The Uncertainty of China"s Economic Policy and Bank Credit Supply

Wen Wen,Kwang Soo Park(박광수) 한국FP학회 2021 Financial Planning Review Vol.14 No.4

본 논문은 2007년부터 2019년까지 중국 135개 상업은행의 데이터를 사용하여 중국 경제정책 불확실성과 은행의 신용대출 공급 간의 관계를 분석하였다. 본 논문의 주요 연구 결과는 다음과 같다. 첫째, 중국에서 경제정책의 불확실성 증가는 중국 상업은행의 신용대출 공급 증가율을 감소시킨다. 또한, 은행 신용대출 공급 증가율이 상승함에 따라 경제 정책 불확실성이 중국 상업은행 신용대출 공급에 미치는 부정적인 영향은 "비대칭 U자형" 구조적 변화를 나타낸다. 둘째, 경제정책의 불확실성이 클 때 업무다각화 정도가 낮고 자본건전성이 미흡한 지방은행일 경우 신용대출 축소 현상이 더욱 뚜렷하게 나타났다. 셋째, 중국 상업은행은 경제정책 불확실성이 높아질 때 신용대출 규모를 축소하면서 은행의 신용위험을 줄인다. 하지만 이는 은행 수익의 변동성을 증가시키고 지역 경제의 성장을 저해한다. This paper studies the relationship between China’s economic policy uncertainty and the bank credit supply by using data from 135 commercial banks in China from 2007 to 2019. The main results of this paper are as follows. First, the increase in China’s economic policy uncertainty will make China’s commercial banks reduce the growth rate of the credit supply. Moreover, with improvement in the growth level of the bank credit supply, the negative impact of economic policy uncertainty on China’s commercial bank credit supply presents an asymmetric, U-shaped structural change. Second, this paper studies the credit supply of different types of Chinese commercial banks, and finds that the phenomenon of credit contraction is more obvious when the degree of business diversification is weak and the capital adequacy ratio is low. This paper shows that regional commercial banks have been more greatly affected by economic policy uncertainty. Third, when the uncertainty of economic policy increases, contraction in the credit scale of Chinese commercial banks will reduce bank credit risk, but will aggravate the volatility of bank income, and hinder regional economic growth.

중국에서의 경제적 불확실성, 레버리지 동적 조정 및 은행 리스크 감수

( Wen Wen ),박광수 ( Kwang-soo Park ) 한국금융공학회 2021 금융공학연구 Vol.20 No.3

본 논문은 2009년부터 2018년까지 중국 상업은행의 데이터를 기반으로 경제적 불확실성이 중국 상업은행의 리스크 감수에 미치는 영향과 이 과정에서의 레버리지 동적 조정의 역할을 연구하였다. 이를 바탕으로 중국 상업은행의 규모, 상장여부 등을 고려하여 경제적 불확실성이 은행 리스크 감수에 미치는 영향에 대해 포괄적인 분석을 진행하였다. 본 연구의 주요 실증분석 결과는 다음과 같다. 첫째, 경제적 불확실성은 은행 수입의 변동성과 리스크를 증가시키는 것으로 나타났다. 둘째, 외부 불확실성의 영향으로 은행 레버리지 비율이 너무 높거나 너무 낮은 경우가 나타났다. 셋째, 상장 은행과 대형 은행의 레버리지 조정 메커니즘은 더 분명하게 나타나는 것으로 분석되었다. 이러한 연구결과로 볼 때 중국 상업은행은 경제환경변화에 대응하기 위해 보다 완벽한 거시경제 조기경보시스템을 구축함으로써 외부충격을 경감시킬 수 있을 것이다. This paper studies the impact of economic uncertainty on the risk-taking of Chinese commercial banks, and the role of dynamic leverage adjustment in the impact mechanism. On this basis, combined with the characteristics of the scale and listing of Chinese commercial banks, this paper discusses the moderating effect of economic uncertainty on bank risk-taking. The main empirical results of this paper are as follows. First, economic uncertainty will lead to the increase of bank income volatility and risk. Second, due to the influence of external uncertainty, the leverage ratio of banks will be too high(too low), and banks will quickly reduce(increase) the leverage level according to their leverage adjustment function, which alleviates the risk to a certain extent. Third, further research shows that the leverage adjustment mechanism of listed banks and large banks is more obvious. Therefore, Chinese commercial banks should build a sound macroeconomic early warning system to predict and early warn the economic situation in advance, so as to reduce the impact of adverse shocks.

