Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk,...Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk, production risk, contract risk and policy risk, five aspects of a total of 12 assessment indicators. The fuzzy comprehensive evaluation method was used to evaluate the market risk. The evaluation results showed that the market risk of dairy farms in Heilongjiang Province was at low risk; however, the policy risk was high. Finally, according to the results of the assessment, the suggestions was made as the followings： the government should expand the scope of policy insurance for dairy farming, vigorously promote the development of cooperative organizations and intermediary organizations in dairy farms by purchasing services through government, increase their functional roles and establish strict supervision mechanisms, including the establishment of official advice hotline and consultation channel online and improving third-party testing mechanism; government and the department of management industry would improve their abilities of management and do a good job of training and guiding.展开更多
We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a n...We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.展开更多
Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention...Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention effect is huge.Using statistical analysis and comparative analysis methods,this paper analyzed characteristics and influencing factors of agricultural market risks and pointed out characteristics of agricultural market and special characteristics of agricultural production and operation entities in Hubei Province.Based on SWOT analysis on market risk prevention ability of agricultural production and operation entities in Hubei Province,it came up with three recommendations,including upgrading agricultural production and operation entities,enlarging the production and operation scale,and strengthening the ability of balancing the market demand and supply and bargaining power and pricing power.展开更多
Global economic downturns and multiple extreme events threaten Vietnam's economy,leading to a surge in stock market risk and significant spillovers.This study investigates market risk spillovers and explores the a...Global economic downturns and multiple extreme events threaten Vietnam's economy,leading to a surge in stock market risk and significant spillovers.This study investigates market risk spillovers and explores the asymmetric effects of macroeconomic indicators on market risk across 24 sectors in Vietnam from 2012 to 2022.We use the value-at-risk(VaR)technique and a vector autoregression(VAR)model to estimate market risks and their spillovers across Vietnamese sectors.We then examine the asymmetric effects of macroeconomic indicators on market risk using a panel nonlinear autoregressive distribution lag(NARDL)model.Our results confirm that Vietnam’s market risk increases rapidly in response to extreme events.Additionally,market risks exhibit substantial inter-connectedness across the Vietnamese sectors.The Building Materials,Technology,and Securities sectors are primary risk transmitters,whereas the Minerals,Development Investment,and Education sectors are major risk absorbers.Our results also confirm that market risk responds asymmetrically to changes in interest rates,exchange rates(USD/VND),trade openness,financial development,and economic growth in the short and long run.Minerals,Oil&Gas,and Rubber are the sectors that are most affected by macroeconomic indicators in the long run.Based on these important findings,implications focused on limiting market risks and their spillovers,along with sustainable investing,have emerged.展开更多
The Research on Market Risks has been developed abroad in all sorts of markets since 1960＇s. It＇s necessary to comprehend and consider opportunity and challenge in Chinese futures market from the viewpoint of risk m...The Research on Market Risks has been developed abroad in all sorts of markets since 1960＇s. It＇s necessary to comprehend and consider opportunity and challenge in Chinese futures market from the viewpoint of risk management. With different ARCH models, we find heteroscedasticity does exist in Chinese market, so we adopt the Variance Ratio. We test empirically the prices of Chinese futures market from 1993 to 2002. The results show that only futures price of copper meets the random walk, thereby confirming the weak form market efficiency. It also means that the function of price discovery is weak and the risk of futures market is poor. Finally, we give much constructive policy advice.展开更多
Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure ri...Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure risks that there exist CIR stochastic volatility of stock return and Vasicek or CIR stochastic interest rate in the market. In the end, the result of the model in the paper is compared with those in other models, including BS model with numerical experiment. These results show that the double exponential jump-diffusion model with CIR-market structure risks is suitable for modelling the real-market changes and very useful.展开更多
Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed tra...Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed trading systems,how to compare the emission reduction of various markets and other issues.Since the development of the international carbon market is relatively immature with uncertain life expectancy and volatility during its short history,and there is a lack of quantitative data on the long-term record,the market could provide few risk management tools.Meanwhile,with the launches of China's regional carbon trading pilots in seven provinces since 2013 and combined with the national voluntary emission trading system,carbon trading will become an important mechanism for China in achieving its emission reduction target.In the first stage,the carbon finance market is at least faced with mechanism design risks,market supply risks and compliance risks.Therefore,to secure the development of the carbon market and for public interest,relevant government departments of China should identify the risks facing the market and should make the basic principles and goals,such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation,and balancing transparency and confidentiality of information.Consequently,the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation,regulatory institutions and their authorities,regulatory scope as well as regulatory objects.展开更多
