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Spatial impact of digital finance on carbon productivity

Geoscience Frontiers 2024年第3期15卷 358-372页

作者： Huaping Sun Tingting Chen Christoph Nedopil Wang school of finance and Economics Jiangsu UniversityZhenjiangChina school of Economics and Management University of Science and Technology BeijingBeijingChina fanhai international school of finance Fudan UniversityShanghaiChina

Low carbon productivity has been identified as a key direction for China’s future *** an important driving force for economic growth,the question of whether digital finance that is reliant on digital technology can support the development of a low-carbon urban economy remains *** on the carbon productivity measured by panel data from 201 cities for the period 2011-2020,this study applies the spatial Dubin model and threshold regression model to explore the impact of digital finance on carbon productivity,yielding the following key ***,the spatial distribution heterogeneity of carbon productivity in China’s eastern region is higher than that in the western region,and both productivity and digital finance are characterized by high(low)-high(low)dotted spatial ***,digital finance can significantly improve carbon productivity via two transmission channels:the human capital and marketization *** the same time,digital finance exerts a spatial spillover effect on carbon productivity,and rising local digital finance levels will increase carbon productivity in neighboring *** analysis indicates that the spillover effect of digital finance in urban agglomerations and eastern regions is more ***,fixed-asset investment has a positive nonlinear moderating effect on digital finance,thus improving carbon *** the per capita investment in fixed assets does not exceed 682.73 yuan,digital finance exerts only a limit pulling effect on carbon productivity;when it is higher than this value,the pulling effect is intensified.

关键词： Digital finance Carbon productivity Spatial spillover effect Fixed-asset investment Spatial heterogeneity

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What Implications Does COVID-19 Have on Sustainable Economic Development in the Medium and Long Terms?

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2020年第3期15卷 380-395页

作者： Shiyi Chen school of Economics and fanhai international school of finance Fudan UniversityShanghai 200433China

Given the enormous impact that the COVID-19 pandemic had on China's economy,helping companies to revitalize post-pandemic economic activities promptly is a priority for the whole *** necessitates the smooth circulation of production-factors among different economic entities,departments,and *** pandemic's huge impact on the economy is evident in the severely hampered flow of these factors,including labor,materials,and ***,using data and digital technology,combined with a contact-free allocation of labor,capital,and materials,to accelerate the flow of production-factors is critical to the post-pandemic economy's *** a policy can not only provide a short-term stimulus but also a momentum for China's mid-and long-term sustainable economic development.

关键词： COVID-19 outbreak factors of production data sustainable development

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On a Dual Risk Model Perturbed by Diffusion with Dividend Threshold

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Chinese Annals of Mathematics,Series B 2016年第5期37卷 777-792页

作者： Hui ZHI Jiangyan PU school of Mathematical Sciences Fudan University school of international finance Shanghai Finance University

In the dual risk model, the surplus process of a company is a L′evy process with sample paths that are skip-free downwards. In this paper, the authors assume that the surplus process is the sum of a compound Poisson process and an independent Wiener process. The dual of the jump-diffusion risk model under a threshold dividend strategy is discussed. The authors derive a set of two integro-differential equations satisfied by the expected total discounted dividend until ruin. The cases where profits follow an exponential or mixtures of exponential distributions are solved. Applying the key method of the Laplace transform, the authors show how the integro-differential equations are solved. The authors also discuss the conditions for optimality and show how an optimal dividend threshold can be calculated as well.

关键词： exponential surplus admissible assume Laplace Poisson until Wiener derive continuity

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Modeling and applying credible interval intuitionistic fuzzy reciprocal preference relations in group decision making

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Journal of Systems Engineering and Electronics 2017年第2期28卷 301-314页

作者： Wei Zhou Zeshui Xu Business school Sichuan University international Business school Yunnan University of Finance and Economics

Intuitionistic fuzzy preference relations are powerful techniques used to express uncertain preference information. However, simultaneously providing the exact priority and non-priority intensities could be difficult in real applications. A credible interval intuitionistic fuzzy number (CIIFN) is introduced and a credible interval intuitionistic fuzzy reciprocal preference relation (CIIFRPR) is developed to solve this issue. Unlike intuitionistic fuzzy preference relations, the new preference relations use the CIIFNs to express the preference information such that the decision makers simply provide the priority intensity with interval-valued numbers and calculate the non-preference intensity with the transformed method, which avoids a complex evaluation of non-priority information. Furthermore, some basic operations and comparison laws are investigated, based on which three credible interval intuitionistic fuzzy aggregation operators are proposed. Two models are presented to manage the group decision-making. Finally, a practical case is used to demonstrate the feasibility and reasonability of the proposed preference relations and aggregation operators. © 2017 Beijing Institute of Aerospace Information.

关键词： Fuzzy rules Fuzzy sets Mathematical operators

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The Changing of Common Priors in Sequential Auctions

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Journal of Systems Science & Complexity 2016年第5期29卷 1342-1357页

作者： QIAO Heng MA Jun school of Economics Central University of Finance and Economics Business school University of International Business and Economics

In sequential auctions the phenomenon of declining prices is often observed, which in theory can be represented by a supermartingale. This paper employs the perspective that bidders' values may change over stages and the common priors are sequentially adjusted by the remaining bidders. It is shown that the declining price sequence can be explained by the adjustment of common priors between auctions. The adjustment of common priors is characterized by stochastic orders. Sufficient and necessary conditions for a supermartingale price sequence are derived.

