Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulat...Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.展开更多
In this paper, we present a Micro-payment based Isolation of Misbehavior(MIM) secure routing protocol. The protocol contains three parts: micro-payment scheme, routingdiscovery and malicious nodes detection The micro-...In this paper, we present a Micro-payment based Isolation of Misbehavior(MIM) secure routing protocol. The protocol contains three parts: micro-payment scheme, routingdiscovery and malicious nodes detection The micro-payment scheme proposed in MIM is the firstvirtual currency system that can be suit lor sensor network environment, Based on the micro-paymentscheme, we device an energy aware routing protocol, which forwards packets by auction. Furthermore,the base station can detect and isolate misbehave or non-cooptrare nodes according to the routinginformation.展开更多
China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especiall...China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especially in payment technologies.Based on the concept and types of third-party payment business in China's Mainland and Macao,as well as to investigate the causes for Macao’s lack of innovation in third-party payment,this study compares their differences from two aspects:business licensing authorities and key points of supervision.By comparison,although the classification and methods of third-party payment businesses are different between China's Mainland and Macao,they are all managed and licensed by a unified supervision department.Moreover,the key points of supervision in both places are similar,but unlike China's Mainland,which takes financial risk prevention as the principle and financial technology as the means to encourage innovation,Macao showed obvious deficiencies.In order to further deepen the connection between the financial markets of China's Mainland and Macao as well as boost financial technologies in Macao,this study aims to provide some suggestions and references for the development of cross-border payment systems.展开更多
This paper investigates the structure of the payment card market, with consumers and merchants basing their subscription decisions on different information sets. We find that the market structure depends crucially on ...This paper investigates the structure of the payment card market, with consumers and merchants basing their subscription decisions on different information sets. We find that the market structure depends crucially on the information set on which consumers and merchants base their subscription decisions. In the studied case, we observe that a market with few cards dominating only emerges when decisions are based on very limited information. Under the same conditions using a complete information set, all cards survive in the long run. The use of an agent-based model, focusing on the interactions between merchants and consumers, as a basis for subscription decisions allows us to investigate the dynamics of the market and the effect of the indirect network externalities rather than investigating only equilibrium outcomes.展开更多
This study utilizes a time-precedence network technique to construct two models of multi-mode resource constrained project scheduling problem with discounted cash flows （MRCPSPDCF）, individually including the progre...This study utilizes a time-precedence network technique to construct two models of multi-mode resource constrained project scheduling problem with discounted cash flows （MRCPSPDCF）, individually including the progress payment （PP） and the payment at an equal time interval （ETI）. The objective of each model is to maximize the net present value （NPV） for all cash flows in the project, subject to the related operational constraints. The models are characterized as NP-hard. A heuristic algorithm, coupled with two upper bound solutions, is proposed to efficiently solve the models and evaluate the heuristic algorithm performance which was not performed in past studies. The results show that the performance of proposed models and heuristic algorithm is good.展开更多