For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and com...For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and combined with the practical conditions of dairy enterprises, the index system caused by the marketing risk was also studied. The＇principal component method was used for screening the indexes, the grades and critical values of the marketing risk were determined. Through the configuration of BP network, node processing and error analysis, the early warning resuits of the marketing risk were obtained. The results indicate that BP neural network method can be effectively applied through the function approach in the marketing early warning with incomplete information and complex varied conditions.展开更多
We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and ...We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and the retailers order goods separately. Market search is measured as the fraction of customers who unsatisfied with their ＂local＂ retailer due to stock-out, and search for the goods at the other retailer before leaving the system. We investigate how the retailers game for order quantity in a Conditional Value-at-Risk framework and study how risk averse degree, market search level, holding cost and backorder cost influence the optimal order strategies. Furthermore, we use uniform distribution to illustrate these results and obtain Nash equilibrium of order strategies.展开更多
Based on the discussion of characteristic and mechanism of the stock prices volatility in Chinese emerging stock markets, this research designs an index system for risk forewarn, and builds up an investment decision m...Based on the discussion of characteristic and mechanism of the stock prices volatility in Chinese emerging stock markets, this research designs an index system for risk forewarn, and builds up an investment decision model based on the forewarn of the market risk signal. Then, on probing into the structure and function of the realization of the model, the paper presents the method of data interface.展开更多
The paper combs the problems about living difficulties of farmers and marketing economy in the risk society and puts forward another point of view that with the theory of risk society,reconsider the dilemma of living ...The paper combs the problems about living difficulties of farmers and marketing economy in the risk society and puts forward another point of view that with the theory of risk society,reconsider the dilemma of living choices of farmers under the background of marketing economy.On the basis of the statistics,the paper discloses the trend of larger and larger disparities of incomes between urban and rural areas;the paper explains the risks and uncertainties of life choices with the background of deepening marketing economy.In order to understand the life dilemma of farmers and marketing economy in the risk society,the paper makes an analysis from perspectives of the relationships between risk society and markets,the risks of farmers' living choices.The results show that in the risk society,because of the division space from time,the personal farmers are devoid of the safe environment.Then the situation deepens to worse.In addition to the organization which is not in charge results in a situation that the personal farmers would take all risks by themselves.展开更多
With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned a...With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.展开更多
Value at risk (VaR) is adopted to measure the risk level in the electricity market. To estimate VaR at higher accuracy and reliability, the wavelet variance decomposed approach for value at risk estimates (WVDVaR) is ...Value at risk (VaR) is adopted to measure the risk level in the electricity market. To estimate VaR at higher accuracy and reliability, the wavelet variance decomposed approach for value at risk estimates (WVDVaR) is proposed. Empirical studies conduct in five Australian electricity markets, which evaluate the performances of both the proposed approach and the traditional ARMA-GARCH approach using the Kupiec backtesting procedure. Experimental results suggest that the proposed approach measures electricity market risks at higher accuracy and reliability than the bench mark ARMA-GARCH approach, as indicated by the higher p values during the Kupiec backtesting procedure. In addition, the new approach also provides more insight into the risk evolution process over time and helps in adjusting VaR estimates to the time horizons that best suit investor interests. The distribution of risk according to investor preferences is shown by decomposing VaR across different time horizons. This also provides important information for the appropriate aggregation of risk measures based on investor investment preferences.展开更多
The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the followin...The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the following products-bedding products, curtain and towel- is United States.展开更多
