This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of ...This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of the cash dividend ratio on stock pricing was analyzed.The empirical results indicated a significant positive relationship between the cash dividend ratio and stock price.Furthermore,stocks with high dividend payouts demonstrated greater resilience during macroeconomic downturns,while notable differences were observed across industries.These findings provide a theoretical foundation for investors in making informed decisions and offer practical guidance for listed companies in formulating effective dividend policies.展开更多
Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,...Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.展开更多
The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusio...The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusion,hand-washing,and other hygienic measures.People’s movements and consumption were significantly reduced as a result of government-imposed lockdowns,with internet purchasing overtaking in-store purchasing in a particularly noticeable way.Most importantly,people’s habits during times of restrictions and lockdowns seemed to reduce overall desire to do cash transactions.Cashless transactions became the most preferred option for daily payment as it helped reduce contact with others and prevent them from becoming infected.These factors contribute to future intentions to eliminate cash payments once the pandemic is ended as well as the choice of payment methods currently in use.Even after the pandemic,people are using digital cashless payments for their daily transactions.This study investigates the impact of the coronavirus on consumer demand for cash and cashless payments during the COVID-19 crisis and beyond.This study utilizes the secondary research method by employing the annual statistical report of European Central Bank(ECB)(2021).The data were extracted from the warehouse of ECB,and rigorous analysis was performed to assess the intentions of customers for using digital transactions for payments.In the study,a regression analysis shows that a greater increase in the number of cards used for payment per year occurred during the COVID-19 pandemic than before the pandemic.The study demonstrates that there was a significant correlation between the adoption of cashless payment systems and the restrictions imposed on consumers because of the pandemic.Customers prefer cashless transactions when there is a higher danger of infection while handling cash.展开更多
This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cas...This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cash crops,an endogenous treatment regression model that accounts for potential selection bias issue is used to analyze the data.The empirical results show that cash crop cultivation exerts a positive and statistically significant impact on household income,but it does not affect household migration decisions significantly.The disaggregated analyses reveal that cash crop cultivation significantly increases farm income but decreases off-farm income.展开更多
To support withdrawing and storing money from all levels of the bank for the customers in the real world, in this paper, we propose a proxy blind signature scheme and an off-line e-cash scheme based on the new proxy b...To support withdrawing and storing money from all levels of the bank for the customers in the real world, in this paper, we propose a proxy blind signature scheme and an off-line e-cash scheme based on the new proxy blind signature scheme. The pro- posed proxy blind signature is proven secure in the random oracle model under chosen-target computational Diffie-Hellman assump- tions, and the e-cash scheme can satisfy the security requirements of unforgeability, anonymity, and traceability.展开更多
In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation re...In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation results are given by two different methods which are convex analysis and enlarging space. Especially, the method of convex analysis make the line of reasoning and the representation result be simpler. Meanwhile, spot and forward risk measures for portfolio vectors are also introduced, and the relationships between them are investigated.展开更多
As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping...As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping mall. When calculating the degree of data difference, the coefficient of variation is used as the attribute weight;the weighted Euclidean distance is used to calculate the degree of difference;and k-means clustering is used to classify different time periods. It applies the LOF algorithm to detect the outlier degree of transaction data at each time period, sets the initial threshold to detect outliers, deletes the outliers, and then performs SAX detection on the data set. If it does not pass the test, then it will gradually expand the outlying domain and repeat the above process to optimize the outlier threshold to improve the sensitivity of detection algorithm and reduce false positives.展开更多
Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional eviden...Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.展开更多
文摘This study selected 45 A-share listed companies that have paid dividends for five consecutive years from 2019 to 2024,with an average dividend yield of at least 3%,as the sample.Using a panel data model,the effect of the cash dividend ratio on stock pricing was analyzed.The empirical results indicated a significant positive relationship between the cash dividend ratio and stock price.Furthermore,stocks with high dividend payouts demonstrated greater resilience during macroeconomic downturns,while notable differences were observed across industries.These findings provide a theoretical foundation for investors in making informed decisions and offer practical guidance for listed companies in formulating effective dividend policies.
