The current predominant self-review mechanism by policy-making bodies suffers from deficiencies such as insufficient motivations, limited review capabilities, and weak external supervision. Third-party assessment, cha...The current predominant self-review mechanism by policy-making bodies suffers from deficiencies such as insufficient motivations, limited review capabilities, and weak external supervision. Third-party assessment, characterized by independence and specialization, is designed to mitigate these shortcomings. However, the implementation of third-party assessment faces challenges too. This paper intends to improve the third-party assessment system and to realize the legislative purpose of the system. Based on social research, discussions and exchanges with relevant parties, and the existing research results, this paper analyzes the challenges and possible optimization measures for the third-party assessment. The challenges include repulsion from policy-making bodies, insufficient independence of assessment bodies, disparity of assessment quality, and limited application of assessment outcomes. Possible optimization measures include promoting fair competition culture, increasing the acceptance of third-party assessment from policy-making bodies, enhancing the quality of third-party assessment, clarifying the relationship between policy-making bodies and assessment bodies, ensuring the independence of third-party assessments, and promoting the application of assessment results.展开更多
Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulat...Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.展开更多
China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especiall...China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especially in payment technologies.Based on the concept and types of third-party payment business in China's Mainland and Macao,as well as to investigate the causes for Macao’s lack of innovation in third-party payment,this study compares their differences from two aspects:business licensing authorities and key points of supervision.By comparison,although the classification and methods of third-party payment businesses are different between China's Mainland and Macao,they are all managed and licensed by a unified supervision department.Moreover,the key points of supervision in both places are similar,but unlike China's Mainland,which takes financial risk prevention as the principle and financial technology as the means to encourage innovation,Macao showed obvious deficiencies.In order to further deepen the connection between the financial markets of China's Mainland and Macao as well as boost financial technologies in Macao,this study aims to provide some suggestions and references for the development of cross-border payment systems.展开更多
China’s online third-party payment market reached 758.3 billion yuan ($120.49 billion) in the first quarter of 2012, a major tech and Internet information provider was quoted as saying by Xinhua on May 7.
Payments for ecosystem services (PES) have been created worldwide to assist watershed management and improve or maintain water quality. Considering their importance, we conducted a holistic review of payment for water...Payments for ecosystem services (PES) have been created worldwide to assist watershed management and improve or maintain water quality. Considering their importance, we conducted a holistic review of payment for water-related ecosystem services to understand how this instrument has been applied in watershed management worldwide. First, we identified the watershed management actions considered by the PES programs and the challenges of implementing water-related PES. After we identified the methods and criteria used to define priority areas for water-related PES. Our review considered articles published on the Web of Science from 2011 to 2022. We found 236 articles relating PES to water resources, highlighting the main water conservation strategies: native vegetation conservation, native vegetation restoration, and implementing best agricultural practices. The method most frequent was interview, followed by the use of technologies, document analysis, and hydrological models. Another significant result was that priority areas for receiving PES are mainly riparian zones, areas near or with native vegetation cover, areas with higher erosion potential, steep areas, and areas with socially vulnerable communities. This review was crucial to identify efficient water resource conservation strategies and potential challenges in the implementation and development of PES programs.展开更多
With a view to adopting to the globalized business landscape,organizations rely on third-party business relationships to enhance their operations,expand their capabilities,and drive innovation.While these collaboratio...With a view to adopting to the globalized business landscape,organizations rely on third-party business relationships to enhance their operations,expand their capabilities,and drive innovation.While these collaborations offer numerous benefits,they also introduce a range of risks that organizations must carefully mitigate.If the obligation to meet the regulatory requirements is added to the equation,mitigating the third-party risk related to data governance,becomes one of the biggest challenges.展开更多
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...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.展开更多
Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,wit...Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,without producing too many false alarms.This is a challenge for machine learning owing to the extremely imbalanced data and complexity of fraud.In addition,classical machine learning methods must be extended,minimizing expected financial losses.Finally,fraud can only be combated systematically and economically if the risks and costs in payment channels are known.We define three models that overcome these challenges:machine learning-based fraud detection,economic optimization of machine learning results,and a risk model to predict the risk of fraud while considering countermeasures.The models were tested utilizing real data.Our machine learning model alone reduces the expected and unexpected losses in the three aggregated payment channels by 15%compared to a benchmark consisting of static if-then rules.Optimizing the machine-learning model further reduces the expected losses by 52%.These results hold with a low false positive rate of 0.4%.Thus,the risk framework of the three models is viable from a business and risk perspective.展开更多
China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehen...China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehensive measures should be implemented to regulate third-party funding,aligning with international trends.This is crucial not only to safeguard the foreign investment of the Chinese government and enterprises but also to position China as a globally influential arbitration center.展开更多
Objective To study the innovative drug pricing methods and medical insurance payment standards in foreign countries and to provide reference for China’s government.Methods The official websites were searched for info...Objective To study the innovative drug pricing methods and medical insurance payment standards in foreign countries and to provide reference for China’s government.Methods The official websites were searched for information and related literature,and literature review was used.Results and Conclusion In foreign countries,the clinical value of innovative drugs and their impact on medical insurance funds were comprehensively evaluated based on factors such as quality-adjusted life years,clinical benefit,and improvement of clinical benefit.Then,the evaluation results were taken as an important basis for whether innovative drugs were admitted to the medical insurance catalog and establishing medical insurance payment standards.By using international experience for reference,innovative drug pricing methods and medical insurance payment standards for China’s national conditions can be improved by establishing a basic database of clinical value and drug economic evaluation of innovative drugs,as well as innovative drug payment models based on decision thresholds.展开更多
文摘The current predominant self-review mechanism by policy-making bodies suffers from deficiencies such as insufficient motivations, limited review capabilities, and weak external supervision. Third-party assessment, characterized by independence and specialization, is designed to mitigate these shortcomings. However, the implementation of third-party assessment faces challenges too. This paper intends to improve the third-party assessment system and to realize the legislative purpose of the system. Based on social research, discussions and exchanges with relevant parties, and the existing research results, this paper analyzes the challenges and possible optimization measures for the third-party assessment. The challenges include repulsion from policy-making bodies, insufficient independence of assessment bodies, disparity of assessment quality, and limited application of assessment outcomes. Possible optimization measures include promoting fair competition culture, increasing the acceptance of third-party assessment from policy-making bodies, enhancing the quality of third-party assessment, clarifying the relationship between policy-making bodies and assessment bodies, ensuring the independence of third-party assessments, and promoting the application of assessment results.
基金supported by grants from the National Natural Science Foundation of China(71425002,72101166)the Capital University of Economics and Business for the Fundamental Research Funds for Universities affiliated to Beijing(XRZ2021066).
文摘Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.
基金Special Project of Guangdong Provincial Key Discipline Project“Public Management”-Research on Information Literacy of Teachers and Students in Colleges and Universities from the Perspective of Crisis and Emergency Management(Key Construction Discipline of Guangdong Provincial Education Department in 2016)The Second Batch of Teaching Quality and Teaching Reform Project of Guangzhou Xinhua University in 2021-Finance Course Teaching and Research Department(Project Number:2021JYS001)。
文摘China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especially in payment technologies.Based on the concept and types of third-party payment business in China's Mainland and Macao,as well as to investigate the causes for Macao’s lack of innovation in third-party payment,this study compares their differences from two aspects:business licensing authorities and key points of supervision.By comparison,although the classification and methods of third-party payment businesses are different between China's Mainland and Macao,they are all managed and licensed by a unified supervision department.Moreover,the key points of supervision in both places are similar,but unlike China's Mainland,which takes financial risk prevention as the principle and financial technology as the means to encourage innovation,Macao showed obvious deficiencies.In order to further deepen the connection between the financial markets of China's Mainland and Macao as well as boost financial technologies in Macao,this study aims to provide some suggestions and references for the development of cross-border payment systems.
