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学者姓名:黄志刚
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总量宽松货币政策难以在提振产出的同时兼顾风险防范,而定向调控货币政策能否兼顾二者,并纾解小微融资困境有待考证.文章构建包含银行对政策红利与坏账风险之间的权衡机制以及信贷偏好特征的DSGE模型,重点探讨定向降准与支小再贷款两类定向调控货币政策对小微企业的纾困效应.研究结果显示:从作用机制来看,定向调控货币政策通过信贷传导渠道与信号传递渠道均可促进经济增长,但二者在风险防控方面具有异质性.从纾困效应来看,定向降准对小微企业的纾困效果比支小再贷款政策更显著;从政策组合来看,总量宽松货币政策会削弱定向调控货币政策对小微企业的纾困作用,而定向调控货币政策之间搭配组合可进一步缓解小微企业融资困境并提高产出水平.此外,文章进一步从央行福利损失函数、政策前沿曲线以及社会福利分析等多重维度综合评判了定向调控货币政策的调控功效,进一步验证了研究结论的稳健性.
Keyword :
DSGE模型 DSGE模型 信号传递渠道 信号传递渠道 信贷传导渠道 信贷传导渠道 稳增长 稳增长 防风险 防风险
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GB/T 7714 | 李永建 , 黄祥钟 , 黄志刚 . 定向调控货币政策对小微企业的纾困效应研究 [J]. | 系统科学与数学 , 2025 , 45 (3) : 794-812 . |
MLA | 李永建 等. "定向调控货币政策对小微企业的纾困效应研究" . | 系统科学与数学 45 . 3 (2025) : 794-812 . |
APA | 李永建 , 黄祥钟 , 黄志刚 . 定向调控货币政策对小微企业的纾困效应研究 . | 系统科学与数学 , 2025 , 45 (3) , 794-812 . |
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In recent years, the Chinese government has actively pursued the implementation of its 'dual -carbon ' strategy, concurrently establishing a national carbon emissions trading market. Accurate carbon price forecasts have become essential for policymakers and investors involved in related initiatives. Nevertheless, influenced by the interaction of various information sources, carbon trading prices exhibit non -linear and non-stationary characteristics, posing challenges for accurate prediction. Current research, centered around deep learning models, predominantly emphasizes intricate network structures, optimisation algorithms, and data decomposition. However, these models face a developmental bottleneck in extracting carbon price features and efficiently leveraging multi-source information. Consequently, novel ideas and methodologies are imperative. This study focuses on the Hubei and Guangdong regional carbon markets as research subjects. It develops a prediction framework based on a generative adversarial network model to capture the time -series change characteristics of carbon trading prices and the condition matrix. First, a generator prediction model is used to obtain the input matrix features and extract the time series features through a complex network to predict the carbon price data at the next moment using a fully connected layer. Second, a discriminator is utilised to distinguish between the actual values and the predicted values. The generator and the discriminator undergo continuous iterative training and alternate optimisation. This process aims to bring the generated prediction distributions closer to the actual sample data, resulting in more accurate final predictions. The empirical results convincingly show that the proposed model achieves unparalleled forecasting precision in both markets. The proposed model demonstrates the lowest MAE (0.804 and 0.839), lowest MAPE (0.023 and 0.018), lowest RMSE (1.174 and 1.383), and highest R 2 (0.971 and 0.989) across both markets, indicating superior predictive accuracy. Additionally, the proposed model consistently outshines traditional forecasting approaches across one-step, five-step, and ten-step forecasts, affirming its robustness and universal applicability in modelling carbon trading price series. The findings suggest that this study can aid policymakers in optimizing the carbon pricing system. Furthermore, it offers a reference for policymakers to comprehensively leverage external factors, such as regulating traditional energy prices, leveraging international carbon market experiences, and monitoring economic dynamics. This comprehensive strategy can streamline the exploration and management of carbon price fluctuations, ultimately strengthening the carbon market 's risk control system.
