Asian Trade Association最新文献

The Impact of Corporate Venture Capital on Enterprise Value in China 中国企业风险投资对企业价值的影响

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.55

Chen Ling

{"title":"The Impact of Corporate Venture Capital on Enterprise Value in China","authors":"Chen Ling","doi":"10.22447/jatb.10.1.202306.55","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.55","url":null,"abstract":"Purpose – Chinese corporate venture capital has been particularly active in the Internet sector, with Tencent gradually expanding its business ecosystem through corporate venture capital activities. Therefore, this paper chooses Tencent as the case study object to discuss the influence of venture capital on the value creation of the platform-type business ecosystem, hoping to provide reference for China’s corporate venture capital practices. Design/Methodology/Approach – This paper takes Tencent’s corporate venture capital investment data from 2011 to 2022 as the research object, and uses case analysis, financial index analysis, and event analysis to demonstrate whether there is influence between corporate venture capital and enterprise value. Findings – Through the analysis of the investment motivation, investment mode, and investment projects of Tencent Group’s venture capital, the research results show that corporate venture capital can indeed have an impact on the strategic and financial values of enterprises. Research Implications – There are few studies on the venture capital activities of Internet platform enterprises in the existing literature. Based on two dimensions of strategic and financial value, this paper explores the value creation function of venture capital in the platform business ecosystem, and the research results have reference significance for the venture capital activities of other enterprises.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123006516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Investment Value of an Enterprise in New Energy Vehicles: A Case Study of BYD Company 企业在新能源汽车领域的投资价值——以比亚迪公司为例

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.71

Fang Tian

{"title":"Investment Value of an Enterprise in New Energy Vehicles: A Case Study of BYD Company","authors":"Fang Tian","doi":"10.22447/jatb.10.1.202306.71","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.71","url":null,"abstract":"Purpose – In recent years, new energy vehicles have undergone qualitative changes and witnessed a doubling of trading volume. Most of the existing research on new energy vehicles derive valuation methods from traditional automobile companies. This paper aims to establish an effective investment value analysis model and determine a reasonable investment range through comprehensive analysis of the internal and external environment of the company, so as to provide investors with more specific references for investment value. Design/Methodology/Approach – Based on value investment theory, this study compares several major domestic listed new energy vehicle companies and combines financial analysis and valuation methods. Taking BYD, a leading domestic automobile company, as an example, it analyzes the current investment value in the field of new energy vehicles to assist investors in making better investment judgments. Findings – This study comprehensively compares the financial status of BYD and several major new energy vehicle companies in terms of profitability, solvency, and development capability. Using the PE valuation method, the study concludes that in the short term, the valuation of listed companies in the new energy vehicle sector is generally too high, indicating a certain bubble, and investors should exercise caution. In the medium to long term, investors can sustain their focus. Research Implications – This study provides a comprehensive, objective, and rigorous research method for stock valuation by comparing financial data, PE, and PB. Investors should analyze the impact of changes in financial data, policy changes, and technological advancements on the valuation of investment enterprises. In the future, they can intervene within a reasonable valuation range to obtain greater returns with lower risks.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128304877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Consumer Preferences for Residential Real Estate Properties among Interested Buyers in Laguna Province, Philippines, before and during the COVID-19 Pandemic 在2019冠状病毒病大流行之前和期间，菲律宾拉古纳省感兴趣的买家对住宅房地产的消费者偏好