Port states’ responses to foreign cruise ships with COVID-19 or other epidemic risks

( Wenwen Li ),( James Zhengliang Hu ) 고려대학교 법학연구원 2022 The Asian Business Lawyer Vol.29 No.-

The experience of various port states’ responses to more than 40 foreign cruise ships during the pandemic of COVID-19 exposes seriously arguable issues of the obligations and rights of a port state. Based upon such experience, the public health theory, and the features of cruise ships, the authors put forward the principles to be followed in determining the obligations and rights of a port state in public health response to foreign cruise ships infected or suspected of being infected with COVID- 19 or similar epidemic virus, i.e. the principles of national sovereignty, international protection of human rights, international cooperation, beneficiary pays and reasonable administration, and analyze the conflict between the principle of national sovereignty and that of international human rights protection and how to coordinate them. The authors expound in detail the obligations of a port state including allowing free pratique to foreign cruise ships and implementing surveillance, notification, verification and health measures. Also expounded are the rights of a port state, i.e. implementing public health measures on arrival and departure, requesting assistance and collaboration, and claiming compensation from shipowners and their liability insurers. Suggestions are put forward on improving International Health Regulation(IHR).

Secular Change in the Value of Cash: Evidence in Korea

Wenwen Jiang 충남대학교 경영경제연구소 2021 경영경제연구 Vol.43 No.4

본 논문에서는 한국 기업의 보유현금 가치의 시계열적 변동을 탐구한다. 미국 시장의 연구 결과와 일관되게, 한국 기업들의 보유현금 가치가 1990년부터 2019년까지 증가하는 추세를 보였다. 그 결과 현금 1달러의 평균 가치는 1990년대 0.678달러, 2000년대 1.199달러, 2010년대 1.440달러인 것으로 나타났다. 한편, 이러한 추세는 특별한 특징을 가진 기업군이나 IPO 효과에 의해 주도되는 것이 아니라 시장의 전반적인 현상임을 확인하였다. 2000년대의 보유현금 가치의 증가는 금융제약과 기업 수준의 불확실성에 대한 예비적 동기, 기업지배구조 및 투자자 심리에 의해 부분적으로 설명될 수 있다. 2010년대에는 기업 수준의 불확실성, 기업지배구조 및 투자자 심리만 부분적으로 설명할 수 있다. 미국 시장과 달리, 신규 상장기업과 투자 기회가 2000년대와 2010년대의 변화를 설명할 수 없음을 발견하였다. This paper studies the secular change in the value of cash in Korean firms. Consistent with the findings in the US market, we find that the cash value in Korean firms has been increasing from 1990 to 2019. The result shows that the average value of a dollar in cash is $0.678 in the 1990s, $1.199 in the 2000s, and $1.440 in the 2010s. The increase in cash value can be partially explained by precautious motivations for financial constraint and firm-level uncertainty, corporate governance, and investor sentiment in the 2000s. As for the 2010s, only firm-level uncertainty, corporate governance, and investor sentiment can partially explain. In contrast to the US market, we find that the new listed firms and investment opportunities cannot explain the change in both 2000s and 2010s.

Enhancement of Mechanical and Thermal Properties of SU‑8 Photoresist with Multilayer Woven Glass Fabric Based on Micromachining Technology

Wenwen Zhou,Yahui Li,Yunna Sun,Jinyuan Yao,Xutong Song,Guifu Ding 대한금속·재료학회 2020 ELECTRONIC MATERIALS LETTERS Vol.16 No.6

SU-8 photoresist has been more and more widely used as a structural material in micro electromechanical system (MEMS) because of its low cost and excellent biocompatibility. However, the inferior mechanical and thermal performances immensely impinge the reliability of the MEMS device based SU-8 and accordingly restrict its application. Here we report the mechanicaland thermal performance of SU-8 reinforced by the multilayer glass fabric with the MEMS technology. The finite element simulation and specific experiment are conducted, which confirm that the reinforced SU-8 composites have a 281% increase in Young’s modulus and a 64% decrease in coefficient of thermal expansion (CTE) compared with pure SU-8. Additionally,the improved mechanism has also been analyzed, including the excellent interface bonding between the SU-8 and glass fabric, and the high-bond energy of Si–O-Si chain structures in glass fabric. Furthermore, the glass fabric reinforced SU-8 could still possess a high light transmittance to maintain the ability of lithography patterning. Therefore, it is believed thatthe strategy proposed here may satisfy higher requirements of MEMS devices, which guarantees its practical applications in the functional microstructures.