关键词： First-price sealed-bid auction private-value paradigm sequential auctions.

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Pricing of Defaultable Securities Associated with Recovery Rate Under the Stochastic Interest Rate Driven by Fractional Brownian Motion

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Journal of Systems Science & Complexity 2019年第2期32卷 657-680页

作者： ZHOU Qing WANG Qian WU Weixing school of Science Beijing University of Posts and Telecommunications school of Banking and finance University of International Business and Economics

This paper considers an improved model of pricing defaultable bonds under the assumption that the interest rate satisfies the Vasicek model driven by fractional Brownian motion(fBm for short)based on the counterparty risk framework of Jarrow and Yu(2001). The authors use the theory of stochastic analysis of f Bm to derive pricing formulas for the defaultable bonds and study how the counterparty risk, recovery rate, and the Hurst parameter affect the values of the defaultable *** experiment results are presented to demonstrate the findings.

关键词： Counterparty risk defaultable bond fractional Brownian motion recovery rate Vasicek model

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Copula-Based Risk Management Models for Multivariable RMB Exchange Rate in the Process of RMB internationalization

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Journal of Systems Science & Complexity 2017年第3期30卷 660-679页

作者： DU Jiangze LAI Kin Keung school of finance Jiangxi University of Finance and Economics Department of Industrial and Manufacturing Systems Engineering Hong Kong University international Business school Shaanxi Normal University

This paper investigates the dependence of the exchange rate of onshore Renminbi(RMB)and offshore RMB against US dollar(i.e., CNY and CNH) based on copula models. Eleven different copulas were selected to construct multivariate distribution and estimate the value-at-risk for RMB exchange rate. Empirical results show that time-invariant Student-t copula is the best model to fit the sample data. The positive upper and lower dependence indicates that CNY and CNH series tend to move in the same direction. Moreover, the dependence between the two exchange rates is asymmetric,which means that traditional models, such as Pearson's correlation, are inappropriate to measure the correlations between these markets. The best fitted model is chosen to estimate the financial risk,which can help business practitioners and policymakers track risk evolution and make good decisions.

关键词： Copula modeling RMB exchange rate RMB internationalization value-at-risk.

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Trade Friction,Upgrading Path and Development of Chinese Textile and Apparel Industry

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Journal of Donghua University(English Edition) 2008年第1期25卷 88-94页

作者：赵君丽 school of international Business Administration Shanghai University of Finance & Economics

China is the largest producer and exporter in textiles in the world now, but most Chinese textile and apparel enterprises operate in the low stream of global value chain- processing and assembling. A combination of domestic supply side constrains of high wages and external pressures of appreciation of RMB and trade friction make it difficult for Chinese textile and apparel industry to maintain the low-wage manufacturing. The paper analyzes by stakeholder map for trade friction. It may be more effective that China deals with the trade issues based on the analysis of different stakeholders. The political agreement is only a temporary resolution; the more important way is try to upgrade the operations in developed regions. According to industrial organization theory and global value chain theory, it is suggested product development and marketing are upgrading paths for Chinese enterprises.

关键词： textiles & apparel upgrading stakeholder analysis global value chain

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Pricing Credit Spread Option with Longstaff-Schwartz and GARCH Models in Chinese Bond Market

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Journal of Systems Science & Complexity 2015年第6期28卷 1363-1373页

作者： ZHOU Rongxi DU Sinan YU Mei YANG Fengmei school of Economics and Management Beijing University of Chemical Technology Research Center for Applied finance School of Finance and Banking University of International Business and Economics school of Science Beijing University of Chemical Technology

This paper investigates the mean-reversion and volatile of credit spread time series by using regression and time series analysis in Chinese bond market. Then the Longstaff-Schwartz model and GARCH model are applied to price credit spread put option. The authors compare the features of these two models by employing daily bond prices of government bonds and corporate bonds for the period 2010–2012 in Chinese bond market. The proposed results show that the higher the credit ratings of the corporate bonds are, the lower the prices of the credit spread options are.

关键词： Credit spread option Longstaff-Schwartz model GARCH model pricing

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On Optimal Mean-Field Control Problem of Mean-Field Forward-Backward Stochastic System with Jumps Under Partial Information

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Journal of Systems Science & Complexity 2017年第4期30卷 828-856页

作者： ZHOU Qing REN Yong WU Weixing school of Science Beijing University of Posts and Telecommunications Department of Mathematics Anhui Normal University Research Center of Applied finance and school of finance and Banking University of International Business and Economics

This paper considers the problem of partially observed optimal control for forward-backward stochastic systems driven by Brownian motions and an independent Poisson random measure with a feature that the cost functional is of mean-field type. When the coefficients of the system and the objective performance functionals are allowed to be random, possibly non-Markovian, Malliavin calculus is employed to derive a maximum principle for the optimal control of such a system where the adjoint process is explicitly expressed. The authors also investigate the mean-field type optimal control problem for the system driven by mean-field type forward-backward stochastic differential equations(FBSDEs in short) with jumps, where the coefficients contain not only the state process but also its expectation under partially observed information. The maximum principle is established using convex variational technique. An example is given to illustrate the obtained results.

关键词： Forward-backward stochastic differential equation Girsanov's theorem jump diffusion Malliavin calculus maximum principle mean-field type partial information.

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