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.1

A. R. Alyssa, Angeline B. Madamba Jeanette, Pura T. Depositario Dinah, Roldan S. Reyes James

{"title":"Consumer Preferences for Residential Real Estate Properties among Interested Buyers in Laguna Province, Philippines, before and during the COVID-19 Pandemic","authors":"A. R. Alyssa, Angeline B. Madamba Jeanette, Pura T. Depositario Dinah, Roldan S. Reyes James","doi":"10.22447/jatb.10.1.202306.1","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.1","url":null,"abstract":"Purpose – This study assessed the consumer preferences for residential real estate properties among interested buyers in Laguna, Philippines, before and during the COVID-19 pandemic. Design/Methodology/Approach – Interested property buyers in Laguna were randomly selected and characterized based on their socio-demographic and economic characteristics, and their COVID-19 experiences were described. Consumer preferences for different aspects of housing units were examined descriptively and using McNemar’s test, changes in preferred attributes of residential units before and during the pandemic were compared. Findings – Single-detached economic housing with three bedrooms was the most preferred type of unit of interested buyers. It was found that the higher the monthly income of respondents, the higher the property value they preferred to purchase. Los Baños is the preferred municipality to live in because of its proximity to the metropolitan capital. The preferred mechanism of ownership is either rent-to-own or via a loan. Those earning a monthly income of PhP 131,484 (USD 2,708.77) to PhP 219,140 (USD 4,514.63) preferred to purchase residential property in cash. As for attributes, proximity to highways, proximity to community services, proximity to houses of family and friends, presence of swimming pool, presence of sense of community, secured and guarded community, quiet surroundings, presence of panoramic views, and pet-friendly home and community are statistically significantly different. Research Implications – Residential real estate developers should respond to various differences in consumer preferences. To continue satisfying prospective buyer demand and successfully close sales, it is vital to consider these consumer preference changes relative to residential projects.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"153 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123747015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

CEO Overconfidence and Corporate Overseas M&A: The Case of Techcent Environment Company CEO过度自信与企业海外并购:以Techcent环境公司为例

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.43

Xingchen Meng

{"title":"CEO Overconfidence and Corporate Overseas M&A: The Case of Techcent Environment Company","authors":"Xingchen Meng","doi":"10.22447/jatb.10.1.202306.43","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.43","url":null,"abstract":"Purpose – In recent years, overseas M&As have become an important way for enterprises to invest and expand. Yet, most overseas deals are not successful. Behavioral finance research attributes the failure of overseas M&A to the irrational cognition of corporate decision-makers: that is, overconfidence. This study focuses on exploring the relationship between CEO overconfidence and overseas M&A, and clarifying the impact of CEO overconfidence on the motivation, payment method, and corporate performance of overseas M&A. Design/Methodology/Approach – First, based on the hubris hypothesis, this study reviews the literature on CEO overconfidence and overseas M&A. Second, this study uses the case analysis method, taking Techcent Environmental Co., Ltd., as an example, to study the impact of CEO overconfidence on the motivation, payment method, and corporate performance of overseas M&A. Findings – Overconfident CEOs tend to make enterprises carry out overseas M&As and use cash in the settlement. At the same time, overconfident CEO overseas mergers and acquisitions have a negative impact on both short-term and long-term corporate performance. Research Implications – This study expands the scope of case studies on the theory of executive overconfidence in behavioral finance, verifies the hubris hypothesis, enriches the case study literature on CEO confidence in behavioral finance, and provides reference for the management and overseas M&As of corporate executives.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132315138","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Green Bond Financing for New Energy Power Cell Companies 新能源动力电池企业绿色债券融资

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.23

Sisi Zheng

{"title":"Green Bond Financing for New Energy Power Cell Companies","authors":"Sisi Zheng","doi":"10.22447/jatb.10.1.202306.23","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.23","url":null,"abstract":"Purpose – As the global environmental pollution and energy crisis become increasingly serious, green finance has emerged as a crucial instrument for achieving sustainable development. The combination of the new energy industry and green bonds provides low-cost, long-term financial support for green and low-carbon projects, helping new energy companies develop and achieve China’s dual carbon goals. Design/Methodology/Approach – This study analyzes the issuance, financing drivers, and effects of the green bonds of Chinese new energy power battery companies using the event study method and financial analysis method, taking the issuance of green bonds by Findings – The main motivation for CATL to issue green bonds is to attract stakeholders, optimize the financing structure, and achieve sustainable development goals. The company has shown good market, financial, and environmental effects after issuing green bonds. Research Implications – This study combines green bonds with new energy industry financing, further enriching the concept of green finance and environmental governance theory. Further, it proposes four insights from information disclosure, investment group, regulatory mechanism, and enterprise level. The results of this study provide reference for new energy battery enterprises to carry out green bond financing, which is of certain significance to promote the healthy development of China’s green bond market.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131621718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Revitalizing Philippine Theater: A Framework for Theater as Creative Entrepreneurship 振兴菲律宾戏剧:戏剧作为创意企业的框架

