The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)frac...The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)fractional financial map and we dissect its nonlinear dynamics system under commensurate and incommensurate orders.As such,we evaluate when the equilibrium points are stable or unstable at various fractional orders.We use many numerical methods,phase plots in 2D and 3D projections,bifurcation diagrams and the maximum Lyapunov exponent.These techniques reveal that financial maps exhibit chaotic attractor behavior.This study is grounded on the Caputo-like discrete operator,which is specifically influenced by the variance of the commensurate and incommensurate orders.Furthermore,we confirm the presence and measure the complexity of chaos in financial maps by the 0-1 test and the approximate entropy algorithm.Additionally,we offer nonlinear-type controllers to stabilize the fractional financial map.The numerical results of this study are obtained using MATLAB.展开更多
After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also...After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also exert great展开更多
This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The...This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The paper establishes a theoretical analysis framework which impacts poor family income gap by using exponential smoothing method. The government should improve the credit market in poverty- stricken area by the way of macro-management to establish inclusive financial system, to overcome the difficulty of poor farmers＇ credit, to make more poor families to obtain credit opportunities.展开更多
The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is t...The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is the key to comprehensive building of a well-off society.Based on Linhai City’s finance status,this article analyzes the financial needs of the city for a better economic development under the rural revitalization strategy which prioritizes the policy of building a city financial system.The city’s financial system should be organized in a multi-level stucture for better economic development.This will improve the credit system of villages and towns,strengthen agricultural product innovation financially,and improve the finances of rural residents.展开更多
Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the ...Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the present bank-indirect-financing type. In order to replace the function of government- investment in the state-owned economy, the direct and indirect financing channel of the process of our financial system transition has an obvious preference for its ownership system, and the small and medium-sized financial institutions matching with private business are in a weak state due to the constraints of system supply, these two factors result in the extreme asymmetric between the financial structure and economical structure. A major part of the financial resources are invested in those inefficient state-owned business, which involve the Private business into a difficult position of financing, and the whole financial system transition moves towards the factual pathway-dependency due to the system defect, accordingly the finance resources allocation enter into a system lock state with rather low efficiency, so it calls for some related system innovation to correct its pathway derivation.展开更多
In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has...In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has been conducted to financial staffs in the E-commerce enterprises to find out the degree of satisfaction on the functions of the above systems. The result indicates that most financial staffs are moderately satisfied. Furthermore, to judge the correction of the above questionnaire conclusion, Fuzzy Analytical Hierarchy Process is employed to firstly establish an integral financial appraisal index system and then put forward a comprehensive evaluation model for the functions of financial system used in E-commerce enterprises.展开更多
The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization ...The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.展开更多
This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level da...This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.展开更多
Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial or...Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China’s financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust展开更多
Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervis...Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervision,which relies on regulation during and after the matter,operates in a decentralized and trusted environment and has the characteristics of high efficiency,transparency,and safety.It provides a breakthrough to solve the lag of traditional financial supervision.This paper clarifies the concepts and theoretical basis of embedded supervision,constructs the embedded supervision model with a lag,and analyzes the feasibility of embedded supervision with a lag.This research can promote scientific exploration and method innovations in the domestic finance field,enrich China’s financial discipline system,and provide decision-making references for practical financial supervision innovation.展开更多