Preliminary design and assessment of a heat pipe residual heat removal system for the reactor driven subcritical facility

Wenwen Zhang,Kaichao Sun,Chenglong Wang,Dalin Zhang,Wenxi Tian,Suizheng Qiu,G.H. Su 한국원자력학회 2021 Nuclear Engineering and Technology Vol.53 No.12

A heat pipe residual heat removal system is proposed to be incorporated into the reactor drivensubcritical (RDS) facility, which has been proposed by MIT Nuclear Reactor Laboratory for testing anddemonstrating the Fluoride-salt-cooled High-temperature Reactor (FHR). It aims to reduce the risk of thesystem operation after the shutdown of the facility. One of the main components of the system is an aircooled heat pipe heat exchanger. The alkali-metal high-temperature heat pipe was designed to meet theoperation temperature and residual heat removal requirement of the facility. The heat pipe modeldeveloped in the previous work was adopted to simulate the designed heat pipe and assess the heattransport capability. 3D numerical simulation of the subcritical facility active zone was performed by thecommercial CFD software STAR CCM þ to investigate the operation characteristics of this proposedsystem. The thermal resistance network of the heat pipe was built and incorporated into the CFD model. The nominal condition, partial loss of air flow accident and partial heat pipe failure accident weresimulated and analyzed. The results show that the residual heat removal system can provide sufficientcooling of the subcritical facility with a remarkable safety margin. The heat pipe can work under therecommended operation temperature range and the heat flux is below all thermal limits. The facilitypeak temperature is also lower than the safety limits

The Effects of Languaging in Response to Automated Written Correction for Grammar Accuracy Improvement

Wenwen Xu,김지현 한국영어교육학회 2023 ENGLISH TEACHING(영어교육) Vol.78 No.1

This study explored the role of written languaging (WL) in response to automated written corrective feedback (AWCF) in L2 accuracy improvement in English classrooms at a university in China. A total of 254 freshmen enrolled in intermediate composition classes participated, and they wrote 4 essays and received AWCF. A half of them engaged in WL after receiving correction, while the other half did not. To measure whether WL could contribute to L2 accuracy improvement, error correction tests were conducted three times. AWCF targeted all types of errors, but the study focused on investigating six language features (nouns, conjunctions, subject-verb agreement, sentence constituents, articles, and prepositions) known as the most frequent errors intermediate students make. The results proved that WL had a positive effect on accuracy improvement overall. However, when individual language features were considered separately, the effects were not the same. The inherent complexity of the features along with L1 influence appeared to affect the effects of WL for accuracy improvement.

The Cabin Lighting Colour Preference of Chinese People

WenWen Song,Junwei Wang 한국색채학회 2017 AIC 2017 Jeju Vol.2017 No.10

Innovative new lighting with suitable colour effects within airplane cabin plays a significant role towards a more comfortable, enjoyable and pleasant flight experience and on-board activities. Colour preference could be affected by different cultural and racial backgrounds as well as age\gender etc., or even at different contexts for the same group of people. Hence the research of the suitable lighting specifically for Chinese people is taking great account of which can meet the expectation of Chinese passengers. This research offers a professional reference of existing cabin lighting quality in terms of the success or failure of the lighting design to meet the satisfy action and needs of passengers in China. It also provided an experimental approach to the quantification and prediction of lighting design based on behavioral and psychophysical research data.

Bridging Differences for Better Mentoring: Lean Forward, Learn, Leverage

Wenwen Tian 아시아테플 2021 The Journal of Asia TEFL Vol.18 No.1

A Model Deviation Correction Method Based on Iterative Learning for Ultrasonic Motor

Wenwen Huang,Jingzhuo Shi 제어·로봇·시스템학회 2022 International Journal of Control, Automation, and Vol.20 No.11

Most control strategies are designed based on the mathematical model of the controlled object. The consistency between the mathematical model and the actual object is the necessary prerequisite to ensure that the actual control performance meets the expectation. In order to make the actual control performance entirely consistent with the expectation expressed by the simulation results, taking the ultrasonic motor control system as an example, a new nonlinear model correction method is proposed. The proposed method generates the timevarying correction of control variable through a simple P-type iterative learning process, so that the response process of the actual system is consistent with the simulation results expressing desired control performance. The direct target of this method is the control performance, and the estimated result is the inverse function of the nonlinear characteristics of the plant. The inverse model is connected in series with the real object, so that the dynamic performance of the actual system is consistent with the designed performance. Comparative experiment results show the effectiveness of the proposed method.