文摘China’s online third-party payment market reached 758.3 billion yuan ($120.49 billion) in the first quarter of 2012, a major tech and Internet information provider was quoted as saying by Xinhua on May 7.
文摘Payments for ecosystem services (PES) have been created worldwide to assist watershed management and improve or maintain water quality. Considering their importance, we conducted a holistic review of payment for water-related ecosystem services to understand how this instrument has been applied in watershed management worldwide. First, we identified the watershed management actions considered by the PES programs and the challenges of implementing water-related PES. After we identified the methods and criteria used to define priority areas for water-related PES. Our review considered articles published on the Web of Science from 2011 to 2022. We found 236 articles relating PES to water resources, highlighting the main water conservation strategies: native vegetation conservation, native vegetation restoration, and implementing best agricultural practices. The method most frequent was interview, followed by the use of technologies, document analysis, and hydrological models. Another significant result was that priority areas for receiving PES are mainly riparian zones, areas near or with native vegetation cover, areas with higher erosion potential, steep areas, and areas with socially vulnerable communities. This review was crucial to identify efficient water resource conservation strategies and potential challenges in the implementation and development of PES programs.
文摘With a view to adopting to the globalized business landscape,organizations rely on third-party business relationships to enhance their operations,expand their capabilities,and drive innovation.While these collaborations offer numerous benefits,they also introduce a range of risks that organizations must carefully mitigate.If the obligation to meet the regulatory requirements is added to the equation,mitigating the third-party risk related to data governance,becomes one of the biggest challenges.
基金National Foundation for Science and Technology Development(No.502.01-2020.308).
文摘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.
基金from any funding agency in the public,commercial,or not-for-profit sectors.
文摘Online banking fraud occurs whenever a criminal can seize accounts and transfer funds from an individual’s online bank account.Successfully preventing this requires the detection of as many fraudsters as possible,without producing too many false alarms.This is a challenge for machine learning owing to the extremely imbalanced data and complexity of fraud.In addition,classical machine learning methods must be extended,minimizing expected financial losses.Finally,fraud can only be combated systematically and economically if the risks and costs in payment channels are known.We define three models that overcome these challenges:machine learning-based fraud detection,economic optimization of machine learning results,and a risk model to predict the risk of fraud while considering countermeasures.The models were tested utilizing real data.Our machine learning model alone reduces the expected and unexpected losses in the three aggregated payment channels by 15%compared to a benchmark consisting of static if-then rules.Optimizing the machine-learning model further reduces the expected losses by 52%.These results hold with a low false positive rate of 0.4%.Thus,the risk framework of the three models is viable from a business and risk perspective.
基金National Social Science Fund project(23BGL052)Shandong Key R&D Program(Soft Science Project)(2023RKY03009)Qingdao Social Science Fund Project(QDSKL2301121)。
文摘China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehensive measures should be implemented to regulate third-party funding,aligning with international trends.This is crucial not only to safeguard the foreign investment of the Chinese government and enterprises but also to position China as a globally influential arbitration center.
文摘Objective To study the innovative drug pricing methods and medical insurance payment standards in foreign countries and to provide reference for China’s government.Methods The official websites were searched for information and related literature,and literature review was used.Results and Conclusion In foreign countries,the clinical value of innovative drugs and their impact on medical insurance funds were comprehensively evaluated based on factors such as quality-adjusted life years,clinical benefit,and improvement of clinical benefit.Then,the evaluation results were taken as an important basis for whether innovative drugs were admitted to the medical insurance catalog and establishing medical insurance payment standards.By using international experience for reference,innovative drug pricing methods and medical insurance payment standards for China’s national conditions can be improved by establishing a basic database of clinical value and drug economic evaluation of innovative drugs,as well as innovative drug payment models based on decision thresholds.