As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanc...As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanced financial management in these institutions.Notably,in 2012,the country’s Ministry of Finance and Ministry of Education introduced a new financial system for higher education institutions,and in 2022,the Ministry of Finance publicly revised this system to further standardize financial practices within higher education institutions,align with financial management requirements,and foster the development of these institutions.This paper offers an extensive examination of the updated financial system for higher education institutions compared to the previous version,delving into aspects such as the financial management framework,professionalization criteria for financial directors,enhancements in managing the proceeds from technology and research achievements,and the incorporation of management accounting reports.Additionally,it provides a comprehensive analysis of the challenges faced by financial management in higher education institutions and outlines strategies for addressing these issues.展开更多
This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rura...This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rural small and medium-sized enterprise,and increase farmers' income;second,provide capital support for rural modern industrial development,and promote rural economic development;third,rationally allocate capital,master the money flow and coordinate urban-rural development.The paper also profoundly analyzes the difficulties of constructing China's rural multiplex financial system as follows.First,the existing rural financial system structure is irrational and the function is unsound;second,non-governmental financial market is disorderly and the organization is unsound;third,the rural financial system is simple and the overhaul of rural credit cooperatives system has not yet been done;fourth,the construction of rural system of financial laws and regulations is laggard,and the construction of rural multiplex financial system lacks good social environment.The specific thoughts,measures and countermeasures of constructing mechanism innovation of China's rural multiplex financial system are put forward as follows.First,increasingly perfect legal system and provide legal support for constructing China's rural multiplex financial system;second,quicken the overhaul of rural credit cooperatives system and perfect its function in China's rural multiplex financial system;third,strengthen the degree of support and development,and change the situation of simple structure of rural financial system;fourth,reinforce administrative supervision and perfect public services,and standardize the rural financial market order.展开更多
This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effect...This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effects,especially the high volatility and lack of regulation in the cryptocurrency market.The study employed both diagonal BEKK-GARCH and DCC-GARCH to analyze the existence of spillover effects and correlation between both markets.A daily time series dataset from January 1,2017,to December 31,2021,was employed to analyze the contagion effect.Our findings reveal a significant spillover effect from cryptocurrency to the African traditional financial market;however,the percentage spillover effect is still low but growing.Specifically,evidence is insufficient to suggest a spillover effect from cryptocurrency to Egypt and Morocco’s financial markets,at least in the short run.Evidence in South Africa,Nigeria,and Kenya indicates a moderate but growing spillover effect from cryptocurrency to the financial market.Similarly,we found no evidence of a spillover effect from the African financial market to the cryptocurrency market.The conditional correlation result from the DCC-GARCH revealed a positive low to moderate correlation between cryptocurrency volatility and the African financial market.Specifically,the DCC-GARCH revealed a greater integration in both markets,especially in the long run.The findings have policy implications for financial regulators concerning the dynamics of both markets and for investors interested in portfolio diversification within the two markets.展开更多
In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading...In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading.Our in-depth investigation delves into the intricacies of merging Multi-Agent Reinforcement Learning(MARL)and Explainable AI(XAI)within Fintech,aiming to refine Algorithmic Trading strategies.Through meticulous examination,we uncover the nuanced interactions of AI-driven agents as they collaborate and compete within the financial realm,employing sophisticated deep learning techniques to enhance the clarity and adaptability of trading decisions.These AI-infused Fintech platforms harness collective intelligence to unearth trends,mitigate risks,and provide tailored financial guidance,fostering benefits for individuals and enterprises navigating the digital landscape.Our research holds the potential to revolutionize finance,opening doors to fresh avenues for investment and asset management in the digital age.Additionally,our statistical evaluation yields encouraging results,with metrics such as Accuracy=0.85,Precision=0.88,and F1 Score=0.86,reaffirming the efficacy of our approach within Fintech and emphasizing its reliability and innovative prowess.展开更多