The interchangeability between natural gas of different sources and LNG have been concerned and tackled to a certain extent at home,and the interconnection of gas infrastructures including LNG terminals and gas pipeli...The interchangeability between natural gas of different sources and LNG have been concerned and tackled to a certain extent at home,and the interconnection of gas infrastructures including LNG terminals and gas pipeline networks have also been lifted up to the national level since 2018.However,the research on the interoperability with overall-planning interchangeability and interconnection at a higher level is still in the blank stage at home.By extensively investigating EU's regulations and practices related to interoperability in the field of natural gas pipeline network,this paper put forward the conceptual definition of the interoperability of gas infrastructures including LNG terminals and gas pipeline networks for the first time.Then,the basic implementation framework and components of interoperability were set up.Finally,domestic latest typical cases which have presented the characteristics of interoperability in the recent two years were analyzed.And the following research results were obtained.First,interoperability and third-party access are two independent themes.Second,the target of interoperability is to realize the cross-system unimpeded flow of natural gas of all facility users between different facilities according to the uniform specification of specific technical standards,operation criteria and operation procedures of various facilities,based on interconnection,coordination and information interaction.Third,the framework of interoperability consists of 8 key elements,including gas quality standard&interchangeability,facility interconnection,facility interconnection agreement,unified measurement unit,unified electronic data exchange platform,technical capacity calculation method,approval procedure of LNG carrier entering the port and ship-shore compatibility unique to LNG terminals,and gas quality based LNG storage and tank loading rules.Fourth,it is recommended to give consideration to both target and requirement of interoperability and fully integrate 3 elements that are discussed more deeply and more crucial in EU countries(i.e.,facility interconnection agreement,unified electronic data exchange platform and technical capacity calculation method)into the practice system of treatment reform of domestic natural gas industry chain.展开更多
基于层次化网络设计模型,给出地铁终端设备至地铁移动支付平台的城市轨道交通自动售检票(Automatic Fare Collection,AFC)系统移动支付网络架构设计方案。文章使用VLAN技术和Trunk模式构建AFC移动支付网络,以三号线地铁为例描述新增移...基于层次化网络设计模型,给出地铁终端设备至地铁移动支付平台的城市轨道交通自动售检票(Automatic Fare Collection,AFC)系统移动支付网络架构设计方案。文章使用VLAN技术和Trunk模式构建AFC移动支付网络,以三号线地铁为例描述新增移动支付三层交换机使用通信光纤进行自组环网过程中的关键设计,运用网络冗余设计方法提高移动支付网络冗余性,实现了AFC终端设备与移动支付平台通信,针对地铁AFC移动支付网络架构特点,给出移动支付在AFC中常见网络故障分析与处理方法。展开更多
基金supported by grants from the National Natural Science Foundation of China(71425002,72101166)the Capital University of Economics and Business for the Fundamental Research Funds for Universities affiliated to Beijing(XRZ2021066).
文摘Operational risk events have severely impacted the development of third-party payment(TPP)platforms,and have even led to a discussion on the operational risk capital charge settlement by relevant international regulators.However,prior studies have mostly focused on qualitative mechanism analysis,and have rarely examined quantitative risk assessment based on actual operational risk events.Therefore,this study attempts to assess the operational risk on TPP platforms in China by constructing a systematic framework incorporating database construction and risk modeling.First,the operational risk database that covers 202 events between Q1,2014,and Q2,2020 is constructed.Then,specific causes are clarified,and the characteristics are analyzed from both the trend and loss severity perspectives.Finally,the piecewise-defined severity distribution based-Loss Distribution Approach(PSD-LDA)with double truncation is utilized to assess the operational risk.Two main conclusions are drawn from the empirical analysis.First,legal risk and external fraud risk are the two main causes of operational risk.Second,the yearly Value at Risk and Expected Shortfall are 724.46 million yuan and 1081.98 million yuan under the 99.9%significance level,respectively.Our results are beneficial for both TPP platform operators and regulators in managing and controlling operational risk.
文摘In this paper, we present a Micro-payment based Isolation of Misbehavior(MIM) secure routing protocol. The protocol contains three parts: micro-payment scheme, routingdiscovery and malicious nodes detection The micro-payment scheme proposed in MIM is the firstvirtual currency system that can be suit lor sensor network environment, Based on the micro-paymentscheme, we device an energy aware routing protocol, which forwards packets by auction. Furthermore,the base station can detect and isolate misbehave or non-cooptrare nodes according to the routinginformation.