Asian Trade Association Pub Date : 2023-06-30 DOI: 10.22447/jatb.10.1.202306.85

Carlo U. de Jesus Gian, Katrina P. de Jesus Ana

{"title":"Revitalizing Philippine Theater: A Framework for Theater as Creative Entrepreneurship","authors":"Carlo U. de Jesus Gian, Katrina P. de Jesus Ana","doi":"10.22447/jatb.10.1.202306.85","DOIUrl":"https://doi.org/10.22447/jatb.10.1.202306.85","url":null,"abstract":"Purpose – Despite the rich culture of the Philippines, the country has not been able to create products, services, and experiences that sustainably cater to domestic and international markets. Instead of harnessing its creative force to drive economic growth, it remains a creative labor supplier. The country is envisioned to become “a major creative hub in the Asia-Pacific, with strong and thriving creative industries” (British Council, 2017). Performing arts, including theater, is a key creative industries sector. However, theater is beset with precarity and instability (Santiago, 2021). This study sought to analyze the challenges and opportunities for revitalizing theater as an industry. Design/Methodology/Approach – In this investigation, a critical review was employed. This methodology not only describes the phenomena, but also formulates a re-conceptualization based on an integrative review of old and current models. A comparative analysis of creative economy models was made between Philippine theater and theaters internationally. Findings – Philippine theater is not fully utilizing its economic potential because current models involve high production costs, need for highly specialized creative labor, and lack of enabling policies. Among the four creative economy models (Potts and Cunningham, 2010), Philippine theater may benefit from Model 3, the Innovation Model, which may evolve into Model 4. Mapping representative theater companies and genres across the models provides insights into directions for theater innovations. A conceptual framework for innovating Philippine theater through Creative Entrepreneurship is forwarded. Research Implications – The framework yields valuable insights for theater managers, educators, heritage and cultural advocates, tourism creatives, and entrepreneurs.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126433128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Investment Value of an Internet Company in China: A Case Study of Tencent Holdings Company 中国互联网公司的投资价值——以腾讯控股公司为例

Asian Trade Association Pub Date : 2022-12-30 DOI: 10.22447/jatb.9.2.202212.37

Xiaotong Xiong

{"title":"Investment Value of an Internet Company in China: A Case Study of Tencent Holdings Company","authors":"Xiaotong Xiong","doi":"10.22447/jatb.9.2.202212.37","DOIUrl":"https://doi.org/10.22447/jatb.9.2.202212.37","url":null,"abstract":"Purpose - Traditional industries can usually be estimated and analyzed from multiple angles, such as the balance sheet. However, the proportion of other intangible assets in valuations is high and cannot be reflected in the balance sheet in Internet companies. Therefore, through various valuation methods to study and evaluate the investment value of the stock of Internet industry listed companies, finding heavily investing listed companies in the Internet industry has important practical significance. \u0000Design/Methodology/Approach - Starting from the theory of value investment, combined with financial analysis methods and valuation analysis methods, the study analyzes the company’s business, finances, and valuation to achieve the purpose of correcting the company’s stock investment. \u0000Findings - The value of Tencent, which we calculated through the PE valuation method and the branch valuation method, is close to the average stock price of Tencent in the past years, indicating that in the long run, the market is relatively rational. The value of the current stock price is lower than our valuation, explaining that the current market price is at a relatively underestimated level, and it has certain investment value. \u0000Research Implications - This study adopts the PE and the branch valuation methods, making the stock value research method more objective, more scientific, and rigorous to help investors maximize information effectiveness, and make rational judgments to find investment opportunities or investment risks earlier.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117309115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How Does ESG Affect the Stock Prices of Financial Institutions in China? ESG如何影响中国金融机构股价?

