Keynote Speaker
Prof. Rajah Rasiah
Asia-Europe Institute
University of Malaya
Research Area: Economics and Administration
Title：How will the Coronavirus pandemic affect value chains and the distribution of manufacturing?
Abstract：East Asia became a major basin for manufacturing since the late 1960s as one country after another took advantage of the relocation of labour-intensive and low end production by foreign multi-national corporations (MNCs) from the developed countries. Some East Asian countries, such as the Republic of Korea, Singapore, and Taiwan Province of China experienced similar relocation of production out of their countries as they became developed since the late 1980s. The transition economies increasingly became the major supplier base as they integrated into the global economy from since the late 1970s so much so that China alone accounted for almost 50 percent and 43 percent.respectively of global integrated circuits (IC) and clothing exports in 2018. While giant foreign MNCs largely account for IC exports, domestic firms have been the major driver of clothing exports from China. This picture started to change when the proliferation of Industry 4.0 technologies saw the displacement of labour with robots and drones as firms began to reshore their assembly and testing activities since 2018. The coronavirus pandemic has only heightened these developments as trade wars, production lockdowns, and disrupted supply chains began quickening production relocation since 2020 to trade friendly countries, and final markets.This lecture discusses possible scenarios the world will be facing in the IC and clothing industries with a focus on East Asia.
Prof. Hongtao Yang
Huaqiao University/School of Business Administration
Research Area: Entrepreneurial Management/Marketing management/Economic Management
Title：Research on the Relationship Between Venture Capitalists’ Trust in Entrepreneur and Their Investment Behaviors
Abstract：Venture capitalists’ trust in entrepreneurs and their investment behaviors does not interact directly; Trust is a psychological state rather than static and stable phenomena. The relationship is affected by multiple factors. This study aims to develop a better understanding of the complex relationship and to show the degree of influence among factors, and to reveal “The Bewilderment of Decision-making” of VC. Based on SEM, this paper analyzes the relationship between the factors: the influencing factors at the initial stage of trust, trust, investor risk appetite, entrepreneurs’ behaviors, capitalists’ decision-making Behaviors, capitalists’ post-investment Behaviors. Our qualitative analysis is based on data by issuing 323 questionnaire surveys of 104 Chinese venture capital firms which are divided into different regions by Global Entrepreneurship Monitor (GEM). By analyzing various behaviors, we find that entrepreneurs’ behavior is a key factor in this relationship. Several factors studied earlier have a positive impact on the capitalist’s pre-investment decision-making behavior, but no significant impact on post-investment behavior. These results include trust and investor risk appetite. Through interviews, it was found that the capitalist’s post-investment behavior was related to the capitalist’s ability, resources, management mechanism and other factors.
Assoc. Prof. Zhaojun Yang
Southern University of Science and Technology
Research Area: Financial Engineering
Title：Guarantees, Investment and Growth Options
Abstract：This paper considers an entrepreneur who exclusively has an option to invest in a project. The investment is irreversible but delayable with a growth option. The initial investment cost is totally borrowed from a bank with an insurer's guarantee and the growth investment cost is fully provided by the insurer. In return for the insurer's guarantee and investment, the entrepreneur pays a guarantee fee and a fraction of equity to the insurer on the separate exercise of the initial investment and the growth investment. We assume that the cash flow of the project follows the double exponential jump-diffusion process and it is increased by a growth factor once the growth investment is exercised. We explicitly derive all corporate securities and optimal investment and default thresholds with a fair guarantee. Numerical results show that an entrepreneur would postpone a more promising growth investment. It would be better to compensate the insurer for her/his guarantee with a sufficiently high fraction of equity instead of the guarantee fee, which produces a novel explanation of why such guarantee and investment modes are recently popular.
Assoc. Prof. Haocun Wu
South China University of Technology
Research Area: AppliedStatistics, Data Mining, Financial & Risk Management, Statistical Analysis for Tourism and Hospitality Industries
Title：Prospects of Digital Tourism Economy
Abstract：The COVID-19 epidemic has great impacts on the global tourism industry. As the first major economy to recover from the epidemic, the recovery and transformation of China’s tourism industry have important demonstration significance. The current digital economy is an important driving force in the future industrial upgrading. As an industrial branch, the digital tourism economy has great prospects. Looking forward to the next ten years, the sharing and interactive platform of tourism digital cloud and smart client terminals will become one of the new directions for the digitalization of the tourism industry, and digital technology will reshape hospitality industry and customer experience. The brand-new tourism digital platform uses big data techniques to solve the problems of decentralized and massive tourism data analysis, and incorporates important participants such as tourism resource owners, merchants, consumers, and regulators into the digital governance system to improve management efficiency and cultivate world-leading tourism digital economy ecosystem.