Authors:Christian E. Bassey, Oduneka; Anagha E., Imoh kingsley Ikpe First page: 1 Abstract: Over the years, demand for electricity has continued to grow while supply has consistently declined. The shortages of electricity supply formed the major background for energy crisis in Nigeria. The reason for this is that, all efforts are concentrated at generating electricity from only two major sources, namely: hydropower and gas. Therefore, this study investigated the effects of electricity consumption and its implications on industrial performance in Nigeria. Time series data were used for the study, sourced from the Central Bank of Nigeria Annual Report, Statistical Bulletin, Publications of the International Monetary Fund and the National Bureau of Statistics which spanned from 1981 to 2019. The study employed Fully Modified Ordinary Least Squares Method and Descriptive Statistics to carry out the empirical analysis. The findings revealed that a unit rise in industrial electricity consumption and exchange rate contribute to industrial performance by 9.4% and 44% respectively. This indicator only reflects marginal impact of industrial performance in Nigeria compare to other countries. However, a percentage increase in gross fixed capital formation and gross domestic product reduced industrial performance by 0.018% and 0.020%. Meanwhile, capacity utilization signed positive but not statistically significant. The study concluded that irregular electricity supply has weakened industrial performance in Nigeria despite various energy resources available. Therefore, the study recommended well rounded energy mix option through government policies to complement the existing energy sources available in Nigeria, as well, as other renewable energy resources for industrial sector and domestic use. PubDate: 2022-03-01 DOI: 10.22158/jepf.v8n2p1 Issue No:Vol. 8, No. 2 (2022)
Authors:Hailong Jin First page: 21 Abstract: During the late 1980s and early 1990s, the Chinese economy experienced painful tradeoffs between high economic growth and low inflation: stimulating GDP growth would cause severe inflation spikes, while controlling inflation rates would seriously contract GDP growth. In 1994, the Chinese government initiated a series of macroeconomic reforms to revitalize the Chinese economy. After that, the inflation dropped steadily and eventually achieved the “soft landing” in 1996. The high GDP growth rate has also been stabilized. This research elucidates two core components embedded in China’s 1994 program: currency sterilization and fiscal (revenue) centralization. The results suggest that classic economic models with nominal rigidity postulation may not be compatible with the Chinese economy. PubDate: 2022-03-25 DOI: 10.22158/jepf.v8n2p21 Issue No:Vol. 8, No. 2 (2022)
Authors:Li Yu, Yuan ying Jiang First page: 26 Abstract: The sudden epidemic has a huge impact on the global economy. This paper takes the International crude oil and the SSE Industry Index as the research objects to explore the linkage between the two markets under COVID-19. We use DCC-GARCH to study the dynamic correlation between the two markets before and after the outbreak. The PCA-GARCH model is further used to verify whether there is a spillover effect between the two markets, and finally the time-varying spillover index is used to quantify the spillover effect. The results show that the epidemic has strengthened the overall connection between the two markets. In particular, the correlation between SSE Public and International crude oil has the greatest impact. During the epidemic, crude oil has the most volatility, and most of the volatility series can reach the peak state. There are positive spillover effects among SSE Material, SSE Energy, and SSE Industry. In the total spillover index table, the conclusion of the PCA-GARCH model is verified, that is, the spillover index value is larger when there is a spillover effect. After the outbreak, the total spillover index rose by 10%. Before and after the outbreak, crude oil changed from a volatility sender to a receiver. PubDate: 2022-03-31 DOI: 10.22158/jepf.v8n2p26 Issue No:Vol. 8, No. 2 (2022)
