In this paper,we study the dynamics of a Susceptible-Exposed-Infectious-Recovered(SEIR)nancial risk contagion model with time delay.Using stability theory and Hopf bifurcation theory,equilibria stability and Hopf bifu...In this paper,we study the dynamics of a Susceptible-Exposed-Infectious-Recovered(SEIR)nancial risk contagion model with time delay.Using stability theory and Hopf bifurcation theory,equilibria stability and Hopf bifurcation are analyzed in detail.Based on the epidemic model,we improve it by taking prior prevention and self-rescue into consideration,conclude pre-ventive intensity and self-rescue capabilities e ect the number of infections.At the same time,the analytical conditions for Hopf bifurcation are obtained,and the relevant results are veri ed by numerical simulations.展开更多
The debate surrounding the relationship between financial structure and systemic financial risk has been ongoing.This controversy arises from a lack of consideration for national resource endowments,which serve as the...The debate surrounding the relationship between financial structure and systemic financial risk has been ongoing.This controversy arises from a lack of consideration for national resource endowments,which serve as the foundation for the development of industrial structure.Insufficient research has been conducted on the interplay between financial structure,industrial structure,and systemic financial risk.In light of this,the primary objective of this study is to underscore the crucial role of industrial structure in elucidating the interaction between financial structure and systemic financial risk.The research findings highlight that financial structure indirectly influences systemic financial risk through its impact on industrial structure.There exists significant heterogeneity in the transmission effect of industrial structure,with a more pronounced effect observed in areas characterized by high levels of economic development and belonging to mature clusters.Furthermore,the transmission effect of industrial structure is influenced by efficient market and effective government.The improvement of the efficient market can promote the upgrading of the industrial structure while reducing the level of potential risk.Excessive government intervention will reduce the transmission effect of the industrial structure.展开更多
The existing literature has focused on examining the explicit financial investments of firms in different countries across the world.However,in this study,we broaden the scope to include the implicit financialization ...The existing literature has focused on examining the explicit financial investments of firms in different countries across the world.However,in this study,we broaden the scope to include the implicit financialization activities of non-financial firms,specifically their relending business.We develop a portfolio selection model to investigate the factors driving both explicit and implicit financialization activities,using quarterly data from Chinese A-share listed non-financial firms between 2007 and 2024.Our empirical findings demonstrate that risk aversion and profit-seeking play significant roles in driving the financialization activities of these firms.Sub-sample estimations further indicate that state-owned enterprises,manufacturing firms and firms in the eastern and northeastern regions are motivated by the profit-seeking motive when it comes to both financial investments and re-lending business,whereas non-state-owned enterprises,non-manufacturing firms and firms in the central and western regions are mainly driven by risk-aversion motives.展开更多
基金Supported by National Natural Science Foundation of China(12272062).
文摘In this paper,we study the dynamics of a Susceptible-Exposed-Infectious-Recovered(SEIR)nancial risk contagion model with time delay.Using stability theory and Hopf bifurcation theory,equilibria stability and Hopf bifurcation are analyzed in detail.Based on the epidemic model,we improve it by taking prior prevention and self-rescue into consideration,conclude pre-ventive intensity and self-rescue capabilities e ect the number of infections.At the same time,the analytical conditions for Hopf bifurcation are obtained,and the relevant results are veri ed by numerical simulations.
基金Supported by National Natural Science Foundation of China(62073007)。
文摘The debate surrounding the relationship between financial structure and systemic financial risk has been ongoing.This controversy arises from a lack of consideration for national resource endowments,which serve as the foundation for the development of industrial structure.Insufficient research has been conducted on the interplay between financial structure,industrial structure,and systemic financial risk.In light of this,the primary objective of this study is to underscore the crucial role of industrial structure in elucidating the interaction between financial structure and systemic financial risk.The research findings highlight that financial structure indirectly influences systemic financial risk through its impact on industrial structure.There exists significant heterogeneity in the transmission effect of industrial structure,with a more pronounced effect observed in areas characterized by high levels of economic development and belonging to mature clusters.Furthermore,the transmission effect of industrial structure is influenced by efficient market and effective government.The improvement of the efficient market can promote the upgrading of the industrial structure while reducing the level of potential risk.Excessive government intervention will reduce the transmission effect of the industrial structure.
基金supported by Beijing Municipal Social Science Fund(Project no.25EDA04)。
文摘The existing literature has focused on examining the explicit financial investments of firms in different countries across the world.However,in this study,we broaden the scope to include the implicit financialization activities of non-financial firms,specifically their relending business.We develop a portfolio selection model to investigate the factors driving both explicit and implicit financialization activities,using quarterly data from Chinese A-share listed non-financial firms between 2007 and 2024.Our empirical findings demonstrate that risk aversion and profit-seeking play significant roles in driving the financialization activities of these firms.Sub-sample estimations further indicate that state-owned enterprises,manufacturing firms and firms in the eastern and northeastern regions are motivated by the profit-seeking motive when it comes to both financial investments and re-lending business,whereas non-state-owned enterprises,non-manufacturing firms and firms in the central and western regions are mainly driven by risk-aversion motives.
