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Stock Selection Model Based on Quality Factor: Evidence from Chinese A-share Market 基于质量因子的股票选择模型:来自中国a股市场的证据
Academic Journal of Business & Management Pub Date : 2021-05-31 DOI: 10.25236/AJBM.2021.030517
Qing Ye
{"title":"Stock Selection Model Based on Quality Factor: Evidence from Chinese A-share Market","authors":"Qing Ye","doi":"10.25236/AJBM.2021.030517","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030517","url":null,"abstract":"This paper extracts four variables through the derivation of Gordon's dividend growth model, and constructs the evaluation index system of quality factors from 12 secondary indicators of four single factors of profitability, growth, safety and dividend distribution. We use integration method, mixed method and principal component analysis to construct Quality factor. This paper takes the A-share market as the research object to back-test the stock selection model, and compares and analyzes the robustness, yield and risk of the three models. The results show that the stock selection model of the quality factor under the integration method performs best; and the quality of the company has a greater impact on the excess return of the investment portfolio and less on the risk, but the hedging portfolio can effectively reduce the risk.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133436555","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
Pension funds investments in infrastructure 养老基金对基础设施的投资
Academic Journal of Business & Management Pub Date : 2021-05-23 DOI: 10.25236/AJBM.2021.030513
Ke Li, Weibin Wu, Hongyu Chen
{"title":"Pension funds investments in infrastructure","authors":"Ke Li, Weibin Wu, Hongyu Chen","doi":"10.25236/AJBM.2021.030513","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030513","url":null,"abstract":"This essay discusses the reasons why infrastructure investment is attractive to pension funds investors and four different selected vehicles and their pros and cons. The long-term nature of infrastructure assets investments can be matched with long-term liabilities of pension funds. Pension funds investors tend to prefer a cautious and conservative investment strategy which is consistent with the characteristics of infrastructure assets. I choose the Sizewell C nuclear power plant project and two unlisted infrastructure funds as examples of direct equity investment vehicle and private infrastructure funds vehicle respectively. This essay also covers telecommunication and digital infrastructure sector that has good development trends and the same characteristics as traditional infrastructure. The individual and business demand for more efficient internet connection and 5G upgrades have been Stimulating the demand for digital infrastructure since these infrastructure assets are the basis of any data transmission and communication.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129457444","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
Credit decision based on BP neural network 基于BP神经网络的信用决策
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030508
Menghui Chu, Shuyao Wu, Yalin Wei
{"title":"Credit decision based on BP neural network","authors":"Menghui Chu, Shuyao Wu, Yalin Wei","doi":"10.25236/AJBM.2021.030508","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030508","url":null,"abstract":"The BP neural network model is used to predict the credit records of enterprises without credit records, and the training data set is the relevant data of 123 enterprises with credit records in Appendix 1. Then, on the basis of question 1, it is given that the total annual credit is 100 million yuan, so the loan amount allocated to each enterprise can be calculated directly from the total credit amount and the enterprise credit line ratio. Taking the epidemic situation of COVID-19 as a sudden factor, it is also necessary to classify the industries and categories to which the enterprises belong. In quantifying and reflecting the impact of COVID-19 's epidemic situation on enterprises, we first investigated and quantified the data of different degrees of impact of the epidemic on enterprises of various industries and different sizes, and then quantified the data of different degrees into epidemic impact indicators by using fuzzy comprehensive evaluation method. Take the epidemic impact index, credit risk, enterprise type and output amount as indicators to make a fuzzy comprehensive evaluation to determine the comprehensive risk and adjust the credit strategy.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127667876","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
Research on the Impact of Strategic Focus and Its Shift on Corporate Performance 战略焦点及其转移对企业绩效的影响研究
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030512
Yuanming Dong, Lichun Li
{"title":"Research on the Impact of Strategic Focus and Its Shift on Corporate Performance","authors":"Yuanming Dong, Lichun Li","doi":"10.25236/AJBM.2021.030512","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030512","url":null,"abstract":"The limited resources and attention of enterprises determine that enterprises need to find their own strategic focus: value creation or value distribution, and in the VUCA era, the internal and external environment of the enterprise is complex and full of uncertainties, and enterprises must make strategic changes at any time ready. This paper first clarifies the definition of corporate strategic focus and its shift, and then focuses on the impact of strategic focus on corporate performance, and further considers the impact of strategic changes on corporate performance.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122513752","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