Authors:Can Li, Yu Dang, Yinuo Liu, Xiaorong Liu, Junhong Kang, Yanshan Liao First page: 48 Abstract: Micro, small and medium enterprises (MSMEs) have become an important force in driving the country’s market economy in the 21st century. However, because of the following drawbacks: i.e. single enterprise capital chain, unstable economy, high risk, etc., banks will take many risks if they lend to MSMEs. Therefore, it is necessary to build a sound bank credit decision system to promote the development of MSMEs. The analytic hierarchy process (AHP) is employed to classify the importance level such as credit rating and enterprise strength are used as first-grade indexes, and six indicators in terms of total sales and total profits are used as the second-grade indexes. Then, the eigenvalue method is used to obtain the importance weights of each level of indicators, and the weights of each influencing factor at each level are then calculated to achieve a quantitative analysis of credit risk and rating of each enterprise’s credit risk. This paper combines the existing loan pricing and loan interest rates to give preferential interest rates and higher loan amounts to enterprises with excellent credit risk ratings, and to give certain risky interest rates and lower loan amounts to enterprises with medium credit risk ratings.Based on the model, a quantitative analysis of the credit risk of 302 non-credit record enterprises is carried out and the bank’ credit strategy is provided when the total annual credit is 100 million yuan. Finally, this paper comprehensively considers the impact of credit risk and unexpected factors (e.g., the COVID-19) on enterprises, and provides the bank’s credit adjustment strategy when the total annual credit is 100 million yuan. PubDate: 2022-04-18 DOI: 10.22158/jepf.v8n2p48 Issue No:Vol. 8, No. 2 (2022)
Authors:Mingli Gan First page: 68 Abstract: Fiscal revenue is an important means of macroeconomic regulation and control of the country. It is the financial guarantee to perform and realize government functions. It can effectively allocate resources and income distribution, and then help the stable and healthy development of national economy. According to the relevant data of Sichuan Province from 2000 to 2020, four explanatory variables, namely fiscal expenditure, regional GDP, tax revenue and fixed asset investment, are selected to construct a multiple regression model. Using Eviews10.0, the multiple regression model is estimated, tested and corrected. The empirical results show that the change of fiscal revenue in Sichuan Province is mainly affected by tax revenue and fixed asset investment. Finally, combined with the analysis results, suggestions are put forward for the fiscal revenue growth and economic development of Sichuan Province. PubDate: 2022-04-27 DOI: 10.22158/jepf.v8n2p68 Issue No:Vol. 8, No. 2 (2022)
Authors:Ezra Wasserman Mitchell First page: 75 Abstract: China has imported the Anglo-American law of fiduciary duty into its corporate statute. I argue that fiduciary duty confronts a problem. Its transplantation is into the rich cultural soil of guanxi, a soil that is incompatible with the equally richly developed culture of fiduciary duty.This is the first paper to examine the relationship between fiduciary duty and guanxi. I conclude that, while fiduciary duty may take root in the limited (but important) context of self-dealing transactions, it is likely to fail in its essential function of guiding fiduciary behavior in the presence of a guanxi relationship. PubDate: 2022-05-10 DOI: 10.22158/jepf.v8n2p75 Issue No:Vol. 8, No. 2 (2022)
Authors:Wang Han, Liu Jianhua First page: 104 Abstract: With the escalation of the science and technology war against China, the Committee on Foreign Investment in the United States (CFIUS) continues to expand its powers with the support of Congressional legislation, and plays an increasingly important role in the science and technology war against China. The committee strictly restricts Chinese technology companies’ investment in the United States by means of routine review, case tracing, whitelisting, and long-arm jurisdiction, preventing China from acquiring advanced American technology through investment channels in the United States, so as to curb China’s high-tech development and maintain American technological hegemony. The goal of CFIUS’s review of Chinese companies’ investment in the United States has shown trends such as generalization of security, joint action, focus on emerging fields, and strengthening of law enforcement capabilities China should pay attention to the scope of CFIUS expansion and behavioral trends, and take corresponding countermeasures to avoid and reduce investment risks in the United States. PubDate: 2022-05-16 DOI: 10.22158/jepf.v8n2p104 Issue No:Vol. 8, No. 2 (2022)
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