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.

Digital Transformation:The Impact of e-CNY on Securities Institutions and Financial Systems in China

In recent years,the rapid advancement of emerging technologies such as big data,blockchain,and artificial intelligence has accelerated the transformation of currencies,shifting from materialization towards digitization and electronization.The e-CNY stands out as a prime example of China’s pioneering digital financial innovation globally.Governed by the central bank,it embodies the national agenda.As the e-CNY’s application field and reach expand,its relationship with the financial market grows increasingly intimate.As a significant participant in China’s financial landscape and a proactive responder to national policies,the securities industry is profoundly influenced by the e-CNY across various domains.Therefore,this paper undertakes a theoretical analysis of the e-CNY’s implementation within securities institutions,concluding that it will usher in a new paradigm for the entire financial system.

Research on the Application of Virtual Simulation Experimental Teaching in the Securities Investment Course

With the rapid development of information technology and the increasing complexity of the financial market,the teaching methods and means of the Securities Investment course in universities are facing new challenges and opportunities.The purpose of this paper is to discuss the application and construction path of virtual simulation experimental teaching in the Securities Investment course.Firstly,it analyses the problems existing in the teaching of traditional securities investment courses,such as the disconnection between theory and practice and the single teaching mode.In order to solve these problems,this paper puts forward the necessity of introducing virtual simulation experimental teaching and details the specific application path of virtual simulation experimental teaching in the Securities Investment course.

RAPID EXPANSION OF SECURITIES MARKET&ITS IMPACT ON ACCOUNTING PROFESSION

Ⅰ.EXPANSIONThe establishment of securities market in China has been considered one of its important and controversial economic reform policies.Billions of dollars of treasury bills,corporate bonds and shares have been issued and traded all over the nation.Securities exchanges were set up in Shanghai and Shenzhen by the end of 1990 and in early 1991.Since then,securities market in China has undergone rapid expansion.

ON SOME PROBLEMS IN CHINA’S SECURITIES LEGISLATION

In May 1993, the State Council promulgated ProvisionalRegulations Regarding the Issuing of Stocks and theAdministration of Stock Dealings. However, the Stock Act isstill in the process of drafting. This paper intends to discuss thefollowing three problems concerning the securities legislation.

Modeling Stock Market Volatility Using GARCH Models: A Case Study of Nairobi Securities Exchange (NSE)

The aim of this paper is to use the General Autoregressive Conditional Heteroscedastic (GARCH) type models for the estimation of volatility of the daily returns of the Kenyan stock market: that is Nairobi Securities Exchange (NSE). The conditional variance is estimated using the data from March 2013 to February 2016. We use both symmetric and asymmetric models to capture the most common features of the stock markets like leverage effect and volatility clustering. The results show that the volatility process is highly persistent, thus, giving evidence of the existence of risk premium for the NSE index return series. This in turn supports the positive correlation hypothesis: that is between volatility and expected stock returns. Another fact revealed by the results is that the asymmetric GARCH models provide better fit for NSE than the symmetric models. This proves the presence of leverage effect in the NSE return series.

China's Securities Market

At a time when the Chinese economy has experienced a rapid development in the past 14 years, China’s securities market came into being and grew with the deepening economic reform. Recently, Prof. Liu Hongru,Chairman of the China Securities Supervision Commission, gave a detailed account of the existing situation

Knowledge Discovering in Corporate Securities Fraud by Using Grammar Based Genetic Programming

Securities fraud is a common worldwide problem, resulting in serious negative consequences to securities market each year. Securities Regulatory Commission from various countries has also attached great importance to the detection and prevention of securities fraud activities. Securities fraud is also increasing due to the rapid expansion of securities market in China. In accomplishing the task of securities fraud detection, China Securities Regulatory Commission (CSRC) could be facilitated in their work by using a number of data mining techniques. In this paper, we investigate the usefulness of Logistic regression model, Neural Networks (NNs), Sequential minimal optimization (SMO), Radial Basis Function (RBF) networks, Bayesian networks and Grammar Based Genet- ic Programming (GBGP) in the classification of the real, large and latest China Corporate Securities Fraud (CCSF) database. The six data mining techniques are compared in terms of their performances. As a result, we found GBGP outperforms others. This paper describes the GBGP in detail in solving the CCSF problem. In addition, the Synthetic Minority Over-sampling Technique (SMOTE) is applied to generate synthetic minority class examples for the imbalanced CCSF dataset.