基金Special Project of Guangdong Provincial Key Discipline Project“Public Management”-Research on Information Literacy of Teachers and Students in Colleges and Universities from the Perspective of Crisis and Emergency Management(Key Construction Discipline of Guangdong Provincial Education Department in 2016)The Second Batch of Teaching Quality and Teaching Reform Project of Guangzhou Xinhua University in 2021-Finance Course Teaching and Research Department(Project Number:2021JYS001)。
文摘China's Mainland has witnessed remarkable achievements in payment innovations based on internet and financial technologies in recent years,whereas Macao has made little progress in financial technologies,especially in payment technologies.Based on the concept and types of third-party payment business in China's Mainland and Macao,as well as to investigate the causes for Macao’s lack of innovation in third-party payment,this study compares their differences from two aspects:business licensing authorities and key points of supervision.By comparison,although the classification and methods of third-party payment businesses are different between China's Mainland and Macao,they are all managed and licensed by a unified supervision department.Moreover,the key points of supervision in both places are similar,but unlike China's Mainland,which takes financial risk prevention as the principle and financial technology as the means to encourage innovation,Macao showed obvious deficiencies.In order to further deepen the connection between the financial markets of China's Mainland and Macao as well as boost financial technologies in Macao,this study aims to provide some suggestions and references for the development of cross-border payment systems.
文摘This paper investigates the structure of the payment card market, with consumers and merchants basing their subscription decisions on different information sets. We find that the market structure depends crucially on the information set on which consumers and merchants base their subscription decisions. In the studied case, we observe that a market with few cards dominating only emerges when decisions are based on very limited information. Under the same conditions using a complete information set, all cards survive in the long run. The use of an agent-based model, focusing on the interactions between merchants and consumers, as a basis for subscription decisions allows us to investigate the dynamics of the market and the effect of the indirect network externalities rather than investigating only equilibrium outcomes.
文摘This study utilizes a time-precedence network technique to construct two models of multi-mode resource constrained project scheduling problem with discounted cash flows （MRCPSPDCF）, individually including the progress payment （PP） and the payment at an equal time interval （ETI）. The objective of each model is to maximize the net present value （NPV） for all cash flows in the project, subject to the related operational constraints. The models are characterized as NP-hard. A heuristic algorithm, coupled with two upper bound solutions, is proposed to efficiently solve the models and evaluate the heuristic algorithm performance which was not performed in past studies. The results show that the performance of proposed models and heuristic algorithm is good.
文摘The interchangeability between natural gas of different sources and LNG have been concerned and tackled to a certain extent at home,and the interconnection of gas infrastructures including LNG terminals and gas pipeline networks have also been lifted up to the national level since 2018.However,the research on the interoperability with overall-planning interchangeability and interconnection at a higher level is still in the blank stage at home.By extensively investigating EU's regulations and practices related to interoperability in the field of natural gas pipeline network,this paper put forward the conceptual definition of the interoperability of gas infrastructures including LNG terminals and gas pipeline networks for the first time.Then,the basic implementation framework and components of interoperability were set up.Finally,domestic latest typical cases which have presented the characteristics of interoperability in the recent two years were analyzed.And the following research results were obtained.First,interoperability and third-party access are two independent themes.Second,the target of interoperability is to realize the cross-system unimpeded flow of natural gas of all facility users between different facilities according to the uniform specification of specific technical standards,operation criteria and operation procedures of various facilities,based on interconnection,coordination and information interaction.Third,the framework of interoperability consists of 8 key elements,including gas quality standard&interchangeability,facility interconnection,facility interconnection agreement,unified measurement unit,unified electronic data exchange platform,technical capacity calculation method,approval procedure of LNG carrier entering the port and ship-shore compatibility unique to LNG terminals,and gas quality based LNG storage and tank loading rules.Fourth,it is recommended to give consideration to both target and requirement of interoperability and fully integrate 3 elements that are discussed more deeply and more crucial in EU countries(i.e.,facility interconnection agreement,unified electronic data exchange platform and technical capacity calculation method)into the practice system of treatment reform of domestic natural gas industry chain.
文摘基于层次化网络设计模型,给出地铁终端设备至地铁移动支付平台的城市轨道交通自动售检票(Automatic Fare Collection,AFC)系统移动支付网络架构设计方案。文章使用VLAN技术和Trunk模式构建AFC移动支付网络,以三号线地铁为例描述新增移动支付三层交换机使用通信光纤进行自组环网过程中的关键设计,运用网络冗余设计方法提高移动支付网络冗余性,实现了AFC终端设备与移动支付平台通信,针对地铁AFC移动支付网络架构特点,给出移动支付在AFC中常见网络故障分析与处理方法。