The use of food additives in industrial production has the advantage of improving sensory properties, technological quality and extending the shelf life of foods. Among the most widely used additives are antioxidants,...The use of food additives in industrial production has the advantage of improving sensory properties, technological quality and extending the shelf life of foods. Among the most widely used additives are antioxidants, which prevent oxidation, browning and rancidity reactions in foods. However, the strong presence of these additives on the market is not without risks for human health, and should be controlled to guarantee food safety. Analysis of the risks associated with consumption of foods containing these additives requires, among other things, information on the frequency of use of these additives in various consumer products. The aim of this study is therefore to identify the antioxidants present in industrial food products distributed in Dakar. The methodology adopted consists of a qualitative analysis based on the identification of additives from food labels. Investigations were carried out in 9 stores, 4 superettes and 2 supermarkets located in different districts of Dakar. The results revealed the presence of 12 antioxidant additives, dominated by citric acid (53%) and ascorbic acid (29%). These studies have also highlighted the simultaneous use of several antioxidants in the same food product. Moreover, for some artificial antioxidants identified antioxydant such as BHA and BHT, health risks are associated with their consumption. The results of this study open up prospects for the development of information databases on food additives.展开更多
In the high technology industry, small and medium sized technology enterprises (SMSTEs) play a pivotal role in advancing the whole industry. To achieve sustainable development, they need to extend their scope of busin...In the high technology industry, small and medium sized technology enterprises (SMSTEs) play a pivotal role in advancing the whole industry. To achieve sustainable development, they need to extend their scope of business activities beyond a national view and exploit international market actively to meet international competitions that increase quickly in the form of allocating resources within the scope of the world. However, the SMSTEs are also facing risks associated with themselves during the process of exploiting international market owing to their own restrictions, so what they should do is to consider risk evaluations in exploiting the international market.展开更多
基金Supported by the National Natural Science Foundation(71673042)the National Natural Science Foundation(71640017)+1 种基金the Special Research Fund for Doctoral Programs in Colleges and Universities(20132325110019)the Natural Science Foundation of Heilongjiang Province(G201413)
文摘Based on the investigation and research on 75 dairy farms in Heilongjiang Province, evaluation index system of dairy farm market risk was set up, and dairy farm market risks were divided into pairing risk, price risk, production risk, contract risk and policy risk, five aspects of a total of 12 assessment indicators. The fuzzy comprehensive evaluation method was used to evaluate the market risk. The evaluation results showed that the market risk of dairy farms in Heilongjiang Province was at low risk; however, the policy risk was high. Finally, according to the results of the assessment, the suggestions was made as the followings： the government should expand the scope of policy insurance for dairy farming, vigorously promote the development of cooperative organizations and intermediary organizations in dairy farms by purchasing services through government, increase their functional roles and establish strict supervision mechanisms, including the establishment of official advice hotline and consultation channel online and improving third-party testing mechanism; government and the department of management industry would improve their abilities of management and do a good job of training and guiding.
文摘We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.
基金Supported by the Project of Humanities and Social Science Foundation of Hubei Provincial Department of Education "Regional Agricultural Risks and Risk Management of Hubei Province"(2012Y027)
文摘Different agricultural production and operation entities face the same market risks.Since there is a huge gap in market risk prevention ability between agricultural market operation entities,the gap of risk prevention effect is huge.Using statistical analysis and comparative analysis methods,this paper analyzed characteristics and influencing factors of agricultural market risks and pointed out characteristics of agricultural market and special characteristics of agricultural production and operation entities in Hubei Province.Based on SWOT analysis on market risk prevention ability of agricultural production and operation entities in Hubei Province,it came up with three recommendations,including upgrading agricultural production and operation entities,enlarging the production and operation scale,and strengthening the ability of balancing the market demand and supply and bargaining power and pricing power.
文摘Global economic downturns and multiple extreme events threaten Vietnam's economy,leading to a surge in stock market risk and significant spillovers.This study investigates market risk spillovers and explores the asymmetric effects of macroeconomic indicators on market risk across 24 sectors in Vietnam from 2012 to 2022.We use the value-at-risk(VaR)technique and a vector autoregression(VAR)model to estimate market risks and their spillovers across Vietnamese sectors.We then examine the asymmetric effects of macroeconomic indicators on market risk using a panel nonlinear autoregressive distribution lag(NARDL)model.Our results confirm that Vietnam’s market risk increases rapidly in response to extreme events.Additionally,market risks exhibit substantial inter-connectedness across the Vietnamese sectors.The Building Materials,Technology,and Securities sectors are primary risk transmitters,whereas the Minerals,Development Investment,and Education sectors are major risk absorbers.Our results also confirm that market risk responds asymmetrically to changes in interest rates,exchange rates(USD/VND),trade openness,financial development,and economic growth in the short and long run.Minerals,Oil&Gas,and Rubber are the sectors that are most affected by macroeconomic indicators in the long run.Based on these important findings,implications focused on limiting market risks and their spillovers,along with sustainable investing,have emerged.