Optimal Threshold Determination for Securities Exchange Volumes Using Improved Maximum Product of Spacing Methodology

To Statisticians, the structure of the extreme levels which exist in the tails of the ordinary distributions is very important in analyzing, predicting and forecasting the likelihood of an occurrence of extreme event. Extreme events are defined as values of the event below or above a certain value called threshold. A well chosen threshold helps to identify the extreme levels. Several methods have been used to determine threshold so as to analyze and model extreme events. One of the most successful methods is the maximum product of spacing (MPS). However, there is a problem encountered while modeling data through this method in that the method breaks down when there is a tie in the exceedances. This study offers a solution to model data even when it contains ties. In the study, a method that improved MPS method for determining an optimal threshold for extreme values in a data set containing ties was derived. The Generalized Pareto Distribution (GPD) parameters for the optimal threshold were derived and compared to GPD parameters determined through the standard MPS model. The study improved the standard MPS methodology by introducing the concept of frequency and used Generalized Pareto Distribution (GPD) and Peak over threshold (POT) methods as the basis of identifying extreme values. The improved MPS models and the standard models were applied to Nairobi Securities Exchange (NSE) trading volume data to determine the GPD parameters for different sectors registered in NSE market and their performance compared. It was realized that the improved MPS model performed better than the standard models. This study will help the Statisticians in different sectors of our economy to model extreme events involving ties.

Existing Problems and Countermeasures in Financial Securities Market Regulation

At the present stage,with the continuous development of social economy and science and technology,China's financial and securities industry has gradually developed.As an important part of China's socialist economic market,including the financial and securities industry,therefore,to a certain extent,the development of the financial securities industry has promoted the prosperity and development of China's economy.In other words,strengthening the management of financial securities market regulation can promote the sustainable development of the securities industry,thereby promoting the rapid development of China's economy.This paper mainly discusses and expounds some problems existing in the current process of financial securities market regulation,and proposes solutions to it,hoping to be helpful to the financial securities industry.

Developing Chinese Securities Market

The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,

The Diversification Strategy of Securities Firms in China from the Perspective of Enterprise Operational Sustainability

With the intensified competition in the capital market,the continuous development of internet finance,and the gradual loosening of market regulation,the profit pressure on securities firms relying on traditional business is increasing.In order to seek new profit growth points,many securities firms have ventured into business diversification,but with varying results.From the perspective of enterprise operational sustainability,econometric methods are used to explore the relationship between the diversification and business performance of securities firms in China,putting forward diversification strategies suitable for these firms.

A NEW GENERAL OPTIMAL PRINCIPLE OF DESIGNING EXPLICIT FINITE DIFFERENCE METHOD FOR VALUING DERIVATIVE SECURITIES

A new general optimal principle of designing explicit finite difference method was obtained. Several applied cases were put forward to explain the uses of the principle. The validity of the principal was tested by a numeric example.

The Current and Future of Software Securities and Vulnerabilities

As it has been stepping into the e-time period, software, which is considered as the key factor of the network and computer development, has become an integral part of everyday life. Millions of people may perform transaction through internet, mobile phone, ATM, and send e-mails, handle word processing or spreadsheets for different purposes. In another word, the network and information have been related to our daily life completely. Then, by IT advancing, the awareness of software security becomes a hot and serious topic. This paper will give some comments in various aspects, such as, in the beginning of the SDLC (System Development Life Cycle), how do designers analyze the functional and non-functional requirements and choose the proper development model? And then the testing professors take which kinds of methods to test the software with white-box testing or black-box testing to discover the vulnerabilities and flaws. At the same time, the paper gives some examples to demonstrate why the security of software is pretty important and what we should do to secure that. In addition, the paper will talk something about the enterprises’ actions to build a more secure network environment.

Are Securities Also Derivatives?

This paper has used the Arbitrage Theorem (Gordan Theorem) to show that first, all securities are derivatives for each other, and they are priced by the same risk neutral probability measure. Second, after the firm changes its debt-equity ratio, the equityholders can always combine the new equity with other existing securities to create a home-made equity which will give exactly the same time-1 payoff of the old equity. That is, we have a capital structure irrelevancy proposition: changes in firms’ debt-equity ratios will not affect equityholders’ wealth (welfare), and equityholders’ preferences toward variance are irrelevant. Third, when the firm moves from a more certain project to a more uncertain one, the time-0 price of equity will increase, but (because the time-1 payoff of common bond has an upper bound) the time-0 price of common bond will decrease. Fourth, different labor contractual arrangements will not affect the time-0 price of labor input. When the firm moves from a more certain project to a more uncertain one, the time-0 price of labor input will increase if it is under the share or the mixed contract.

基于标识密码的双向认证的安全启动协议

传统安全启动方案的认证环节是基于PKI体制实现,在设备数量剧增的情况下,证书的管理会增加系统复杂性,认证过程仅实现了单向认证,安全性不足;此外,由于选择了链式信任链,导致了在启动过程中的信任传递损失较大;针对上述问题,文章提出了一种基于IBC的Secure boot方案,即IBCEB方案;该方案使用了IBC体制的国家标准SM9算法作为实现方法,实现了无证书的双向认证协议,并对信任链模型进行了优化,降低了信任传递的损失;在ZC706评估板上进行了测试,测试结果表明,设备在双向认证后成功启动,提高了系统的安全性。