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Search Results: 1 - 10 of 34443 matches for " Zongfang Zhou "
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An Improved Fuzzy ISODATA Algorithm for Credit Risk Assessment of the EIT Enterprises  [PDF]
Zongfang Zhou
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.35088
Abstract: We proposed an improved fuzzy ISODATA algorithm for credit risk assessment of the emerging information technol-ogy enterprise in this paper. Firstly, as the uncertainty of the EIT enterprise is relatively large, we set a reference sample and an initial clustering center matrix so that we overcame the shortcomings of traditional ISODATA algorithm and improved the reliability of fuzzy clustering analysis. Secondly, we proposed the steps of evaluating the EIT enterprises’ credit risk with improved fuzzy ISODATA algorithm. Last but not least, we assessed 10 EIT enterprises’ credit risk of a certain city, which proved the effectiveness and operability.
Research on the Allocation of Cash Flow Rights and Control Rights in Venture Capital Financing Contract  [PDF]
Yunfei Li, Zongfang Zhou
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.31008
Abstract: In view of the allocation of cash flow rights and control rights in venture capital firms, a financing contract model is set up by introducing the entrepreneur’s self-owned capital in this paper. This paper analyzes the affecting factors and mechanism to the allocation of cash flow rights and control rights, shows the relationship between cash flow rights and control rights, gives the bargain intervals of the entrepreneur and the venture capitalist about the allocation of cash flow rights and control rights. It is shown that the more the entrepreneur’s self-owned capital and the higher the venture capitalist’s evaluation of the venture project and the ability of the entrepreneur, the fewer cash flow rights and control rights the venture capitalist will want; the relationship between cash flow rights and control rights of the venture capitalist is complementary but not corresponding, so the result provides a theoretical explanation for Kaplan and Stromberg’s empirical researches about the disproportion between cash flow rights and control rights in venture capital firms.
Fuzzy Comprehensive Evaluation of Service Agent Based on Large-Scale Products of New Technology  [PDF]
Jianhui Kong, Fengying Zhang, Zongfang Zhou
Modern Economy (ME) , 2015, DOI: 10.4236/me.2015.64049
Abstract: For new-tech products manufacturing enterprises, good after-sale service plays an important role in the marketing of new-tech products and promoting the sustainable development. Therefore, how to select and evaluate the service agent will be an inevitable and important job for new-tech manufacturing enterprises. However, the evaluation process and results of the service agent always show fuzziness because of the uncertain evaluation factors. In order to solve this problem, the dissertation firstly introduced methods of fuzzy comprehensive evaluation and multiple attribute decision making from quantitative and qualitative views respectively. Secondly, a method of evaluation on “important” service agent based on fuzzy Borda method was constructed. By the numerical experiment, results show that the fuzzy comprehensive evaluation methods of service agent proposed in this paper are feasible and effective, which provides a new idea to address the problem of evaluating the service agent for new-tech products manufacturing enterprises.
The Return-Risk Performance——The Comparison of Asset Portfolio Performance of Institution Fund with That Based on Multifractal Detrended Fluctuation Approach  [PDF]
Xiaobo Wen, Hui Wang, Zongfang Zhou, Hua Zhang
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.34059
Abstract: In this paper, we compare the portfolio allocation model of multifractal detrended Fluctuation approach with the modern efficient frontier model and the asset allocation model from Chinese institution fund, the risk-return performance of the multifractal detrended Fluctuation turns out to be more optimal portfolio allocation than that from chinese institution fund and the conclusions have implications for modern financial theory, it suggest that there is scope for more general multifractal portfolio selection models to be developed.
The Simulation Study on the Control of Credit Risk of the Enterprise Group Based on the Intensity of Affiliated Transactions  [PDF]
Yu Xia, Chao Xu, Danhui Guan, Zongfang Zhou
Modern Economy (ME) , 2012, DOI: 10.4236/me.2012.38119
Abstract: Related party transactions make the credit risk proliferate rapidly in the network formed by the transactions. Not only it will be more difficult for the enterprise Groups to control themselves, but also it will be more challenging for the crediting commercial banks to monitor. In this paper, we built a theoretical model of the proliferation of credit risk based on the simplified model. Further, from the two basic factors that influence the intensity of related party transactions- the scale of enterprise Groups and the intensity of the related relationship, we did a simulation research. The study found: when the two basic factors are controlled in a reasonable range, enterprise Group's credit risk can be controlled at a lower level.
The Discrimination Method and Empirical Research of Individual Credit Risk Based on Bilateral Clustering  [PDF]
Li Shuai, Hui Lai, Chao Xu, Zongfang Zhou
Modern Economy (ME) , 2013, DOI: 10.4236/me.2013.47049

Individual credit risk evaluation has played an extremely important role in the credit risk management of commercial banks. Firstly, through Logistic regression, this paper selects and determines the clustering factors. Then the bilateral clustering structure is proposed. Based on the clustering structure, we cluster to the test samples, and distinguish the individual credit risk as well. Finally, we use the ROC method to test the proposed model and Logistic regression model. The results of comparison show that the discrimination method of individual credit risk based on bilateral clustering can better identify the risk.