文摘The Research on Market Risks has been developed abroad in all sorts of markets since 1960＇s. It＇s necessary to comprehend and consider opportunity and challenge in Chinese futures market from the viewpoint of risk management. With different ARCH models, we find heteroscedasticity does exist in Chinese market, so we adopt the Variance Ratio. We test empirically the prices of Chinese futures market from 1993 to 2002. The results show that only futures price of copper meets the random walk, thereby confirming the weak form market efficiency. It also means that the function of price discovery is weak and the risk of futures market is poor. Finally, we give much constructive policy advice.
基金Supported by the NNSF of China(40675023)the PHD Foundation of Guangxi Normal University.
文摘Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure risks that there exist CIR stochastic volatility of stock return and Vasicek or CIR stochastic interest rate in the market. In the end, the result of the model in the paper is compared with those in other models, including BS model with numerical experiment. These results show that the double exponential jump-diffusion model with CIR-market structure risks is suitable for modelling the real-market changes and very useful.
基金supported by National Social Science Fund project"The study of carbon finance mechanisms supporting the development of low-carbon economy"[grant number10CJY076]Beijing Philosophy and Social Science Project"The market pricing mechanism and price management strategy of carbon emission in Beijing"[grant number 13JGC068]+2 种基金National Science&Technology Pillar Program"The research of key support policies and techniques in green low-carbon development in China"[grant number 2012BAC20B08]grant project from China Clean Development Mechanism Fund in the Ministry of Finance:"The study of financing,strategies,mechanism and policy system addressing climate change in China"[grant number 2012064]the project of research innovation teams in Central University of Finance and Economics and China Financial Development Collaborative Innovation Center
文摘Currently,the global carbon trading systems are fragmented and belong to different governments or are under the jurisdiction of different regions,resulting in a series of new problems,such as how to link dispersed trading systems,how to compare the emission reduction of various markets and other issues.Since the development of the international carbon market is relatively immature with uncertain life expectancy and volatility during its short history,and there is a lack of quantitative data on the long-term record,the market could provide few risk management tools.Meanwhile,with the launches of China's regional carbon trading pilots in seven provinces since 2013 and combined with the national voluntary emission trading system,carbon trading will become an important mechanism for China in achieving its emission reduction target.In the first stage,the carbon finance market is at least faced with mechanism design risks,market supply risks and compliance risks.Therefore,to secure the development of the carbon market and for public interest,relevant government departments of China should identify the risks facing the market and should make the basic principles and goals,such as ensuring effective trading and pricing mechanisms to avoid fraud and price manipulation,and balancing transparency and confidentiality of information.Consequently,the governments should develop a comprehensive carbon finance regulatory system covering regulatory legislation,regulatory institutions and their authorities,regulatory scope as well as regulatory objects.
文摘For effectively early warning the marketing risk caused along with the varied environment, a BP neural network method was introduced on the basis of analyzing the shortcomings of the risk early warning method, and combined with the practical conditions of dairy enterprises, the index system caused by the marketing risk was also studied. The＇principal component method was used for screening the indexes, the grades and critical values of the marketing risk were determined. Through the configuration of BP network, node processing and error analysis, the early warning resuits of the marketing risk were obtained. The results indicate that BP neural network method can be effectively applied through the function approach in the marketing early warning with incomplete information and complex varied conditions.
基金Supported by the National Natural Science Foundation of China (70471034, A0324666)
文摘We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and the retailers order goods separately. Market search is measured as the fraction of customers who unsatisfied with their ＂local＂ retailer due to stock-out, and search for the goods at the other retailer before leaving the system. We investigate how the retailers game for order quantity in a Conditional Value-at-Risk framework and study how risk averse degree, market search level, holding cost and backorder cost influence the optimal order strategies. Furthermore, we use uniform distribution to illustrate these results and obtain Nash equilibrium of order strategies.
文摘Based on the discussion of characteristic and mechanism of the stock prices volatility in Chinese emerging stock markets, this research designs an index system for risk forewarn, and builds up an investment decision model based on the forewarn of the market risk signal. Then, on probing into the structure and function of the realization of the model, the paper presents the method of data interface.
