A Study on the Effects of Credit Asset Securitization in China

Huang, Sha Sha(황사사),Lee, Dong Young(이동녕) 글로벌경영학회 2018 글로벌경영학회 학술대회 발표논문집 Vol.2018 No.2

서브프라임 위기 후 전세계적으로 자산유동화가 급격히 감소하였다. 그러나 중국은 글로벌 트랜드 에 역행하여 2012년 자산유동화 시범사업을 재개하였다. 그 결과 2017년 말 까지 여신자산의 유동화 총액의 규모가 3조441억 위안에 달했다. 그중 여신자산의 유동화 1조778억 위안에 달하였다. 신용자산 유동화는 중국에서 급속도로 발전하였다. 이는 중국 정부에 의하여 여신자산 유동화가 추진되었기 때문이다. 보유자산을 충분히 사용하기 위하여 대대적으로 여신자산의 유동화를 추진하였다. 그러나 많은 중소 상업은행들이 증권화에 대해 보수적인 태도를 보이고 있으며, 자산 유동화 증권의 발행 규모가 작고 그 빈도도 낮다. 중국의 자산유동화에 관한 연구는 자산증권화 업무의 발전 속도에 크게 뒤떨어졌다. 그 이유는 다음과 같다. 첫째, 중국 자산증권화의 도입이 늦었고 금융위기로 인한 증권화가 활발하지 못했다. 이는 증권화 연구 데이터 부족 및 중단으로 이어졌으며. 중국의 자산증권화에 관한 선행연구는 이론연구 위주로 수행 되었다. 둘째, 기존 실증연구는 대부분 타국의 데이터를 사용하여 자산유동화 효과를 분석하였다. 이리한 연구는 중국의 자산유동화의 발전 및 경험의 토대가 되었다. 그러나 중국의 경제금융 환경, 증권거래 구조, 자산의 질 등이 다른 나라와 현저한 차이가 있다. 따라서 다른 국가에서의 자산유동화 적용효과는 중국의 실제 상황에 적합하지 않을 수 있다. 셋째, 중국 데이터를 분석 대상으로 하는 몇몇 실증연구가 수행되었으나, 여신자산 유동화의 효과의 한 측면 에 치중하고 있으며, 어떤 연구 결과는 서로 모순된다. 따라서 중국 여신자산 유동화 발전 및 연구 현황은 그 영향의 효과를 정확하게 이해하는 것이 더욱 시급하다. 본 연구는 2008년부터 2017년까지 94개 시중은행의 연간 데이터를 분석 대상으로 패널복석. 차분 GMM법과 시스템 GMM추정법 등 다양한 통계방법을 채택하여 유동성, 위험성, 수익성 세 가지 관점에서 은행여신자산 유동화의 미시효과를 전면적으로 분석한다. 본 논문은 세 가지 분석을 수행하였다. 첫째, 분석기간에 적어도 1기 여신자산 유동화 업무를 한 적이 있는 모든 상업은행을 분석 대상으로 증권화가 상업은행에 미치는 영향을 연구한다. 둘째, 자산유동화를 수행한 표본을 대상으로 규모별 상업은행에 대해 이질적인 분석을 진행한다. 셋째, 자산증권화 업무를 하지 않은 42개 시중은행을 표본에 포함하여 유동화한 경우 와 유동화하지 않은 경우의 그룹간 분석을 진행한다. 넷째, 변수의 교체 및 다양한 추정 방법을 채택하여 강건성을 검정한다. 마지막으로, 본 연구는 신용자산증권화가 어떻게 상업은행의 수익성에 영향을 미치는지 분석한다. 연구결과는 다음과 같다. 신용자산증권화가 상업은행의 유동성을 현저히 높일 수 있다는 것을 발견했고, 대규모 상업은행도 마찬가지였다. 그러나 증권화가 소규모 상업은행 유동성에 미치는 영향은 대략 1년 늦춰졌다. 또 증권화 사업을 하는 상업은행은 증권화를 하지 않는 것보다 유동성이 더 높다. 신용자산증권화는 상업은행의 안정성을 높이고 파산 위험을 낮출 수 있다.그러나 현저한 효과를 가져오지 못하였다. 대규모와 소규모의 상업은행이 모두 이와 같다. 증권화를 하지 않은 상업은 행에 비해 증권화된 상업은행은 안정성과 파산위험이 낮다. 신용자산증권화는 증권화팀 상업은행의 이윤을 낮췄다. 소규모 상업은행도 그렇지만 대규모 상업은행도 자산증권화 사업을 통해 수익성을 높일 수 있다. 증권화 팀의 상업은행은 비증권화팀의 상업은행보다 더 높은 이윤 능력을 가지고 있다. 듀폰 분석을 통해 자산증권화가 상업은행의 순자 산 수익률은 낮추는 것은 주로 이윤율을 낮추어 실현한 것이다 본 글은 상업은행의 증권화 업무를 전개하고 정부 감독 부서가 증권화를 촉진하는 지속적인 발전을 유도하는 각도에서 대책을 건의하였다. 첫째, 상업은행은 증권화의 전체 국면을 종합하여 장기적인 계획을 강구하고, 자신의 실정과 결합하여 자산증권화 발전의 전반적인 장기 계획안을 수립해야 하며, 가장 적절한 시기에 증권화를 진행하거나 적절한 증권 발행 규모를 확정해야 한다. 둘째, 정부 부처는 제도적인 보장, 증권화 정보공개 시스템의 완화, 증권화 유통의 2단계 시장을 형성하여 부실자산증권화의 발전을 정확하게 이끌어야 한다. 셋째, 제3자 중개기관의 발전을 지원 하고 추진한다. Since the subprime crisis, the global asset securitization business has declined sharply. But China has reversed the trend and restarted the asset securitization project in 2012, and the total asset securitization amounted to 3.441 trillion yuan by the end of 2017. Credit asset securitization was even more unique, with the issuance amount reaching 1.778 trillion yuan. Asset securitization has mushroomed in China. The reason is that credit asset securitization is driven by the government in China. The government proposes to develop the credit asset securitization significantly to activate the stock assets. However, small and medium-sized commercial banks are conservative about securitization and have low issuance and low frequrency. Literature research on asset securitization seriously lags behind the development speed of the asset securitization