A combined machine learning algorithms and DEA method for measuring and predicting the efficiency of Chinese manufacturing listed companies

Data Envelopment Analysis (DEA) is a linear programming methodology for measuring the efficiency of Decision Making Units (DMUs) to improve organizational performance in the private and public sectors. However, if a new DMU needs to be known its efficiency score, the DEA analysis would have to be re-conducted, especially nowadays, datasets from many fields have been growing rapidly in the real world, which will need a huge amount of computation. Following the previous studies, this paper aims to establish a linkage between the DEA method and machine learning (ML) algorithms, and proposes an alternative way that combines DEA with ML (ML-DEA) algorithms to measure and predict the DEA efficiency of DMUs. Four ML-DEA algorithms are discussed, namely DEA-CCR model combined with back-propagation neural network (BPNN-DEA), with genetic algorithm (GA) integrated with back-propagation neural network (GANN-DEA), with support vector machines (SVM-DEA), and with improved support vector machines (ISVM-DEA), respectively. To illustrate the applicability of above models, the performance of Chinese manufacturing listed companies in 2016 is measured, predicted and compared with the DEA efficiency scores obtained by the DEA-CCR model. The empirical results show that the average accuracy of the predicted efficiency of DMUs is about 94%, and the comprehensive performance order of four ML-DEA algorithms ranked from good to poor is GANN-DEA, BPNN-DEA, ISVM-DEA, and SVM-DEA

A Novel Distributed Representation of News (DRNews) for Stock Market Predictions

In this study, a novel Distributed Representation of News (DRNews) model is developed and applied in deep learning-based stock market predictions. With the merit of integrating contextual information and cross-documental knowledge, the DRNews model creates news vectors that describe both the semantic information and potential linkages among news events through an attributed news network. Two stock market prediction tasks, namely the short-term stock movement prediction and stock crises early warning, are implemented in the framework of the attention-based Long Short Term-Memory (LSTM) network. It is suggested that DRNews substantially enhances the results of both tasks comparing with five baselines of news embedding models. Further, the attention mechanism suggests that short-term stock trend and stock market crises both receive influences from daily news with the former demonstrates more critical responses on the information related to the stock market {\em per se}, whilst the latter draws more concerns on the banking sector and economic policies.Comment: 25 page

FinTech implementation: a way forward to expedite bank operations

The purpose of this study was to investigate the impact of FinTech implementation on operational performance in the banking industry of Pakistan. Using Smart PLS analysis, the study examined the relationship between FinTech implementation and three dimensions of operational performance: accuracy, effectiveness, and efficiency. Data was collected from employees working in commercial banks in Pakistan through a self-administered questionnaire. The results of the study revealed that FinTech implementation has a positive effect on operational performance, as evidenced by the significant positive relationships between FinTech implementation and accuracy, effectiveness, and efficiency. These findings suggest that the implementation of FinTech solutions can significantly improve operational performance in the banking industry, and that investing in FinTech solutions can lead to improved competitive advantage, enhanced customer experience, and reduced costs. The study concludes with recommendations for banks in Pakistan to adopt FinTech solutions to achieve operational excellence, and suggests areas for future research to further explore the impact of FinTech on operational performance in the banking industry

The Growth of Knowledge-intensive Entrepreneurship in India, 1991-2007

There is enough consensus to show that India's economic performance since 1991 is a direct result of the economic liberalization measures that have been put in place. One of the outcomes of this improved performance is the growth of innovations in the country. This was accompanied by or caused by the emergence of a number of technology-based enterprises. This paper takes a critical look at the available quantitative evidence on the growth of knowledge or technologybased entrepreneurship. It then looks at five facilitating factors for the emergence of this phenomenon in terms of the existence of increased market opportunities, availability of financial support schemes in the form of venture capital funds, existence and enlargement of a number of government programmes, a number of private sector initiatives and education, and training leading to the supply of technically trained personnel. The paper concludes with certain policy suggestions for the continued sustenance of this activity.knowledge-intensive entrepreneurship, knowledge process, outsourcing venture capital, angel financing, business incubators

Social capital and management innovation: The case studies of two Chinese Private SMEs