Study of Personal Credit Evaluation Method Based on PSO-RBF Neural Network Model  [PDF]
Shuai Li, Yuanmei Zhu, Chao Xu, Zongfang Zhou
American Journal of Industrial and Business Management (AJIBM) , 2013, DOI: 10.4236/ajibm.2013.34049

Personal credit evaluation is the basic method for the commercial banks to avoid the consumer credit risk. On one hand, the credit behavior of individuals is complex; on the other hand the personal credit assessment system in our country is not sound, assessment methods are mostly objective, therefore, more and better scientific methods for credit risk assessment need to be introduced. This paper proposed a method for personal credit evaluation based on PSO-RBF neural network, which used PSO algorithm to optimize the parameters of RBF neural network, then applied the optimized RBF neural network in the personal credit evaluation. This method combined the global searching ability of PSO algorithm and the high effectiveness of local optimize of RBF together, overcame the unstabitily of PSO algorithm and the drawback of RBF which easily leads to local minimum. The result shows that the personal credit assessment method based on PSO-RBF neural network is highly accurate in classification and prediction, and is suitable in personal credit assessment and prediction.

The Influence of the Reputation of Finance Intermediaries on IPO Underpricing in China Growth Enterprize Markets (GEM)
Hui WANG,Zongfang ZHOU,Heping PAN
Management Science and Engineering , 2012, DOI: 10.3968/j.mse.1913035x20120601.2660
Abstract: Growth Enterprize Markets (GEM) in China was established in October 30, 2009. The paper analyses the underpricing effects and IPO stock’s first month, first quarter return in GEM of China, researches nearly 150 listed company in GEM. Its finds weak reputation effects of finance intermediaries on IPO underpricing and periods returns. This shows the failure of information generation function and failure of certificate function of finance intermediaries in new emerging market in China. Key Words: Growth enterprize market; Underpricing; Reputation of finance intermediaries; Information generation; Information certification
The Research on Correlations of Credit Risk and Moral Hazard for the EG
Yu XIA,Zongfang ZHOU,Yang YANG,Cao XU
Management Science and Engineering , 2013, DOI: 10.3968/3300
Abstract: This paper, under the assumption of risk-neutral, analyzed the relationship between the probability of occurrence of moral hazard and the default probability of the EG (enterprise group), theoretically demonstrated the inner mechanism between the moral hazard and credit risk of the EG, and highlighted the role of bank loan interest played in the control of moral hazard and credit risk. The research shows: (1) There is nonlinear relationship between the probability of occurrence of moral hazard and the default probability of the EG; (2) There is an exogenous variable, loan interest rate, which makes the default probability extremum.
Exploring Pragmatic Failure into the Writing of Young EFL Learners: A Critical Analysis
Peter Yunlin Muir,Zongfang Xu
English Language Teaching , 2011, DOI: 10.5539/elt.v4n4p254
Abstract: This present study provides overviews of the phenomenon in EFL writing instruction in basic education in mainland China, which in its natural sense never proceeds among young learners at high school level. Then it investigated 34 students’ short in-class compositions. Beyond many spelling and syntactic errors, their pragmatic failures are therefore categorized into pragmalinguistic and sociopragmatic failures in accordance with Jenny Thomas (1983). It finds that pragmalinguistic failures are as follows: verbose appositions, combination of two subordinate clauses, misunderstandings of word meaning, Chinese construction of sentences, run-on sentences, independent subordinate clauses, the omission of relative pronouns and that sociopragmatic failure, considerably rare, lies in their perception and expression of specific Chinese-based pragmatic conventions. The author argues that the causes of pragmatic failure are their limited language proficiency and L1 pragmatic transfer. Based on the investigation and findings of the study, the author puts forward some tentative solutions to achieve pragmatic appropriateness in writing: (1) Appropriate in-class introduction of target language pragmatic knowledge and culture; (2) The awareness of distinguishing the target language with L1.
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