Credit decision based on Credit risk assessment index system 基于信用风险评价指标体系的信用决策
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030507
Menghui Chu, Mingqi Zhang, Shuyao Wu
{"title":"Credit decision based on Credit risk assessment index system","authors":"Menghui Chu, Mingqi Zhang, Shuyao Wu","doi":"10.25236/AJBM.2021.030507","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030507","url":null,"abstract":"The loan fund allocation of banks to small and medium-sized enterprises should not only maximize the interests of banks, but also ensure that enterprises are allocated an appropriate amount of loans. First of all, carry on the data preprocessing, because the credit rating of the enterprise directly determines whether the bank lends to it or not, so as to eliminate the data of the enterprises that do not lend. Secondly, five quantitative analysis indexes, namely, total output tax, total input tax, profit, credit rating and default or not, are selected to quantitatively analyze the risk of each enterprise by establishing a fuzzy comprehensive evaluation model. In order to avoid subjectivity, the coefficient of variation method is used to calculate the index weight of each index of the fuzzy comprehensive evaluation model, and the weighted average method is used to determine the fuzzy comprehensive evaluation result. Establishment of credit risk assessment index system. Then, from the point of view of maximizing bank profits, the bank-to-enterprise credit strategy is formulated according to credit risk and credit policy, which is reflected by lending, loan line, interest rate and term. Because the exact value of the total credit of the bank is not given, when formulating the credit strategy, the credit line of each enterprise is reflected by the proportion of the enterprise credit line to the total credit line. In order to maximize bank profit, a linear optimization model of interest rate and customer turnover rate is established to fix customer loss and maximize bank interest rate.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122367596","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
Study on the Promotion and Optimization of Tax Reduction and Fee Reduction Policies for Small and Medium-sized Food and Beverage Establishments --Taking Beijing as an example 促进和优化中小餐饮企业减税降费政策研究——以北京市为例
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030510
Y. Bian, Kailun Mi, Xuwen Li
{"title":"Study on the Promotion and Optimization of Tax Reduction and Fee Reduction Policies for Small and Medium-sized Food and Beverage Establishments --Taking Beijing as an example","authors":"Y. Bian, Kailun Mi, Xuwen Li","doi":"10.25236/AJBM.2021.030510","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030510","url":null,"abstract":"With the development of China's economy and the continuous improvement of people's living standards, people's demand for catering is increasing day by day and their requirements for its quality are constantly rising. The development of the catering industry has played a great role in employment and people's livelihood, but there are many problems in its development. Even in a normal year with an adequate clientele, the operation of catering outlets is not easy. The current economic downturn overlaid with the epidemic is a special situation, and the rising costs and tax burden will affect the profitability of catering outlets. In order to alleviate the pressure of small and medium-sized enterprises, the state has introduced a series of tax and fee reduction policies, how to make full use of these policies to tide over the difficulties? Many catering outlets are not allowed to do so and have difficulty in dovetailing with them, and are in dire need of detailed and professional help. This article firstly analyses the catering industry as a whole in recent years, demonstrating its important position and role in economic development; secondly, taking Beijing as an example, it compares the tax preferential policies related to catering outlets, using questionnaires and field interviews to understand the situation of catering outlets enjoying relevant tax preferences, and provides tax saving solutions for the operation of general catering outlets; finally, it analyses tax burdens and preferences in normal times, and provides tax saving solutions for small, medium and micro catering outlets to reduce their tax burden.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126101309","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
Quantitative analysis of the economic impact of American presidential candidates on China and the United States based on multiple regression model 基于多元回归模型的美国总统候选人对中美经济影响定量分析
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030509
Ai-Ru Cheng
{"title":"Quantitative analysis of the economic impact of American presidential candidates on China and the United States based on multiple regression model","authors":"Ai-Ru Cheng","doi":"10.25236/AJBM.2021.030509","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030509","url":null,"abstract":"From the perspective of taxation, under the premise of whether to continue to implement the Tax Reduction and Employment Law, this paper discusses the impact of different tax policies on the economy of the United States and China after the two candidates are elected as the President of the United States. From the perspective of taxation, a multiple regression model is established to quantitatively analyze the influence of the two presidential candidates. Finally, the regression model is tested by significance test, heteroscedasticity test and multicollinearity test. Facts have proved that the model is highly rigorous and reasonable.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125822365","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