China’s small and medium-sized private enterprises play a vital role in promoting economic growth, technological progress and social development. This thesis investigates the survival environment of China’s small and medium-sized enterprises, discusses their responses to various market risks and systemic obstacles and more deeply explores why they have become the main drivers of Chinese economic growth. Firstly, this thesis systematically reviews the development history and relevant research of China’s small and medium-sized enterprises. Secondly it reviews theory on small enterprises’ corporate governance, social capital theory and incentive theory. Thirdly, we analyze two cases of Chinese private enterprises with the purpose to illustrate emerging problems, devise possible solutions and seek clarification from the theories reviewed. The first case concerns an entrepreneurial company set up by Mr. and Mrs. Y, a couple who has worked and studied abroad. The company is engaged in the pavement construction of highways and in the sale of relevant road high-tech materials. The second case concerns a poultry and pig-breeding enterprise built by a peasant family. The main conclusion of this thesis is that private enterprises in China not only have to deal with risks caused by industry, but also have to face policy volatility and overcome financing difficulties through social capital and social networks. In national capital monopolized sectors, policy volatility will make it hard for private enterprises to survive and social capital will be faced with limitations. So private enterprises have a larger room for development in industries where state capital is less prevailing. The key reasons for the rapid development of private enterprises in China have been innovation spirit and management innovation. This is the main innovation method of the above-mentioned two enterprises.As pequenas e médias empresas (PME) privadas na China têm desempenhado um papel vital na promoção do crescimento económico, no progresso tecnológico e no desenvolvimento social. Esta tese analisa a envolvente em que as PME chinesas operam, discute a forma como respondem não só aos mais diversos riscos de mercado mas também a obstáculos sistémicos e explora as razões pelas quais se tornaram nos principais motores do crescimento económico chinês. Em primeiro lugar a tese apresenta uma perspetiva histórica do desenvolvimento da iniciativa privada na China através da literatura mais relevante. Em segundo lugar faz uma revisão teórica da governação aplicada às PME e da literatura sobre capital social e incentivos. Por fim analisa os casos de duas empresas privadas chinesas com o objetivo não só de ilustrar os principais problemas, mas também de procurar caminhos para a sua solução e de encontrar clarificação através das teorias estudadas. O primeiro caso diz respeito a uma empresa fundada pelo Sr. e pela Sra. Y, um casal que trabalhou e estudou no estrangeiro. A empresa dedica-se à construção de vias de comunicação e à venda de materiais de alta tecnologia para pavimentação.No segundo caso é estudada uma empresa de produção animal iniciada por uma família de camponeses. A principal conclusão desta tese é que as empresas privadas na China têm não só de enfrentar as barreiras próprias dos setores onde atuam, mas também de lidar com a volatilidade das políticas e de ultrapassar dificuldades de financiamento utilizando para tal o seu capital social e as suas redes de relacionamento. Em setores dominados pela presença de monopólios estatais a volatilidade das políticas é um fator que dificulta a sobrevivência das empresas e onde o capital social se defronta com as suas próprias limitações. É precisamente em setores onde o capital estatal está menos presente que as empresas privadas têm mais espaço para se desenvolverem e prosperarem. Como estes dois casos bem representam as razões principais para o rápido desenvolvimento do setor empresarial na China têm sido o espírito de inovação e a inovação em gestão

Industrial evolution and national institutional advantage: a comparative analysis of the photovoltaic industry in Germany, China and South Korea

A number of alternative economic and economic geography theories have been developed to account for the divergence of national political economy and industrial dynamics. These include the varieties of capitalism, developmental state, neo-Schumpeterian innovation, and Gerschenkronian catching-up theories. In this thesis I shall argue that in these theories a core and often shared concept of "institutional advantage" plays a central role in explaining different economic performances across nations. This concept is elaborated as a means of examining the causal relationships between institutional advantages and four necessary functions (market creation, capital mobilisation, process innovation and cost reduction) in the development of the photovoltaic (PV) industry of Germany, China, and South Korea. The development of these industries is examined in detail on the basis of empirical evidence in the form of archival and interview based data. Two main conclusions are reached. Firstly, domestic market creation is not a generally necessary condition for the development of a local PV industry at a national level. China's PV industry grew fast without a sufficient domestic market unlike in Germany. However, domestic market creation is important, because the domestic PV industry, national support policy and the domestic market are interrelated. Secondly, capital mobilisation is a core function in establishing the PV industry. In the 2000s, Korea failed to establish its local PV industry despite an institutional advantage in creating domestic markets, mainly due to the fact that it had an institutional disadvantage in mobilising capital. However, Germany and China succeeded in mobilising capital in their PV sectors, governments playing a decisive role in facilitating the raising of funds in both cases. This research contributes to a better understanding of the nature of industrial dynamics in the context of institutional configurations of a national political economy, broadening the usage of "institutional advantage" by applying this concept to comparative analysis on the national PV trajectories. Moreover, from the perspective of the social system, four necessary functions for the PV industry have been proposed and investigated

The Global Risks Report 2016, 11th Edition

Now in its 11th edition, The Global Risks Report 2016 draws attention to ways that global risks could evolve and interact in the next decade. The year 2016 marks a forceful departure from past findings, as the risks about which the Report has been warning over the past decade are starting to manifest themselves in new, sometimes unexpected ways and harm people, institutions and economies. Warming climate is likely to raise this year's temperature to 1° Celsius above the pre-industrial era, 60 million people, equivalent to the world's 24th largest country and largest number in recent history, are forcibly displaced, and crimes in cyberspace cost the global economy an estimated US$445 billion, higher than many economies' national incomes. In this context, the Reportcalls for action to build resilience – the "resilience imperative" – and identifies practical examples of how it could be done.The Report also steps back and explores how emerging global risks and major trends, such as climate change, the rise of cyber dependence and income and wealth disparity are impacting already-strained societies by highlighting three clusters of risks as Risks in Focus. As resilience building is helped by the ability to analyse global risks from the perspective of specific stakeholders, the Report also analyses the significance of global risks to the business community at a regional and country-level

Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges