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Stock market activities, economic growth and firm growth : evidence from ChinaNi, Aimin January 2017 (has links)
How important is the financial market for economic growth? It can be argued that from the supply perspective that a well-functioning stock market boosts economic growth by lowering the cost of the firm to access public funds for new investment opportunities to expand business and production. Another view suggests that from the demand perspective that stock markets create a wealth effect on consumption for economic growth. In turn, the growth induces more demand for financial services and so the growth of the stock market. Both the supply and the demand argument imply a positive relationship between the stock market and the economy. Exactly how the behaviour of investors in trading stocks on a stock market can affect the performance of the firm is unclear. The study of this question helps to understand how stock trading activities can affect manufacturing production and so the growth of an economy from the perspective of the micro structure of a market. China as the largest emerging economy in the world has experienced the fastest growth of the economy and rapid development of its stock market over the last 30 years. It provides us with an excellent case to study the question on how the momentum of paper trading of shares can be transmitted to the growth of industry and firms which is a determined part of a real economy. The thesis takes China to study the question in an attempt to discover the micro mechanism of transmission as its key contribution to the existing literature on the study of the stock market effect on economic growth. The thesis employs a fixed effects model to estimate longitudinal firm-level data comprising 2233 heterogeneous Chinese listed firms over the period 2005-2015. In our estimation, it finds how stronger stock-trading performance can induce an increase in external funding of the firm. It then shows how the improvement in a firm's financing ability will turn to improvements in inter-firm reallocations of resources towards the more productive firms. However, the presence of equity over-trading appears to hinder the growth of firm business, possibly because the negative externalities of the speculative trading outweigh the effect of the positive externalities, such as excessive volatility that creates high risk of stock investment. Overall, empirically, the thesis establishes a micro-economic structure of transmission from stock trading activities to the growth of the firm. The structure explains the importance of stock markets on economic growth from the supply perspective of an economy.
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A Framework for the Specification and Execution of Composite Trading ActivitiesSi, Yain Whar January 2005 (has links)
In this thesis, a framework for the specification and execution of composite trading activities is presented. We begin by introducing the basic concepts and characteristics of elementary and composite trading activities. Based on these characteristics, we identify the issues associated with composite trading activities and argue the requirements of a frame- work for the specification and execution of those trading activities. In the second chapter, the most relevant work on negotiation protocols, software specification approaches, and recent work on trading activity specification is reviewed. In the third chapter, we analyse the characteristics of negotiation protocols and the information required to adequately represent composite trading activities. In the next two chapters, we introduce two alternative approaches (myopic and forward- looking) for specifying composite trading activities by means of constraints, such as the number of required successful negotiations, the limit price for the items to be traded, and the temporal constraints imposed by all trading parties. A special interface is also defined in each framework to homogenise trading activities with differing negotiation protocols. In myopic trading, composite activities are synchronised according to the information available on the constituent negotiation processes at any point in time. Myopic trading supports iterative negotiation in which trading activities can be renegotiated with new constraints. Myopic trading is suitable for situations in which finer control over the negotiation process is preferred by the trader, and information on previous negotiations as well as future negotiation opportunities are unavailable. Forward-looking trading is based on the generation of negotiation plans detailing the exact time and duration for which trading activities are going to be executed. These plans are generated based on the histories of previous negotiations and future negotiation opportunities. In forward-looking trading, a planning and execution model is designed to maximise the expected utility of the trader. Forward-looking trading is suitable for situations in which a well-planned negotiation process is possible. In the following chapter, two case studies are given to illustrate the applicability of the proposed framework. In the final chapter, we review our framework based on the set of requirements defined for the specification and execution of composite trading activities. In conclusion, we believe that composite trading activities can be effectively specified and executed based on the homogenisation of the various negotiation protocols involved and systematic planning of how these activities are going to be executed.
