融视角下,风险感知研究一方面未有普适性的理论和方法,另一方面缺乏对无关变量的控制。展望未来,应加强理论构建,完善研究理论范式。

金融支持实体经济:思维误区、行为偏差及纠正路径研究

实体经济是我国社会经济发展的重中之重,金融支持实体经济发展是金融行业的初心。然而,金融在支持实体经济发展过程中产生了一些伪金融理念,这些错误的思维误区将金融支持实体经济的正常行为带入偏道,导致出现金融政策事倍功半、南辕北辙的现象或结果。当前,建设中国特色社会主义国家,加快发展新质生产力,加大金融支持实体经济力度,必须坚持正确的金融发展理念。应积极采取措施纠正金融活动中错误的思维误区,从而纠正偏差的金融行为。金融支持实体经济应符合市场经济发展基本规律,形成以市场为导向、跟踪产业政策的资金流动体系,以及利用价格和利率作为调控手段的金融行为轨迹,充分发挥金融驱动实体经济发展的正能量,推动社会主义市场经济高质量发展。

LBOs in Theory and Practice, Learning Outcomes of a Crisis

The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO （management buy-outs）. For a long time LBO （leveraged buyout） has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO＇s are just a partial answer to the agency problems very present to the literature.

数字金融与实体企业金融投资行为

数字金融作为数字技术与传统金融融合所产生的一种新金融业态,不仅完善了金融体系,也改变了企业的融资环境和投资行为。基于2011—2019年上市实体企业数据识别并探讨了数字金融对实体企业金融投资行为的影响、机制、动机及经济后果。研究表明:数字金融促进了实体企业金融化,经过内生性处理和稳健性检验后结论依旧成立。机制检验表明数字金融缓解企业融资约束,助推了实体企业金融投资行为,进而提升金融化程度。异质性分析发现数字金融覆盖广度对企业金融化的影响不显著,使用深度和数字化程度则显著提升了企业金融化水平;数字金融的企业金融化效应仅存在于非国有企业、小规模企业;只有在传统金融发展水平和互联网普及率高的城市,数字金融对企业金融化的影响才显著为正。进一步,基于“数字金融—加剧金融化—抑制主业发展”逻辑链条,发现企业的套利动机驱动了数字金融的企业金融化效应,数字金融不仅抑制了企业的实业投资和主业业绩,还削弱了数字金融的就业提升效应。文章拓展了企业金融化驱动因素和数字金融经济后果的研究,有助于企业和政府政策制定者深刻认识数字金融对企业长期发展乃至宏观经济发展潜藏的负面效应,研究结论为金融供给侧改革和推进金融服务实体经济高质量发展提供了理论支撑和经验证据。

企业金融化、融资约束与并购行为

近年来,国内实体企业“脱实向虚”趋势日益明显,导致企业过度依赖金融资产获利。本文利用2007~2019年沪深A股上市公司数据,实证研究企业金融化对并购行为的作用机制。结果表明企业金融化与并购行为之间存在倒U型关系。当企业金融化处于较低范围时,企业金融化的增加会促进并购行为。相反,过高的企业金融化会抑制并购行为。机制检验表明,企业金融化通过融资约束影响并购行为。而且融资约束在企业金融化与并购行为之间表现为遮掩效应。在考虑了可能的内生性问题、改变模型和更改主要变量衡量方法后,本文结果仍然是稳健的。

数字经济、地方政府行为与实体企业金融化

实体企业的金融投资方向决策与其所处外部经济环境密不可分,数字经济发展将对实体企业的金融化产生重要影响。本文实证考察了数字经济发展对实体企业金融化的实际影响与内在机理,并进一步考查了地方政府行为的调节效应。研究发现:数字经济发展能显著抑制实体企业的金融化;企业成长性的提升与代理成本的下降都是数字经济发展作用于实体企业金融化的可能渠道,但融资约束缓解与风险承担能力增强影响机制并没有得到实证数据的支持,这也进一步证明了中国实体企业金融资产配置的主要目的倾向于市场套利,而非预防性资金储备;基于一致性维度和偏好性维度的地方政府行为都能显著调节数字经济与实体企业金融化之间的关系。

短贷长投与企业数字化转型

以短贷长投为重要特征的企业投融资期限错配行为在中国企业中普遍存在,对企业升级转型产生了重大影响。以2007—2020年中国上市企业为研究样本,探讨短贷长投对企业数字化转型的影响、作用机制和治理模式。结果显示:短贷长投会显著抑制企业的数字化转型。特别地,随着属性结构特征变化,短贷长投的影响展现出明显的异质性特征,对于非国有企业、制造业企业以及成长期、成熟期企业有着较强不利影响。机制研究发现,短贷长投会恶化企业财务状况、扭曲投融资行为,显著冲击企业数字化转型。进一步研究发现,有效的金融监管是降低短贷长投负向冲击的重要保障,能够最大限度地为企业数字化转型提供支持。因此,应继续深化金融供给侧结构性改革,拓宽企业融资渠道,借助数字技术、人工智能工具加强金融监管,改善企业投融资行为,推动企业数字化转型。

金融知识与农户数字金融响应行为研究——来自河南省部分农户调查的微观数据

新时代,数字金融是“三农”发展的重要一环,是拓宽金融供给渠道和实现金融普惠发展的重要方式。现实中,农村数字金融使用程度并不高,多种因素制约着数字金融与农村的深度融合。基于2022年河南省部分农户数字金融使用现状调查数据,利用中介效应模型研究金融知识对于农户数字金融行为的影响。结果表明:金融知识可提升农户金融行为响应、改变风险偏好,进而对数字金融响应产生显著正向作用;提升农户金融知识水平是数字金融融入农村发展、提高农户生产生活水平的突破点。

基于BP-SVM算法的中大型企业财务危机预警系统

为了提高中大型企业财务危机预警的精度,提出了基于BP-SVM算法的中大型企业财务危机预警系统研究.硬件设计中,根据传感器内部电路,结合企业财务危机数据分类的CPU板卡设计中大型企业财务危机报警器.软件设计中,利用BP-SVM算法计算出财务危机数据的聚类中心,检测出大型企业财务系统的异常行为,实现了企业财务危机的预警.测试结果表明,文中系统在中大型企业财务危机预警中的功能满足用户的要求,通过将吞吐量控制在800 bps~1000 bps之间,预警精度提高到90%以上.

金融科技背景下P2P网贷平台:进展与展望

P2P网贷平台由于门槛低、便捷、收益高等特点在过去十年获得迅速发展,但同时由于高风险、不易监管等特征在近几年又逐渐回落,引起较大关注。在金融科技、互联网金融的新背景下,P2P平台又受到什么样的影响,是个值得探讨的话题。论文首先从硬信息、软信息、羊群行为三个方面总结了信息不对称对P2P平台的影响;其次以风险控制与相对于银行的中介功能两个角度为切入点,关注金融科技对P2P平台的影响;最后就金融科技对未来P2P网贷形式的转换以及创新发展进行展望,以期为进一步开展相关研究提供参考。