in China. The reasons are as follows. Firstly, asset securitization emerges lately, and it is interrupted by the financial crisis, resulting in a shortage and interruption about research data. Therefore, existing Chinese literature mainly focuses on theoretical research and case analysis. Secondly, most of the empirical studies provide experience for China s asset securitization by analyzing data from other countries. However, there are significant differences from other countries in the economic and financial environment, the structure of the securities transaction, and the quality of the underlying assets in China. The application effect of asset securitization in other countries may not be suitable for the actual situation of China. Thirdly, some empirical studies conducted by Chinese data only focus on one aspect of securitization effect, and some research results are opposite. Therefore, it has become more urgent to understand its impact correctly under the current situation and research status of credit asset securitization in China. This paper analyzes the annual data of 94 Chinese-funded commercial banks from 2008 to 2017. It comprehensively examines the micro-effects of the credit asset securitization from three perspectives of liquidity, risk, and profitability by adopting multiple statistical methods such as panel regression, differential GMM, and systematic GMM estimation. I perform three analyses for credit asset securitization. Firstly, it analyzes within the securitization group, that is, explore the impact of credit asset securitization on commercial banks that have carried out at least one-period securitization. Secondly, there is the heterogeneity analysis of the effects of asset securitization on commercial banks of different sizes within the securitization group. Thirdly, this paper conducts study between the securitization group and the non-securitisation group included 42 commercial banks that have not carried out credit asset securitization. Finally, the paper performs the robustness testing by replacing variable or changing estimation methods. At the same time, the paper analyzes the influence path of asset securitization on the profitability of commercial banks. The results are as follows. Credit asset securitization can significantly improve the liquidity of commercial banks. The same is true for large-scale commercial banks. But the effect on the liquidity of small-scale commercial banks will be delayed by one period. Commercial banks that do securitization have higher liquidity than those that do not. Credit asset securitization can improve the stability of commercial banks and reduce the risk of bankruptcy. The same is true for large-scale and small-scale commercial banks. However, the effect is not significant. Because the scale of securitization is small, and the government restricts the types of underlying assets. Commercial banks that have carried out securitization have higher stability and lower bankruptcy risk compared with commercial banks that have not carried out securitization business. The impact of credit asset securitization on

Research on the Micro-Motivations of Enterprise Asset Backed Securitization

Huang, Sha-Sha(황사사),Lee, Dong-Young(이동녕) 한국산업경제학회 2018 산업경제연구 Vol.31 No.2

세계적으로 자산 담보 증권의 활성화 추세는 경제 위기 이후 약화되었다. 그러나 중국은 2012년에 자산 담보 증권화를 재개했으며, 기업 자산 담보 증권화가 은행 신용 자산 담보 증권화를 초과함에 따라 개발 추세가 본격화되었다. 따라서 본 연구는 중국의 기업 자산 담보 증권화의 급속한 발전 동기를 연구하여 관련 부서가 기업 자산 담보 증권화 추진 요인을 정확하게 이해하고 기업 자산 담보 증권화의 건전한 발전을 보다 잘 유도 할 수 있도록 기여한다. 본 논문에서는 2012 년부터 2017 년까지 자산 담보 증권화를 수행하는 상장 기업을 선정하고 유동성 동기, 자금조달 동기 및 수익성 동기의 관점에서 기업 자산 담보 증권화의 미묘한 동기를 연구하기 위해 다중 회귀 모형을 구축하여 연구를 진행하였다. 그 결과 자산 규모가 더 크고 유동 자산 회전율이 낮고 금융 위기가 심하고 생산성이 낮으며 영업 이익이 낮은 기업이 자산 유동화를 수행 할 가능성이 더 큰 것으로 나타났다. 규모가 크고 자산 부채 비율이 높은 회사는 자산 담보 증권화가 더 많으며 상당한 규모의 경제 효과를 가질 수 있는 것으로 나타났다. 그러나 규제 당국은 수익성이 낮고 재정이 열악한 기업의 증권화 오용을 인식하고 있어야 한다. The developmental momentum of global asset backed securitization weakened after the economic crisis. However, China restarted asset backed securitization in 2012, and the developmental momentum is in full swing as the enterprise asset backed securitization has exceeded the bank credit asset backed securitization. Therefore this paper studies the motivations of the rapid development of enterprise asset backed securitization in China so relevant departments can correctly understand the drivers of enterprise asset backed securitization and better guide the healthy development of enterprise asset backed securitization. This article selects the listed companies that conduct asset backed securitization from 2012 to 2017 and builds multiple regression models to research the micro-motivations of enterprise asset backed securitization from the perspectives of liquidity motivation, financing motivation and profitability motivation. The results show that companies that have larger assets, have slower current assets turnover rates, are in deeper financial distress and with weak production and operating profits are more likely to conduct asset backed securitization. The companies with larger scales and higher asset-liability ratios have more asset backed securitization and can have a significant scale economy effect. However, regulators must be aware of the misuse of securitization by companies that have poor profitability and poor finances.

Online Hop Timing Detection and Frequency Estimation of Multiple FH Signals

Zhi-Chao Sha,Zhang-Meng Liu,Zhi-Tao Huang,Yi-Yu Zhou 한국전자통신연구원 2013 ETRI Journal Vol.35 No.5

This paper addresses the problem of online hop timing detection and frequency estimation of multiple frequencyhopping (FH) signals with antenna arrays. The problem is deemed as a dynamic one, as no information about the hop timing, pattern, or rate is known in advance, and the hop rate may change during the observation time. The technique of particle filtering is introduced to solve this dynamic problem, and real-time frequency and direction of arrival estimates of the FH signals can be obtained directly, while the hop timing is detected online according to the temporal autoregressive moving average process. The problem of network sorting is also addressed in this paper. Numerical examples are carried out to show the performance of the proposed method.