Asian Trade Association Pub Date : 2022-12-30 DOI: 10.22447/jatb.9.2.202212.15

Yongjie Zhu

{"title":"How Does ESG Affect the Stock Prices of Financial Institutions in China?","authors":"Yongjie Zhu","doi":"10.22447/jatb.9.2.202212.15","DOIUrl":"https://doi.org/10.22447/jatb.9.2.202212.15","url":null,"abstract":"Purpose - As “green growth”, “sustainable development”, and “carbon peaking” frequently come up, research on the environment, society, and corporate governance (ESG) is gradually increasing. This study aims to explore how ESG affects the stock prices of financial institutions through empirical analysis, and how the attention of newspapers, magazines, and online media, as well as the number of shareholders, affect the relationship between the ESG performance and stock prices of financial institutions. \u0000Design/Methodology/Approach - This study uses a fixed-effect regression method to conduct an empirical study on the data of financial institutions listed on China’s A-shares from 2015 to 2020. \u0000Findings - The research conclusion shows that the better the ESG performance of financial institutions in China, the higher the stock price of financial institutions. At the same time, newspapers and periodicals, online media, and the number of shareholders play a positive regulatory role in the mechanism by which ESG performance promotes stock prices. \u0000Research Implications - This article enriches the relevant research in the field of ESG, especially research on the ESG performance and stock price of financial institutions with less research, fills the gaps in research in related fields, and provides a theoretical basis.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114918431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Valuation of a Pre-Revenue Startup: The Case of a Philippine Software Company 一个未盈利的创业公司的估值:一个菲律宾软件公司的案例

Asian Trade Association Pub Date : 2022-12-30 DOI: 10.22447/jatb.9.2.202212.27

Cris Edwin B. Bonalos, D. Depositario, Normito R. Zapata Jr.

{"title":"Valuation of a Pre-Revenue Startup: The Case of a Philippine Software Company","authors":"Cris Edwin B. Bonalos, D. Depositario, Normito R. Zapata Jr.","doi":"10.22447/jatb.9.2.202212.27","DOIUrl":"https://doi.org/10.22447/jatb.9.2.202212.27","url":null,"abstract":"Purpose - This study aimed to valuate a pre-revenue software startup in the Philippines by applying various valuation tools. Also, it aimed to verify these tools’ advantages and disadvantages in the context of a pre-revenue startup. \u0000Design/Methodology/Approach - The study employed a case study approach. Valuation methods used were the Venture Capital Method, Chicago Method, Development Milestone Method, and Cayenne Consulting Calculator. In performing these methods, quantitative and qualitative data were used. Such data were mostly provided and validated by the company’s executive management or offices. \u0000Findings - Based on the comparisons made among the pre-revenue valuation methods, the Chicago Method is determined to be the most recommended method. This method considered various factors relating to where the company is currently, and weighed different scenarios the in which the company could be. \u0000Research Implications - Further research on possible strategies for the startup’s sustainability and survivability is recommended. Such strategies may include further evaluating and recalibrating operations, and sourcing capital from angel investors.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123880686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Liquidity Risk: A Case Study on the Evergrande Group in China 企业流动性风险:以中国恒大集团为例

Asian Trade Association Pub Date : 2022-12-30 DOI: 10.22447/jatb.9.2.202212.1

Wenxuan Gao

{"title":"Corporate Liquidity Risk: A Case Study on the Evergrande Group in China","authors":"Wenxuan Gao","doi":"10.22447/jatb.9.2.202212.1","DOIUrl":"https://doi.org/10.22447/jatb.9.2.202212.1","url":null,"abstract":"Purpose - Given that China Evergrande Group has recently been caught in a liquidity risk, the purpose of this study is to identify and assess its liquidity using traditional financial indexes. We analyze the reasons for the liquidity risk exposures, so as to provide practical implications for real estate companies. \u0000Design/Methodology/Approach - This study combines the principal-agent and the trade-off theories in order to analyze China Evergrande Group’s exposure to liquidity risk under the leverage effect. In addition, China Evergrande Group’s financial position is analyzed in depth, and its liquidity risk is defined and identified. \u0000Findings - The results show that under the high leverage effect, the company suffers from a high liquidity risk, and eventually falls into a financial crisis due to the shortage of cash for short-term debt accumulated in previous periods, and the long delay in returns on property sales. \u0000Research Implications - This study provides a new perspective for debt research by examining the leverage and liquidity risk of real estate-related enterprises. During the golden era of the real estate industry, real estate enterprises should uphold the principle of moderation in debt management, make reasonable use of financial leverage, clarify the strategic goal of diversification, and avoid credit risk.","PeriodicalId":165953,"journal":{"name":"Asian Trade Association","volume":"8 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117332782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0