欧美高清

Publications

Wang Lianfen, Wang Yao, , Zhang Shunming

Quantitative Finance Vol 25, pp. 1831-1849 (2025)

Gan Liu, Xia Xin, Xu Wenyang,

International Review of Financial Analysis Vol 95 (2024)

Gan Liu, Xia Xin,

European Financial Management Vol 30, pp. 2422-2445 (2024)

Wang Yao, , Zhao Zhiming

European Financial Management Vol 28, pp. 1347-1375 (2022)

Gan Liu, Xia Xin,

Journal of Corporate Finance Vol 74, pp. 1-46 (2022)

Song Pengcheng, , Zhao Qin

International Review of Financial Analysis Vol 77 (2021)

Professional Activities

Participant

27/6/2024

Peer reviewer

3/2020

Peer reviewer

2020

Peer reviewer

2020

Peer reviewer

2020

Participant

16/12/2019

Projects

Marshall, Andrew (Co-investigator) Zhang, Hai (Principal Investigator) Sheng, Taozhe (Principal Investigator)

Self Funded PhD student - SHENG, TAOZHE - Optimizing Risk Management in China鈥檚 Soybean Market Using Financial Derivatives Description.

21-Jan-2025

Marshall, Andrew (Research Co-investigator) Zhang, Hai (Principal Investigator) Cang, Hengyu (Post Grad Student)

CANG, HENGYU fee waiver / GRS scholarship.

24-Jan-2024

Ma, Linxiang (Principal Investigator) Li, Yiqing (Post Grad Student) Zhang, Hai (Co-investigator)

21-Jan-2024

Marshall, Andrew (Co-investigator) Zhang, Hai (Principal Investigator) ZHANG, Yatian (Post Grad Student)

Self Funded Phd Student - ZHANG, YATIAN - Finance (Behavioural Finance)

23-Jan-2021

Zhang, Hai (Co-investigator) Zhang, Yong (Principal Investigator) Fang, Donghui (Co-investigator)

As one of the important financial instruments of direct financing in the capital market, Enterprise鈥檚 asset securitization plays an important role in optimizing enterprise financing structure, invigorating assets, improving liquidity and reducing financing cost, etc. It is an effective measure to solve the problem of "difficult financing and expensive financing" of small and medium-sized enterprises (SMEs). This project focuses on the design, pricing, and influence of securitization products of SMEs on their investment and financing decisions. First, based on the classical real-options theory, this project constructs a model of the optimal risk retention ratio of the asset securitization of SMEs and the investment and financing decisions of SMEs. Second, This project builds a model on asset securitization of SMEs and financial policies by game theory. Last, the project incorporates an incomplete market into the model and then explores the impact of the risk aversion of entrepreneurs on the pricing of asset securitization and financial decisions. This project is originated from the practical financial problems in China, and it has a great theoretical contribution to expanding and enriching the financial research of SMEs. At the same time, it also provides theoretical reference and practical guidance for SMEs and financial institutions to implement asset securitization to solve financing difficulties.

01-Jan-2021 - 31-Jan-2024