Effect on measurements of anemometers due to a passing high-speed train

Jie Zhang,Guangjun Gao,Sha Huang,Tanghong Liu 한국풍공학회 2015 Wind and Structures, An International Journal (WAS Vol.20 No.4

The three-dimensional unsteady incompressible Reynolds-averaged Navier-Stokes equationsand k-ε double equations turbulent model were used to investigate the effect on the measurements ofanemometers due to a passing high-speed train. Sliding mesh technology in Fluent was utilized to treat themoving boundary problem. The high-speed train considered in this paper was with bogies and inter-carriagegaps. Combined with the results of the wind tunnel test in a published paper, the accuracy of the presentnumerical method was validated to be used for further study. In addition, the difference of slipstreambetween three-car and eight-car grouping models was analyzed, and a series of numerical simulations werecarried out to study the influences of the anemometer heights, the train speeds, the crosswind speeds and thedirections of the induced slipstream on the measurements of the anemometers. The results show that theinfluence factors of the train-induced slipstream are the passing head car and tail car. Using the three-cargrouping model to analyze the train-induced flow is reasonable. The maxima of horizontal slipstreamvelocity tend to reduce as the height of the anemometer increases. With the train speed increasing, therelationship between Vtrain and Vinduced slipstream can be expressed with linear increment. In the absence ofnatural wind conditions, from the head car arriving to the tail car leaving, the induced wind directionchanges about 330°, while under the crosswind condition the wind direction fluctuates around -90°. With thecrosswind speed increasing, the peaks of VX, |VXY -Vwind| of the head car and that of VX of the tail car tend toenlarge. Thus, when anemometers are installed along high-speed railways, it is important to study the effecton the measurements of anemometers due to the train-induced slipstream.

Georgenia faecalis sp. nov. isolated from the faeces of Tibetan antelope

Wang Xiaoxia,Yang Jing,Huang Yuyuan,Wu Xiaomin,Wang Licheng,Han Limei,Li Sha,Li Huan,Fu Xiaoying,Chen Hai,Zhu Xiong 한국미생물학회 2020 The journal of microbiology Vol.58 No.9

Two aerobic, Gram-stain-positive, non-motile, non-sporulating coccoid strains, designated ZLJ0423T and ZLJ0321, were isolated from the faeces of Tibetan antelope (Pantholops hodgsonii). Their optimal temperature, NaCl concentration and pH for growth were 28°C, 0.5% (w/v) NaCl and pH 7.5, respectively. Phylogenetic analysis based on 16S rRNA gene sequences revealed that strains ZLJ0423T and ZLJ0321 were very similar to each other (99.8%) and had a sequence similarity of 97.0% with Georgenia satyanarayanai NBRC 107612T and Georgenia subflava CGMCC 1.12782T. Phylogenomic analysis based on 688 core genes indicated that these strains formed a clade with G. satyanarayanai NBRC 107612T and Georgenia wutianyii Z294T. The predominant cellular fatty acids were anteiso-C15:0, anteiso-C15:1 A and C16:0. The major menaquinone was MK-8(H4). The cell-wall amino acids consisted of alanine, lysine, glycine and aspartic acid, with lysine as the diagnostic diamino acid. Diphosphatidylglycerol, phosphatidylglycerol, phosphatidylinositol, phosphatidylinositol mannosides and two unidentified lipids formed the polar lipid profile. The DNA G + C content of both isolates was 73.9 mol%. The digital DNA–DNA hybridization value between strains ZLJ0423T and ZLJ0321 was 91.2%, but their values with closely related species and other available type strains of the genus Georgenia were lower than the 70% threshold. On the basis of polyphasic taxonomic data, strains ZLJ0423T and ZLJ0321 represent a novel species within the genus Georgenia, for which the name Georgenia faecalis sp. nov. is proposed. The type strain is ZLJ0423T (= CGMCC 1.13681T = JCM 33470T).

Effect on measurements of anemometers due to a passing high-speed train

Zhang, Jie,Gao, Guangjun,Huang, Sha,Liu, Tanghong Techno-Press 2015 Wind and Structures, An International Journal (WAS Vol.20 No.4

The three-dimensional unsteady incompressible Reynolds-averaged Navier-Stokes equations and k-${\varepsilon}$ double equations turbulent model were used to investigate the effect on the measurements of anemometers due to a passing high-speed train. Sliding mesh technology in Fluent was utilized to treat the moving boundary problem. The high-speed train considered in this paper was with bogies and inter-carriage gaps. Combined with the results of the wind tunnel test in a published paper, the accuracy of the present numerical method was validated to be used for further study. In addition, the difference of slipstream between three-car and eight-car grouping models was analyzed, and a series of numerical simulations were carried out to study the influences of the anemometer heights, the train speeds, the crosswind speeds and the directions of the induced slipstream on the measurements of the anemometers. The results show that the influence factors of the train-induced slipstream are the passing head car and tail car. Using the three-car grouping model to analyze the train-induced flow is reasonable. The maxima of horizontal slipstream velocity tend to reduce as the height of the anemometer increases. With the train speed increasing, the relationship between $V_{train}$ and $V_{induced\;slipstream}$ can be expressed with linear increment. In the absence of natural wind conditions, from the head car arriving to the tail car leaving, the induced wind direction changes about $330^{\circ}$, while under the crosswind condition the wind direction fluctuates around $-90^{\circ}$. With the crosswind speed increasing, the peaks of $V_X,{\mid}V_{XY}-V_{wind}{\mid}$ of the head car and that of $V_X$ of the tail car tend to enlarge. Thus, when anemometers are installed along high-speed railways, it is important to study the effect on the measurements of anemometers due to the train-induced slipstream.

Possible Applications for Fascial Anatomy and Fasciaology in Traditional Chinese Medicine

Yu Bai,소광섭,Byung-Cheon Lee,Yong Huang,Chun-lei Wang,Jun Wang,Jin-peng Wu,Jing-xing Dai,Janos Palhalmi,Ou Sha,David Tai Wai Yew,Lin Yuan 사단법인약침학회 2010 Journal of Acupuncture & Meridian Studies Vol.3 No.2

Research using medical imaging instruments such as computed tomography and magnetic resonance imaging has led to the proposal that the fascial network distributed over the human body is the anatomical basis for the acupoints and meridians of traditional Chinese medicine. Therefore, we put forward a new theory of anatomy called fascial anatomy. In fascial anatomy, a human body is divided into two major systems. One is the supporting-storing system of unspecialized connective tissues. The other is a functional system. An undifferentiated non-specific connective tissue network, with the participation of the nervous and the immune systems, constitutes the supporting-storing system of the human body. The various differentiated functional cells in the body that are supported and surrounded by the supporting-storing system constitute the functional system. The discipline that studies the supporting-storing system and the mutual relationship between this system and the functional system in a living human body is called fasciaology. The establishment of fascial anatomy and fasciaology opens a new research field in anatomy; consequently, fasciaology will play a significant role in biological medicine and traditional Chinese medical research, as well as future clinical practice.

Selective extraction of thorium to directly form self-assembly solid from HNO3 solution

Fang Zhang,Qiang Wu,Lei-Tao Sha,Yang Li,Xu-Xin Li,Ze-Yang Wang,Xuan Fu,Qing-Gang Huang,Bin Liu,Ze-Yi Yan 한국공업화학회 2023 Journal of Industrial and Engineering Chemistry Vol.123 No.-

Based on ions exchange between [DMDSA]+[Cl]- (Dimethyl distearyl ammonium chloride) and N,Ndialkyl-succinamide acid (SCA), three novel bifunctional [DMDSA]+[SCA]- ionic liquids (ILs) were firstlysynthesized for extraction of thorium (IV) by self-assembly strategy. The simultaneous extraction andsolidification of Th(IV) were unexpectedly realized in one-step operation using the present ILs in HNO3solution, and more than 99% thorium (IV) was enriched and immediately aggregated into selfassemblysolid at the biphasic interface. The self-assembly solid was further identified by FT-IR, SEM withelement mapping EDS and XPS analysis, and revealing that the self-assembly extraction (SAE) was triggeredby the amphiphilic [DMDSA]+ cations. A three-step extraction mechanism dominated by [SCATh(NO3)4]- was proposed based on the slope analysis method and HRMS analysis. The self-assembly extractionof Th(IV) exhibited the extremely excellent selectivity in the presence of U(VI) and typical lanthanideelements including La(III), Eu(III) and Lu(III), and the separation factors reached 2516 for Th/U, 1885 forTh/La, 1512 for Th/Eu and 558 for Th/Lu, respectively. The proposed SAE strategy was proved to be anefficient method for one-step separation and solidification of thorium ions from U(VI) and/or lanthanides.

