The Value Co-creation of Private Equity Fund in China -- Customer Participation, Virtual Vehicle and Service System

In China, based on the existing and dominant management method of private equity fund (PE), a general partner (GP) takes full responsibility for the running of PE This entails a closed management style for all activities of the fund, such as investment, fundraising and management. GP creating value and limited partner (LP) sharing value is still the current mainstream management method. However, in recent years, due to the change of the whole economic structure and environment in China, the profit rate and the project survival rate of PE under the management of GP has declined dramatically necessitating consideration of alternative methods of management to respond to these challenges. Academic research on customer participation and value co-creation under a Service-dominant logic (S-D) framework has been studied for many years in China and worldwide. However, there has been less research on customer participation value co-creation under service-dominant logic, especially as evidenced by empirical evidence from China's PE industry. Research on this issue can have a positive impact on dealing with the current problems faced by China's PE industry. Therefore, this thesis explores these basic and important problems. According to the service-dominant logic, this study focuses on customer participation value co-creation, value co-creation vehicle and value co-creation service system. Value co-creation is an important part of S-D logic, which is created value jointly by the customer and the enterprise. Value co-creation could increase the perceived value and the loyalty of customer. Therefore, based on S-D logic, this thesis tries to illustrate a new pathway to solve these problems for China's PE funds in a logical manner combining theoretical insights with empirical evidence. The research questions that this thesis addresses are as follows. Firstly, the hypothesis is verified that the value co-creation of customer participation has a significant positive impact on customer perceived value. Moreover, the complete mediation effect of customer participation in value co-creation of PE on customer perceived value is explored. Secondly, using actual PE (APE) to build a special vehicle, which is a virtual PE (VPE) which provides a platform for customer participation in PE value co-creation processes. It demonstrates that customer participation (engagement) has a partial mediation effect in value co-creation processes. Thirdly, APE and VPE jointly carry out value co-creation, this interaction process not only makes the high-level integration and optimization of resources possible but will also bring unexpected creativity to PE. This needs to be supported by the service system. In the constructed service system, this thesis focuses on researching customer demand preference discovery and Clustering modeling, in order to determine potential customer demand and value propositions; it also studies collaborative filtering recommendation and decision-making and discusses collaborative decision-making mechanisms for PE. Finally, this thesis focuses on PE equity assets monetization and transaction method. Further, it emphasizes that the fair value of PE equity assets should not be the scalar algebraic sum of the initial value + expected excess return value, but the vector sum (module) - composite value of the complex number. This thesis provides recommendations and conclusions for management strategies for those working in the Chinese PE industry to pursue in strengthening all aspects of value co-creation

Analysis and modeling a distributed co-operative multi agent system for scaling-up business intelligence

Modeling A Distributed Co-Operative Multi Agent System in the area of Business Intelligence is the newer topic. During the work carried out a software Integrated Intelligent Advisory Model (IIAM) has been develop, which is a personal finance portfolio ma

Big Data and Artificial Intelligence in Digital Finance

This open access book presents how cutting-edge digital technologies like Big Data, Machine Learning, Artificial Intelligence (AI), and Blockchain are set to disrupt the financial sector. The book illustrates how recent advances in these technologies facilitate banks, FinTech, and financial institutions to collect, process, analyze, and fully leverage the very large amounts of data that are nowadays produced and exchanged in the sector. To this end, the book also describes some more the most popular Big Data, AI and Blockchain applications in the sector, including novel applications in the areas of Know Your Customer (KYC), Personalized Wealth Management and Asset Management, Portfolio Risk Assessment, as well as variety of novel Usage-based Insurance applications based on Internet-of-Things data. Most of the presented applications have been developed, deployed and validated in real-life digital finance settings in the context of the European Commission funded INFINITECH project, which is a flagship innovation initiative for Big Data and AI in digital finance. This book is ideal for researchers and practitioners in Big Data, AI, banking and digital finance

Big Data and Artificial Intelligence in Digital Finance

This open access book presents how cutting-edge digital technologies like Big Data, Machine Learning, Artificial Intelligence (AI), and Blockchain are set to disrupt the financial sector. The book illustrates how recent advances in these technologies facilitate banks, FinTech, and financial institutions to collect, process, analyze, and fully leverage the very large amounts of data that are nowadays produced and exchanged in the sector. To this end, the book also describes some more the most popular Big Data, AI and Blockchain applications in the sector, including novel applications in the areas of Know Your Customer (KYC), Personalized Wealth Management and Asset Management, Portfolio Risk Assessment, as well as variety of novel Usage-based Insurance applications based on Internet-of-Things data. Most of the presented applications have been developed, deployed and validated in real-life digital finance settings in the context of the European Commission funded INFINITECH project, which is a flagship innovation initiative for Big Data and AI in digital finance. This book is ideal for researchers and practitioners in Big Data, AI, banking and digital finance

Corporate analysis on the consequences derived from the collapse of the Genoa Bridge. Focus on historical review

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A critical analysis of media discourse on the South African broadband policy