文摘Cash flow is a core element for enterprises to maintain operations and development.Cash flow forecasting models,through systematic analysis of an enterprise’s historical cash flow data,trends in operating activities,and external environmental factors,scientifically predict the scale,direction,and fluctuation of cash flow within a certain period in the future.This article focuses on the application of cash flow forecasting models in enterprise investment and financing decisions,sorts out the types and core functions of the models,analyzes their specific roles in investment project screening,financing plan formulation,risk prevention and control,and fund allocation,points out the existing problems in current applications,and proposes optimization paths.Research shows that the scientific application of cash flow forecasting models can enhance the accuracy and rationality of enterprises’investment and financing decisions,and help enterprises achieve sustainable development.
文摘The outbreak of the SARS-CoV-2 coronavirus(COVID-19)has impacted the whole world.To stop the virus’s spread,governments enforced regulations requiring face masks and social isolation and also promoted social seclusion,hand-washing,and other hygienic measures.People’s movements and consumption were significantly reduced as a result of government-imposed lockdowns,with internet purchasing overtaking in-store purchasing in a particularly noticeable way.Most importantly,people’s habits during times of restrictions and lockdowns seemed to reduce overall desire to do cash transactions.Cashless transactions became the most preferred option for daily payment as it helped reduce contact with others and prevent them from becoming infected.These factors contribute to future intentions to eliminate cash payments once the pandemic is ended as well as the choice of payment methods currently in use.Even after the pandemic,people are using digital cashless payments for their daily transactions.This study investigates the impact of the coronavirus on consumer demand for cash and cashless payments during the COVID-19 crisis and beyond.This study utilizes the secondary research method by employing the annual statistical report of European Central Bank(ECB)(2021).The data were extracted from the warehouse of ECB,and rigorous analysis was performed to assess the intentions of customers for using digital transactions for payments.In the study,a regression analysis shows that a greater increase in the number of cards used for payment per year occurred during the COVID-19 pandemic than before the pandemic.The study demonstrates that there was a significant correlation between the adoption of cashless payment systems and the restrictions imposed on consumers because of the pandemic.Customers prefer cashless transactions when there is a higher danger of infection while handling cash.
基金Supported by the Humanities and Social Science Research Fund of the Ministry of Education of China(19YJC790063)the Natural Science Foundation of Fujian,China(2017J05112)the Social Science Foundation of Fujian,China(FJ2017C076).
文摘This study examines the impact of cash crop cultivation on household income and migration decisions,using survey data collected from low-income regions in China.Given farmers decide themselves whether to cultivate cash crops,an endogenous treatment regression model that accounts for potential selection bias issue is used to analyze the data.The empirical results show that cash crop cultivation exerts a positive and statistically significant impact on household income,but it does not affect household migration decisions significantly.The disaggregated analyses reveal that cash crop cultivation significantly increases farm income but decreases off-farm income.
基金Supported by the National Natural Science Foundation of China(61272501)the National Key Basic Research Program(973Program)(2012CB315905)the Specialized Research Fund for the Doctoral Program of Higher Education(20091102110004)
文摘To support withdrawing and storing money from all levels of the bank for the customers in the real world, in this paper, we propose a proxy blind signature scheme and an off-line e-cash scheme based on the new proxy blind signature scheme. The pro- posed proxy blind signature is proven secure in the random oracle model under chosen-target computational Diffie-Hellman assump- tions, and the e-cash scheme can satisfy the security requirements of unforgeability, anonymity, and traceability.
基金Supported by the National Natural Science Foundation of China(11371284,11771343)
文摘In this paper, from the viewpoint of the time value of money, we study the risk measures for portfolio vectors with discount factor. Cash subadditive risk measures for portfolio vectors are proposed. Representation results are given by two different methods which are convex analysis and enlarging space. Especially, the method of convex analysis make the line of reasoning and the representation result be simpler. Meanwhile, spot and forward risk measures for portfolio vectors are also introduced, and the relationships between them are investigated.
文摘As the cash register system gradually prevailed in shopping malls, detecting the abnormal status of the cash register system has gradually become a hotspot issue. This paper analyzes the transaction data of a shopping mall. When calculating the degree of data difference, the coefficient of variation is used as the attribute weight;the weighted Euclidean distance is used to calculate the degree of difference;and k-means clustering is used to classify different time periods. It applies the LOF algorithm to detect the outlier degree of transaction data at each time period, sets the initial threshold to detect outliers, deletes the outliers, and then performs SAX detection on the data set. If it does not pass the test, then it will gradually expand the outlying domain and repeat the above process to optimize the outlier threshold to improve the sensitivity of detection algorithm and reduce false positives.
文摘Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.