Analysis of Chongzuo's Construction of Science and Technology Innovation Center Oriented to ASEAN in the New Period 新时期崇左市面向东盟的科技创新中心建设探析
Academic Journal of Business & Management Pub Date : 2021-05-19 DOI: 10.25236/AJBM.2021.030511
Yu Qin, Y. Luo
{"title":"Analysis of Chongzuo's Construction of Science and Technology Innovation Center Oriented to ASEAN in the New Period","authors":"Yu Qin, Y. Luo","doi":"10.25236/AJBM.2021.030511","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030511","url":null,"abstract":"The 2020 Central Economic Work Conference proposed to support qualified places to build international and regional science and technology innovation centers. This not only provides a fundamental guideline for Chongzuo to build a science and technology innovation center oriented to ASEAN, but also has important significance for Chongzuo to make a good start in the 14th Five-Year Plan,it is of great significance to the leapfrog development of economy and society. This paper discusses the great significance of Chongzuo's construction of the ASEAN-oriented science and technology innovation center in the new period for the implementation of the national major strategy, the implementation of the country's construction of a new development pattern and the building of a powerful engine of high-quality development in Chongzuo, and analyzes the advantages of Chongzuo in the establishment of the ASEAN-oriented science and technology innovation center in terms of policy, talent, market and so on. The establishment of the science and innovation center of Chongzuo is realized from five dimensions, namely, elevating the establishment of the science and innovation center oriented to ASEAN to a major strategic level, multi-sectoral cooperation, good service work, establishment of multi-party co-construction mechanism, establishment of flexible science and innovation system and improvement of the insurance mechanism of research.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123817775","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
Research Context and Trend of Intergenerational Succession of Family Business: Analysis Based on CiteSpace 家族企业代际传承的研究背景与趋势——基于CiteSpace的分析
Academic Journal of Business & Management Pub Date : 2021-05-18 DOI: 10.25236/AJBM.2021.030502
Y. Guan, Hanhui Chen, Dong-woo Yang
{"title":"Research Context and Trend of Intergenerational Succession of Family Business: Analysis Based on CiteSpace","authors":"Y. Guan, Hanhui Chen, Dong-woo Yang","doi":"10.25236/AJBM.2021.030502","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030502","url":null,"abstract":"Intergenerational succession is an essential topic in the research field of family business. Most of the existing literature on intergenerational succession review is based on qualitative analysis. In this paper, CiteSpace visualization software is used to analyze the literature related to intergenerational succession in CSSCI from 2001 to 2020 as samples. From the aspects of publication trend, institution, author, keywords, etc., the research status and evolution of intergenerational succession of family businesses are summarized through the knowledge map system. Combined with keyword frequency distribution and emergent analysis, the paper identifies research hotspots and predicts future research trends. It is found that the research institutions and authors of intergenerational succession have apparent regional characteristics, but there is no close cooperative network relationship. The research focuses on the influence of multiple factors such as intergenerational succession and authority legitimacy, firm performance and knowledge transfer. Future research will focus more on the innovation of the intergenerational succession model driven by internationalization and innovation.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116714260","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: 1
The Impact of RMB Exchange Rate Fluctuation on China's Stock Market: An Empirical Analysis of the Data after the 2015 New Exchange Reform in China 人民币汇率波动对中国股市的影响——2015年中国新汇改后数据的实证分析
Academic Journal of Business & Management Pub Date : 2021-05-18 DOI: 10.25236/AJBM.2021.030506
Haoxiang Yang, Xi-jiao Tao, Zhichun Li
{"title":"The Impact of RMB Exchange Rate Fluctuation on China's Stock Market: An Empirical Analysis of the Data after the 2015 New Exchange Reform in China","authors":"Haoxiang Yang, Xi-jiao Tao, Zhichun Li","doi":"10.25236/AJBM.2021.030506","DOIUrl":"https://doi.org/10.25236/AJBM.2021.030506","url":null,"abstract":"In this paper we investigate the impact of RMB exchange rate changes on the A-share market after China's 2015 new exchange rate reform. The data selected for the exchange rate of the Shanghai Composite Index and the USD against RMB is from August 11, 2015 to August 11, 2016. After the test of smoothness, we adapt the econometric methods such as Granger causality test, VAR model test, cointegration test, multivariate regression analysis and impulse response analysis to analyze the impact of RMB exchange rate changes on the A-share market Conduction mechanism.","PeriodicalId":221340,"journal":{"name":"Academic Journal of Business & Management","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130617843","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
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