Protective effect of Insect tea primary leaf (Malus sieboldii (Regal) Rehd.) extract on H2O2‑induced oxidative damage in human embryonic kidney 293T cells

Zhang Jing,Wang Hong,Yi Sha,Guo Zemei,Huang Yue,Li Weifeng,Zhao Xin,Liu Huazhi 한국응용생명화학회 2020 Applied Biological Chemistry (Appl Biol Chem) Vol.63 No.3

In this study, Insect tea primary leaf (Malus sieboldii (Regal) Rehd.) was used as the research object to investigate the protective effect of Insect tea primary extract (ITPLE) on hydrogen peroxide (H2O2)-induced oxidative damage in human embryonic kidney 293T cells (HEK 293T cells) and the mechanism of action of the main active components. The 3-(4,5-dimethyl-2-thiazolyl)- 2,5-diphenyl-2-H-tetrazolium bromide (MTT) assay was used to determine the toxicity of ITPLE to HEK 293T cells in vitro as well as its protective effect against (H2O2)-induced oxidative damage in HEK 293T cells. In addition, various assay kits were used to measure oxidation-related indicators in HEK 293T cells, and quantitative polymerase chain reaction (qPCR) analysis was used to determine the mRNA expression levels of oxidation-related genes in HEK 293T cells. High performance liquid chromatography (HPLC) analysis was used to characterize active components in ITPLE. The experimental results revealed that the ITPLE had no toxic effect on cells in the range of 0–200 μg/mL, and, in this range, exhibited a concentration-dependent protective effect against H2O2- induced oxidative damage in HEK 293T cells. It was also found that the ITPLE can reduce the malondialdehyde (MDA) level and increase the levels of superoxide dismutase (SOD), glutathione (GSH), glutathione peroxidase (GSH-Px), and catalase (CAT)in oxidative damage HEK 293T cells. The qPCR analysis results also showed that the ITPLE upregulated the mRNA expression levels of SOD, CAT , GSH and GSH-Px in HEK 293T cells damaged by H2O2- induced oxidative stress. The HPLC analysis identified 7 bioactive components in the ITPLE, including neochlorogenic acid, cryptochlorogenic acid, rutin, kaempferin, isochlorogenic acid B, isochlorogenic acid A and hesperidin. This study reveals that ITPLE is rich in active compounds and has good antioxidant effect in vitro, thus it has the potential to be developed into a traditional Chinese medicine and functional drinks.

Starter Culture Design to Overcome Phage Infection During Yogurt Fermentation

Chengjie Ma,Zhengjun Chen,Guangyu Gong,Lifen Huang,Sha Li,Aimin Ma 한국식품과학회 2015 Food Science and Biotechnology Vol.24 No.2

Streptococcus thermophilus phages present hazards for yogurt processing. In order to avoid adverse effects, different component yogurt starters were designed. For 2-component yogurt starters consisting of an S. thermophilus sensitive and a Lactobacillus delbrueckii ssp. bulgaricus strain, phage infection was destructive. Phages resulted in increased fermentation time, unbalanced cocci to rod ratios, decreased viscosity values, and varied sensory properties. For 3-component yogurt starters consisting of S. thermophilus sensitive, S. thermophilus insensitive, and L. bulgaricus strains, phage invasion did not result in the undesirable effects of slow acidification, decreased viscosity values, and unbalanced cocci to rod ratios. The 3- component yogurt starter stabilized fermentation and improved the practical fermentation performance in the presence of phages. Combinations of different S. thermophilus strains in the design and use of yogurt starters should be considered.