BACKGROUND Return to work(RTW)serves as an indication for young and middle-aged colorectal cancer(CRC)survivors to resume their normal social lives.However,these survivors encounter significant challenges during their...BACKGROUND Return to work(RTW)serves as an indication for young and middle-aged colorectal cancer(CRC)survivors to resume their normal social lives.However,these survivors encounter significant challenges during their RTW process.Hence,scientific research is necessary to explore the barriers and facilitating factors of returning to work for young and middle-aged CRC survivors.AIM To examine the current RTW status among young and middle-aged CRC survivors and to analyze the impact of RTW self-efficacy(RTW-SE),fear of progression(FoP),eHealth literacy(eHL),family resilience(FR),and financial toxicity(FT)on their RTW outcomes.METHODS A cross-sectional investigation was adopted in this study.From September 2022 to February 2023,a total of 209 participants were recruited through a convenience sampling method from the gastrointestinal surgery department of a class A tertiary hospital in Chongqing.The investigation utilized a general information questionnaire alongside scales assessing RTW-SE,FoP,eHL,FR,and FT.To analyze the factors that influence RTW outcomes among young and middle-aged CRC survivors,Cox regression modeling and Kaplan-Meier survival analysis were used.RESULTS A total of 43.54%of the participants successfully returned to work,with an average RTW time of 100 days.Cox regression univariate analysis revealed that RTW-SE,FoP,eHL,FR,and FT were significantly different between the non-RTW and RTW groups(P<0.05).Furthermore,Cox regression multivariate analysis identified per capita family monthly income,job type,RTW-SE,and FR as independent influencing factors for RTW(P<0.05).CONCLUSION The RTW rate requires further improvement.Elevated levels of RTW-SE and FR were found to significantly increase RTW among young and middle-aged CRC survivors.Health professionals should focus on modifiable factors,such as RTW-SE and FR,to design targeted RTW support programs,thereby facilitating their timely reintegration into mainstream society.展开更多
This study proposed a cutting-edge,multistep workflow and upgraded it by addressing its flaw of not considering how to determine the index system objectively.It then used the updated workflow to identify the probabili...This study proposed a cutting-edge,multistep workflow and upgraded it by addressing its flaw of not considering how to determine the index system objectively.It then used the updated workflow to identify the probability of China’s systemic financial crisis and analyzed the impact of macroeconomic indicators on the crisis.The final workflow comprises four steps:selecting rational indicators,modeling using supervised learning,decomposing the model’s internal function,and conducting the non-linear,non-parametric statistical inference,with advantages of objective index selection,accurate prediction,and high model transparency.In addition,since China’s international influence is progressively increasing,and the report of the 19th National Congress of the Communist Party of China has demonstrated that China is facing severe risk control challenges and stressed that the government should ensure that no systemic risks would emerge,this study selected China’s systemic financial crisis as an example.Specifically,one global trade factor and 11 country-level macroeconomic indicators were selected to conduct the machine learning models.The prediction models captured six risk-rising periods in China’s financial system from 1990 to 2020,which is consistent with reality.The interpretation techniques show the non-linearities of risk drivers,expressed as threshold and interval effects.Furthermore,Shapley regression validates the alignment of the indicators.The final workflow is suitable for categorical and regression analyses in several areas.These methods can also be used independently or in combination,depending on the research requirements.Researchers can switch to other suitable shallow machine learning models or deep neural networks for modeling.The results regarding crises could provide specific references for bank regulators and policymakers to develop critical measures to maintain macroeconomic and financial stability.展开更多
In July 2024,the third plenary session of the 2oth Central Committee of the Communist Party of China was held in Beijing.During this session,the Resolution of the Central Committee of the Communist Party of China on F...In July 2024,the third plenary session of the 2oth Central Committee of the Communist Party of China was held in Beijing.During this session,the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization(hereinafter referred to as"Resolution")was adopted.The Resolution clearly defines the guiding philosophy,overall objectives,and general principles for further deepening reform comprehensively.It emphasizes that"We must pursue coordinated reforms in the fiscal,tax,financial,and other major sectors",and outlines a series of significant deployments for deepening financial system reform.展开更多