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縮小股價升降單位對實現波動率之影響 / Tick Size Reduction and Realized Volatility on the Taiwan Stock Exchange張皓雯, Chang, Hao Wen Unknown Date (has links)
本文以日內資料研究台灣證券交易所於2005年3月1日實施股價升降單位新制後,市場交易因子與股價報酬波動率的變化;延伸討論市場參與者對新訊息之反應,進而評估實施股價升降單位新制之成效。本文首先比較四種常用來衡量報酬波動率的方法,並從中挑選出最穩健的測度方式;接著藉此分析股價日報酬波動率與市場交易因子之間的關係;最後,由於日內股價報酬波動的軌跡呈現U型曲線,為突顯波動較劇烈之時段股價報酬波動率是否亦隨股價升降單位縮小而趨緩,故著眼交易日開盤後一小時及收盤前一小時,再次檢驗上述關係。實證結果支持股價升降單位縮小使實現波動率大幅降低且交易筆數密切影響股價報酬波動率,且不論在日資料與日內資料都呈現相似結論;並發現愈接近開、收盤的時間點,股價報酬波動率降低比例亦愈大,顯示升降單位新制達成政策目的。 / In this study, we address the impact of the tick size reduction on the Taiwan Stock Exchange on March 1, 2005. We propose to investigate the variations of trading activities and return volatility, discuss investors' behaviors to the new information and evaluate the tick size reduction by analyzing intraday data. First, we select the most robust volatility measure for our study from four commonly used ones. Second, we examine the relationship between daily return volatility and trading activities. Eventually, due to the commonly observed U-shaped pattern of intraday return volatility, we re-examine the intraday relation between return volatility and trading activities. Our empirical results based on the robust realized volatility confirm that both daily and intraday return volatility decline significantly after the tick size reduction, and number of trades is a prominent trading factor in explaining realized volatility. More interestingly, we observe that the percentage decrease in realized volatility is most pronounced for trading sessions near the beginning or the ending of each trading day. Overall, our empirical findings support the arguments for tick size reduction intended by policymakers.
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Совершенствование учетно-аналитического обеспечения на предприятиях малого бизнеса : магистерская диссертация / Improvement of accounting and analytical support at small business enterprisesДолгих, Ю. Н., Dolgikh, Yu. N. January 2021 (has links)
Вопросы развития малого предпринимательства являются важной составляющей концепции социально-экономического роста Российской Федерации. Опыт ведущих стран мира подтверждает необходимость наличия в любой национальной экономике эффективного и высокоразвитого сектора малого бизнеса. Малое предпринимательство традиционно играет роль «живой ткани» экономики, создает новые товары и услуги, новые рабочие места, оперативно реагирует на запросы локального рынка и т. д. Цель исследования – разработка направлений совершенствования учетно-аналитического обеспечения на предприятиях малого бизнеса в сфере торговли и услуг. Научная новизна исследований, проведенных в данной магистерской диссертации, заключается: определены основные показатели анализа хозяйственной деятельности для субъектов малого бизнеса; структурированы особенности методов учета и анализа деятельности на предприятиях малого бизнеса, учитывающие специфику деятельности; предложены направления развития системы внутреннего контроля учетно-аналитической работы деятельности предприятий малого бизнеса в сфере торговли и оказании услуг с учетом условий функционирования. Эффективность рекомендаций заключается в совершенствовании аналитической работы организаций малого бизнеса, а также позволит систематизировать информацию для упрощения и ускорения работы. / The issues of small business development are an important component of the concept of socio-economic growth of the Russian Federation. The experience of the leading countries of the world confirms the need for an efficient and highly developed small business sector in any national economy. Small business traditionally plays the role of the "living tissue" of the economy, creates new goods and services, new jobs, responds promptly to the demands of the local market, etc. The purpose of the study is to develop directions for improving accounting and analytical support at small businesses in the field of trade and services. The scientific novelty of the research conducted in this master's thesis is: the main indicators of the analysis of economic activity for small businesses are determined; the features of accounting methods and analysis of activities at small businesses are structured, taking into account the specifics of the activity; the directions of development of the internal control system of accounting and analytical work of small businesses in the field of trade and services are proposed, taking into account the operating conditions. The effectiveness of the recommendations is to improve the analytical work of small business organizations, and will also allow you to systematize information to simplify and speed up work.
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