文摘The paper combs the problems about living difficulties of farmers and marketing economy in the risk society and puts forward another point of view that with the theory of risk society,reconsider the dilemma of living choices of farmers under the background of marketing economy.On the basis of the statistics,the paper discloses the trend of larger and larger disparities of incomes between urban and rural areas;the paper explains the risks and uncertainties of life choices with the background of deepening marketing economy.In order to understand the life dilemma of farmers and marketing economy in the risk society,the paper makes an analysis from perspectives of the relationships between risk society and markets,the risks of farmers' living choices.The results show that in the risk society,because of the division space from time,the personal farmers are devoid of the safe environment.Then the situation deepens to worse.In addition to the organization which is not in charge results in a situation that the personal farmers would take all risks by themselves.
文摘With the gradual completion of the split-share structure reform,private placement has gradually become the mainstream of refinancing. One of the points that the practical and theoretical circles are widely concerned about is that the private placement price is often higher than the market price at the time of the private placement. High discounts are often accompanied by the transmission of benefits,and the increase in insider information will lead to the risk of a stock market crash? This paper intends to use the data of A-share listed companies from 2006 to 2015 to empirically study the relationship between the discount on private placements and the risk of stock market crash. At the same time,this paper examines whether the degree of information asymmetry plays a regulatory role in the relationship between the discount on private placements and the risk of stock market crash. This paper provides a certain reference for the regulatory authorities to improve the relevant laws and regulations in the private placement,and to provide a certain reference for the protection of the interests of small and medium-sized investors.
基金The National Social Science Foundation of China (No.07AJL005)the Foundation of City University of Hong Kong (No.9610058)
文摘Value at risk (VaR) is adopted to measure the risk level in the electricity market. To estimate VaR at higher accuracy and reliability, the wavelet variance decomposed approach for value at risk estimates (WVDVaR) is proposed. Empirical studies conduct in five Australian electricity markets, which evaluate the performances of both the proposed approach and the traditional ARMA-GARCH approach using the Kupiec backtesting procedure. Experimental results suggest that the proposed approach measures electricity market risks at higher accuracy and reliability than the bench mark ARMA-GARCH approach, as indicated by the higher p values during the Kupiec backtesting procedure. In addition, the new approach also provides more insight into the risk evolution process over time and helps in adjusting VaR estimates to the time horizons that best suit investor interests. The distribution of risk according to investor preferences is shown by decomposing VaR across different time horizons. This also provides important information for the appropriate aggregation of risk measures based on investor investment preferences.
文摘The export destination of China’s home textile products are considered to be highly concentrated. This is reflected by the statistical data of the past couple of years when, the top export destination of the following products-bedding products, curtain and towel- is United States.
文摘The use of food additives in industrial production has the advantage of improving sensory properties, technological quality and extending the shelf life of foods. Among the most widely used additives are antioxidants, which prevent oxidation, browning and rancidity reactions in foods. However, the strong presence of these additives on the market is not without risks for human health, and should be controlled to guarantee food safety. Analysis of the risks associated with consumption of foods containing these additives requires, among other things, information on the frequency of use of these additives in various consumer products. The aim of this study is therefore to identify the antioxidants present in industrial food products distributed in Dakar. The methodology adopted consists of a qualitative analysis based on the identification of additives from food labels. Investigations were carried out in 9 stores, 4 superettes and 2 supermarkets located in different districts of Dakar. The results revealed the presence of 12 antioxidant additives, dominated by citric acid (53%) and ascorbic acid (29%). These studies have also highlighted the simultaneous use of several antioxidants in the same food product. Moreover, for some artificial antioxidants identified antioxydant such as BHA and BHT, health risks are associated with their consumption. The results of this study open up prospects for the development of information databases on food additives.
文摘In the high technology industry, small and medium sized technology enterprises (SMSTEs) play a pivotal role in advancing the whole industry. To achieve sustainable development, they need to extend their scope of business activities beyond a national view and exploit international market actively to meet international competitions that increase quickly in the form of allocating resources within the scope of the world. However, the SMSTEs are also facing risks associated with themselves during the process of exploiting international market owing to their own restrictions, so what they should do is to consider risk evaluations in exploiting the international market.