This paper examines the financial risk evaluation system in the context of the“Great Intelligence Movement Cloud”and employs the hierarchical analysis method as the primary research tool.With the rapid advancement o...This paper examines the financial risk evaluation system in the context of the“Great Intelligence Movement Cloud”and employs the hierarchical analysis method as the primary research tool.With the rapid advancement of“Great Intelligence Movement Cloud”technology,enterprise financial risks have expanded from the offline domain to the information domain,encompassing a broader scope and more diverse channels.The traditional approach to risk identification,relying solely on single financial indicators,no longer meets current demands.Therefore,it is essential to integrate a non-financial early warning indicator system and adopt a combination of quantitative and qualitative analysis methods.Hierarchical analysis enables the decomposition of complex problems into multiple components and organizes them into a hierarchical structure based on their relationships,facilitating a more accurate assessment of financial risk.This study seeks to establish a comprehensive financial risk evaluation system suited to the“Great Intelligence Movement Cloud”context,offering enterprises more precise risk assessments to better address financial risks and achieve steady development.展开更多
As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of ...As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of the financial performance of machinery manufacturing enterprises has become a pressing issue in financial research.This topic is not only crucial for optimizing enterprise management and improving operational efficiency but also essential for enhancing overall industry performance and promoting sustainable development.This paper first introduces the concept of financial performance,followed by an analysis of related financial performance evaluation theories.It then focuses on the application of the entropy method in evaluating the financial performance of machinery manufacturing enterprises,detailing its analytical steps.Finally,a financial performance evaluation index system is constructed based on four dimensions:profitability,solvency,operational efficiency,and growth potential.展开更多
The feed industry serves as a critical intermediary between agriculture and animal husbandry,providing essential support for the modern breeding industry.Utilizing the annual financial report data from 19 publicly lis...The feed industry serves as a critical intermediary between agriculture and animal husbandry,providing essential support for the modern breeding industry.Utilizing the annual financial report data from 19 publicly listed companies within the feed industry in 2023,a comprehensive evaluation index system was developed to assess the financial performance of these companies from four dimensions:debt paying ability,operational ability,profitability,and development ability.Factor analysis and hierarchical cluster analysis were employed to assess the financial performance of publicly listed companies within the feed industry.By comparing the mean classifications and comprehensive scores,this study analyzed the strengths and weaknesses of these listed feed companies.Ultimately,it offered recommendations for improvement in areas such as product optimization and enhancement,reasonable liability management,and the advancement of company governance practices.展开更多
文摘The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)fractional financial map and we dissect its nonlinear dynamics system under commensurate and incommensurate orders.As such,we evaluate when the equilibrium points are stable or unstable at various fractional orders.We use many numerical methods,phase plots in 2D and 3D projections,bifurcation diagrams and the maximum Lyapunov exponent.These techniques reveal that financial maps exhibit chaotic attractor behavior.This study is grounded on the Caputo-like discrete operator,which is specifically influenced by the variance of the commensurate and incommensurate orders.Furthermore,we confirm the presence and measure the complexity of chaos in financial maps by the 0-1 test and the approximate entropy algorithm.Additionally,we offer nonlinear-type controllers to stabilize the fractional financial map.The numerical results of this study are obtained using MATLAB.
文摘After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also exert great
文摘This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The paper establishes a theoretical analysis framework which impacts poor family income gap by using exponential smoothing method. The government should improve the credit market in poverty- stricken area by the way of macro-management to establish inclusive financial system, to overcome the difficulty of poor farmers＇ credit, to make more poor families to obtain credit opportunities.
基金This paper is funded by the 2018 Taizhou philosophy and social science planning project“Research on city financial system construction under the background of Rural Revitalization Strategy”(fund code:18GHD09).
文摘The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is the key to comprehensive building of a well-off society.Based on Linhai City’s finance status,this article analyzes the financial needs of the city for a better economic development under the rural revitalization strategy which prioritizes the policy of building a city financial system.The city’s financial system should be organized in a multi-level stucture for better economic development.This will improve the credit system of villages and towns,strengthen agricultural product innovation financially,and improve the finances of rural residents.