Broadband Internet access promises a number of socio-economic benefits to citizens of developing countries like South Africa (SA). However poor policy outcomes of Information and Communication Technology (ICT), particularly in the area of poverty alleviation are evident in SA. This study utilizes Citation Analysis and Habermasien Critical Discourse Analysis (CDA) for understanding media discourse on the SA Broadband Policy formulation process and focuses on the impact and implications of the discourse. Highlighting distortions in these discourses will enable the general public and decision makers to formulate a better informed opinion and should facilitate better understanding and decision making on the costs, need and relevance of broadband access

Real Estate Investment Trusts (REITs) Corporate Governance and Investment Decision-Making in the United Kingdom, South Africa and Nigeria

Adopting Real Estate Investment Trusts (REITs) has been relatively slow due to corporate governance issues and a limited understanding of investment decision-making processes. This study aims to enhance the performance of REITs by developing a Corporate Governance Scoring Framework and improving the investment decision-making process. A mixed-method research strategy was employed to gather data on investment decisionmaking processes and corporate governance in the UK, SA, and Nigeria from 2014-2019. Qualitative data was collected through semi-structured telephone interviews with key decision-makers in the three regimes and analysed using content and discourse analysis techniques. Quantitative data was obtained from the annual financial reports of listed REITs during the study period and analysed using OLS, fixed effects, and random effect models. The Integrated Corporate Governance Index (ICGI), a self-scoring framework, was used to measure the quality of corporate governance strength. The qualitative analysis identified four stages in the investment decision-making process: strategy, search, analysis and adjustment, and consultation or decision and review. The interviews revealed that the board, remuneration, and fee proxies were relevant factors across all three regimes, with audit and ownership also significant in the developing regimes of SA and Nigeria. The board's reputation, experience, and management role were highlighted as crucial during the decision-making process. Performance factors such as 'Operational Stability,' 'Tenant Quality,' 'Experience,' and metrics including 'Rental Income,' 'Dividend Payment,' and 'Yield' were identified. The quantitative analysis demonstrated that adherence to corporate governance codes was highest in the UK, followed by SA and Nigeria. Regression analysis results showed that a higher ICGI score improved return on assets (ROA) and return on equity (ROE) in the UK but not in SA and Nigeria. The index did not significantly impact firm value in the UK and pooled country analysis, but it led to better firm valuation in SA. In the Nigeria REIT regime, the ICGI harmed firm valuation. The study concluded that adherence to country-level corporate governance was more predictive of operational performance than firm valuation. In summary, this study contributes to the existing knowledge by providing insights into the investment decision-making processes of REITs and the importance of corporate governance in improving their performance. The developed Corporate Governance Scoring Framework offers a valuable tool for evaluating the quality of corporate governance in REITs, but further refinement is necessary to keep up with evolving policies

Kyoto University International Symposium 2022 on Education and Research in Global Environmental Studies in Asia --20 Years of GSGES Achievements and Future Opportunities--

Kyoto University International Symposium 2022 on Education and Research in Global Environmental Studies in Asia --20 Years of GSGES Achievements and Future Opportunities--ONLINE + KYOTO UNIVERSITY, YOSHIDA CAMPUS NOV 24 - 25 , 2022Organaized by Graduate School of Global Environmental Studies (GSGES), Kyoto University1. Global Ecology pp.52. Environmental Technology pp.263. Natural Resources pp.6

Paratransit operators' participation in public transport reform in Cape Town: a qualitative investigation of their business aspirations and attitudes to reform

Includes bibliographical referencesThe South African government launched two public transport reform programmes in the last two decades to address generally declining services as well as specific problems with paratransit, the dominant service provider. One programme aims to incorporate paratransit in new bus-based networks in cities; the other is a national paratransit fleet renewal scheme. Cape Town is arguably most advanced with the former, and the first phase of its bus network is nearing completion. Paratransit operators have shown resistance to both programmes, yet there have been few efforts to gain direct insight into their views on their businesses or their attitudes to reform. It is thus difficult to identify reasons behind their unenthusiastic response, or to understand if revisions to the programmes might cause more operators to opt in. This research employed a case study strategy to investigate paratransit operators' business aspirations and needs in Cape Town, and to identify commonalities between their attitudes and the aims of the reform programmes to inform potential amendments to these programmes. The details of incorporating paratransit operators in the new bus system in Cape Town were not systematically recorded, and it was thus first necessary to trace the engagement process between the municipality and these operators. Information was drawn from a variety of sources over a six-year period. Against this background, semi-structured qualitative interviews were conducted with 30 operators and eight drivers from different parts of the city to explore their aspirations and views on reform. Access was arranged through trusted intermediaries and the eight associations to which respondents belonged. The research revealed that operators were not necessarily passive players waiting for government-led change: some established large transport enterprises, whereas others built small-scale businesses. Propositions were subsequently drawn, amongst other things, on the prospects of and potential revisions to the reform programmes. The recapitalisation programme has had the broader reach of the two programmes. The national government should consider extending it and reviewing its financial support mechanism to make it more accessible to small operators. Larger businesses might be well positioned for incorporation in bus operating companies, but concerted efforts must be made to build trust with these operators and to familiarise them with the transition process. By documenting operator incorporation in the bus system, and providing first-hand insight into paratransit aspirations and attitudes to reform, the research ultimately contributes a basis from which to understand operators' existing responses to reform and the potential for their greater participation in it