文摘Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the present bank-indirect-financing type. In order to replace the function of government- investment in the state-owned economy, the direct and indirect financing channel of the process of our financial system transition has an obvious preference for its ownership system, and the small and medium-sized financial institutions matching with private business are in a weak state due to the constraints of system supply, these two factors result in the extreme asymmetric between the financial structure and economical structure. A major part of the financial resources are invested in those inefficient state-owned business, which involve the Private business into a difficult position of financing, and the whole financial system transition moves towards the factual pathway-dependency due to the system defect, accordingly the finance resources allocation enter into a system lock state with rather low efficiency, so it calls for some related system innovation to correct its pathway derivation.
文摘In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has been conducted to financial staffs in the E-commerce enterprises to find out the degree of satisfaction on the functions of the above systems. The result indicates that most financial staffs are moderately satisfied. Furthermore, to judge the correction of the above questionnaire conclusion, Fuzzy Analytical Hierarchy Process is employed to firstly establish an integral financial appraisal index system and then put forward a comprehensive evaluation model for the functions of financial system used in E-commerce enterprises.
文摘The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.
文摘This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.
文摘Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China’s financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust
文摘Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervision,which relies on regulation during and after the matter,operates in a decentralized and trusted environment and has the characteristics of high efficiency,transparency,and safety.It provides a breakthrough to solve the lag of traditional financial supervision.This paper clarifies the concepts and theoretical basis of embedded supervision,constructs the embedded supervision model with a lag,and analyzes the feasibility of embedded supervision with a lag.This research can promote scientific exploration and method innovations in the domestic finance field,enrich China’s financial discipline system,and provide decision-making references for practical financial supervision innovation.
文摘As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanced financial management in these institutions.Notably,in 2012,the country’s Ministry of Finance and Ministry of Education introduced a new financial system for higher education institutions,and in 2022,the Ministry of Finance publicly revised this system to further standardize financial practices within higher education institutions,align with financial management requirements,and foster the development of these institutions.This paper offers an extensive examination of the updated financial system for higher education institutions compared to the previous version,delving into aspects such as the financial management framework,professionalization criteria for financial directors,enhancements in managing the proceeds from technology and research achievements,and the incorporation of management accounting reports.Additionally,it provides a comprehensive analysis of the challenges faced by financial management in higher education institutions and outlines strategies for addressing these issues.
文摘This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rural small and medium-sized enterprise,and increase farmers' income;second,provide capital support for rural modern industrial development,and promote rural economic development;third,rationally allocate capital,master the money flow and coordinate urban-rural development.The paper also profoundly analyzes the difficulties of constructing China's rural multiplex financial system as follows.First,the existing rural financial system structure is irrational and the function is unsound;second,non-governmental financial market is disorderly and the organization is unsound;third,the rural financial system is simple and the overhaul of rural credit cooperatives system has not yet been done;fourth,the construction of rural system of financial laws and regulations is laggard,and the construction of rural multiplex financial system lacks good social environment.The specific thoughts,measures and countermeasures of constructing mechanism innovation of China's rural multiplex financial system are put forward as follows.First,increasingly perfect legal system and provide legal support for constructing China's rural multiplex financial system;second,quicken the overhaul of rural credit cooperatives system and perfect its function in China's rural multiplex financial system;third,strengthen the degree of support and development,and change the situation of simple structure of rural financial system;fourth,reinforce administrative supervision and perfect public services,and standardize the rural financial market order.
文摘This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effects,especially the high volatility and lack of regulation in the cryptocurrency market.The study employed both diagonal BEKK-GARCH and DCC-GARCH to analyze the existence of spillover effects and correlation between both markets.A daily time series dataset from January 1,2017,to December 31,2021,was employed to analyze the contagion effect.Our findings reveal a significant spillover effect from cryptocurrency to the African traditional financial market;however,the percentage spillover effect is still low but growing.Specifically,evidence is insufficient to suggest a spillover effect from cryptocurrency to Egypt and Morocco’s financial markets,at least in the short run.Evidence in South Africa,Nigeria,and Kenya indicates a moderate but growing spillover effect from cryptocurrency to the financial market.Similarly,we found no evidence of a spillover effect from the African financial market to the cryptocurrency market.The conditional correlation result from the DCC-GARCH revealed a positive low to moderate correlation between cryptocurrency volatility and the African financial market.Specifically,the DCC-GARCH revealed a greater integration in both markets,especially in the long run.The findings have policy implications for financial regulators concerning the dynamics of both markets and for investors interested in portfolio diversification within the two markets.
基金This project was funded by Deanship of Scientific Research(DSR)at King Abdulaziz University,Jeddah underGrant No.(IFPIP-1127-611-1443)the authors,therefore,acknowledge with thanks DSR technical and financial support.
文摘In the rapidly evolving landscape of today’s digital economy,Financial Technology(Fintech)emerges as a trans-formative force,propelled by the dynamic synergy between Artificial Intelligence(AI)and Algorithmic Trading.Our in-depth investigation delves into the intricacies of merging Multi-Agent Reinforcement Learning(MARL)and Explainable AI(XAI)within Fintech,aiming to refine Algorithmic Trading strategies.Through meticulous examination,we uncover the nuanced interactions of AI-driven agents as they collaborate and compete within the financial realm,employing sophisticated deep learning techniques to enhance the clarity and adaptability of trading decisions.These AI-infused Fintech platforms harness collective intelligence to unearth trends,mitigate risks,and provide tailored financial guidance,fostering benefits for individuals and enterprises navigating the digital landscape.Our research holds the potential to revolutionize finance,opening doors to fresh avenues for investment and asset management in the digital age.Additionally,our statistical evaluation yields encouraging results,with metrics such as Accuracy=0.85,Precision=0.88,and F1 Score=0.86,reaffirming the efficacy of our approach within Fintech and emphasizing its reliability and innovative prowess.
基金Supported by the Chongqing Medical University Program for Youth Innovation in Future Medicine,No.W0019Chongqing Municipal Education Commission’s 14th Five-Year Key Discipline Support Project,No.20240101 and No.20240102。
文摘BACKGROUND Return to work(RTW)serves as an indication for young and middle-aged colorectal cancer(CRC)survivors to resume their normal social lives.However,these survivors encounter significant challenges during their RTW process.Hence,scientific research is necessary to explore the barriers and facilitating factors of returning to work for young and middle-aged CRC survivors.AIM To examine the current RTW status among young and middle-aged CRC survivors and to analyze the impact of RTW self-efficacy(RTW-SE),fear of progression(FoP),eHealth literacy(eHL),family resilience(FR),and financial toxicity(FT)on their RTW outcomes.METHODS A cross-sectional investigation was adopted in this study.From September 2022 to February 2023,a total of 209 participants were recruited through a convenience sampling method from the gastrointestinal surgery department of a class A tertiary hospital in Chongqing.The investigation utilized a general information questionnaire alongside scales assessing RTW-SE,FoP,eHL,FR,and FT.To analyze the factors that influence RTW outcomes among young and middle-aged CRC survivors,Cox regression modeling and Kaplan-Meier survival analysis were used.RESULTS A total of 43.54%of the participants successfully returned to work,with an average RTW time of 100 days.Cox regression univariate analysis revealed that RTW-SE,FoP,eHL,FR,and FT were significantly different between the non-RTW and RTW groups(P<0.05).Furthermore,Cox regression multivariate analysis identified per capita family monthly income,job type,RTW-SE,and FR as independent influencing factors for RTW(P<0.05).CONCLUSION The RTW rate requires further improvement.Elevated levels of RTW-SE and FR were found to significantly increase RTW among young and middle-aged CRC survivors.Health professionals should focus on modifiable factors,such as RTW-SE and FR,to design targeted RTW support programs,thereby facilitating their timely reintegration into mainstream society.
基金funded by National Social Science Fund of China(No.22AGJ006).
文摘This study proposed a cutting-edge,multistep workflow and upgraded it by addressing its flaw of not considering how to determine the index system objectively.It then used the updated workflow to identify the probability of China’s systemic financial crisis and analyzed the impact of macroeconomic indicators on the crisis.The final workflow comprises four steps:selecting rational indicators,modeling using supervised learning,decomposing the model’s internal function,and conducting the non-linear,non-parametric statistical inference,with advantages of objective index selection,accurate prediction,and high model transparency.In addition,since China’s international influence is progressively increasing,and the report of the 19th National Congress of the Communist Party of China has demonstrated that China is facing severe risk control challenges and stressed that the government should ensure that no systemic risks would emerge,this study selected China’s systemic financial crisis as an example.Specifically,one global trade factor and 11 country-level macroeconomic indicators were selected to conduct the machine learning models.The prediction models captured six risk-rising periods in China’s financial system from 1990 to 2020,which is consistent with reality.The interpretation techniques show the non-linearities of risk drivers,expressed as threshold and interval effects.Furthermore,Shapley regression validates the alignment of the indicators.The final workflow is suitable for categorical and regression analyses in several areas.These methods can also be used independently or in combination,depending on the research requirements.Researchers can switch to other suitable shallow machine learning models or deep neural networks for modeling.The results regarding crises could provide specific references for bank regulators and policymakers to develop critical measures to maintain macroeconomic and financial stability.
文摘In July 2024,the third plenary session of the 2oth Central Committee of the Communist Party of China was held in Beijing.During this session,the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization(hereinafter referred to as"Resolution")was adopted.The Resolution clearly defines the guiding philosophy,overall objectives,and general principles for further deepening reform comprehensively.It emphasizes that"We must pursue coordinated reforms in the fiscal,tax,financial,and other major sectors",and outlines a series of significant deployments for deepening financial system reform.
文摘This paper examines the financial risk evaluation system in the context of the“Great Intelligence Movement Cloud”and employs the hierarchical analysis method as the primary research tool.With the rapid advancement of“Great Intelligence Movement Cloud”technology,enterprise financial risks have expanded from the offline domain to the information domain,encompassing a broader scope and more diverse channels.The traditional approach to risk identification,relying solely on single financial indicators,no longer meets current demands.Therefore,it is essential to integrate a non-financial early warning indicator system and adopt a combination of quantitative and qualitative analysis methods.Hierarchical analysis enables the decomposition of complex problems into multiple components and organizes them into a hierarchical structure based on their relationships,facilitating a more accurate assessment of financial risk.This study seeks to establish a comprehensive financial risk evaluation system suited to the“Great Intelligence Movement Cloud”context,offering enterprises more precise risk assessments to better address financial risks and achieve steady development.
文摘As a key sector in advancing China’s“carbon neutrality”goal,the machinery manufacturing industry has achieved remarkable development in recent years.Against this backdrop,the scientific and objective evaluation of the financial performance of machinery manufacturing enterprises has become a pressing issue in financial research.This topic is not only crucial for optimizing enterprise management and improving operational efficiency but also essential for enhancing overall industry performance and promoting sustainable development.This paper first introduces the concept of financial performance,followed by an analysis of related financial performance evaluation theories.It then focuses on the application of the entropy method in evaluating the financial performance of machinery manufacturing enterprises,detailing its analytical steps.Finally,a financial performance evaluation index system is constructed based on four dimensions:profitability,solvency,operational efficiency,and growth potential.
文摘The feed industry serves as a critical intermediary between agriculture and animal husbandry,providing essential support for the modern breeding industry.Utilizing the annual financial report data from 19 publicly listed companies within the feed industry in 2023,a comprehensive evaluation index system was developed to assess the financial performance of these companies from four dimensions:debt paying ability,operational ability,profitability,and development ability.Factor analysis and hierarchical cluster analysis were employed to assess the financial performance of publicly listed companies within the feed industry.By comparing the mean classifications and comprehensive scores,this study analyzed the strengths and weaknesses of these listed feed companies.Ultimately,it offered recommendations for improvement in areas such as product optimization and enhancement,reasonable liability management,and the advancement of company governance practices.