Keyword :
Carbon emissions trading market Carbon emissions trading market Carbon price prediction Carbon price prediction Generative adversarial network Generative adversarial network Multi-source information Multi-source information
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GB/T 7714 | Huang, Zhigang , Zhang, Weilan . Forecasting carbon prices in China's pilot carbon market: A multi-source information approach with conditional generative adversarial networks [J]. | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2024 , 359 . |
MLA | Huang, Zhigang 等. "Forecasting carbon prices in China's pilot carbon market: A multi-source information approach with conditional generative adversarial networks" . | JOURNAL OF ENVIRONMENTAL MANAGEMENT 359 (2024) . |
APA | Huang, Zhigang , Zhang, Weilan . Forecasting carbon prices in China's pilot carbon market: A multi-source information approach with conditional generative adversarial networks . | JOURNAL OF ENVIRONMENTAL MANAGEMENT , 2024 , 359 . |
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This study constructs spillover indices from a volatility spillover network perspective using the Quantile Vector Autoregression (QVAR) model, capturing the RMB exchange rate's tail risk and time-frequency effects across varying shock sizes. Empirical results show that the QVAR-based spillover index more effectively captures the tail risk spillover effects across different quantiles. In the time domain, spillovers between RMB exchange rates are dynamic and particularly sensitive to extreme contingencies. In the frequency domain, RMB exchange rates demonstrate significant spillovers, primarily at low frequencies. During extreme upward events, dynamic observations show high-frequency spillovers surpassing low-frequency ones as dominant drivers in the tail spillovers of the RMB exchange rate. Additionally, the analysis of tail dependence indicators indicates a strong asymmetry in RMB exchange rate correlations, emphasizing market participants' heightened sensitivity to unfavorable shocks. These findings can serve as a reference for policymakers to strengthen risk management of the RMB exchange rate.
Keyword :
Asymmetry Asymmetry Quantile connectedness Quantile connectedness RMB exchange rate RMB exchange rate Tail risk spillover Tail risk spillover
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GB/T 7714 | Huang, Zhigang , Zhang, Weilan . Exploring the Spillover effects of tail risk fluctuations in the RMB exchange rate-The time-frequency and quantile connectivity perspective [J]. | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2024 , 72 . |
MLA | Huang, Zhigang 等. "Exploring the Spillover effects of tail risk fluctuations in the RMB exchange rate-The time-frequency and quantile connectivity perspective" . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE 72 (2024) . |
APA | Huang, Zhigang , Zhang, Weilan . Exploring the Spillover effects of tail risk fluctuations in the RMB exchange rate-The time-frequency and quantile connectivity perspective . | RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE , 2024 , 72 . |
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PurposeThe operational framework of external financing in the correlation between the gender of entrepreneurs and firm performance remains to be resolved. This study aims to investigate the mediating effect of external financing on gender-based disparities in private firm performance and to explore its heterogeneity within the Chinese context.Design/methodology/approachBased on national data from the 10th to 13th Chinese Private Enterprise Survey, this study used a bootstrap-based mediation effect model to analyze the role of external financing as a mediator in the relationship between entrepreneur gender and firm performance.FindingsThis study found that external financing is a constructive mediator between entrepreneur gender and firm performance. Heterogeneity analysis revealed that external financing plays a complementary mediation role in the impact of entrepreneur gender on performance in West China. In the tertiary industry, external financing acts as the sole mediator for the impact of gender on firm performance. Notably, this mediating effect is present in non-startups but not in startups.Practical implicationsThe findings suggest that external financing can improve the firm performance of female entrepreneurs. Governments and policymakers should strengthen financial support for female entrepreneurs in West China, tertiary industry and non-startup enterprises.Originality/valueThis paper contributes to the literature on gender and corporate governance by shedding light on the mediating role of external financing in the relationship between the gender of business owners and firm performance.
Keyword :
External financing External financing Firm performance Firm performance Gender Gender Mediating effect model Mediating effect model
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GB/T 7714 | Huang, Lingyun , Liu, Jiankun , Huang, Zhigang . Gender, external financing and firm performance: evidence from Chinese private firms [J]. | GENDER IN MANAGEMENT , 2023 , 39 (3) : 370-387 . |
MLA | Huang, Lingyun 等. "Gender, external financing and firm performance: evidence from Chinese private firms" . | GENDER IN MANAGEMENT 39 . 3 (2023) : 370-387 . |
APA | Huang, Lingyun , Liu, Jiankun , Huang, Zhigang . Gender, external financing and firm performance: evidence from Chinese private firms . | GENDER IN MANAGEMENT , 2023 , 39 (3) , 370-387 . |
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Current consensus protocols for permissionless blockchain cannot balance security, performance and centralization issues. In the paper, we present a reputation based consensus, FPoR, which combines reputation, committee based consensus, PBFT, reward and penalization mechanisms. FPoR can balance scalability, security and decentralization, and promote fairness, increase participation and strengthen security. Experiment results show that FPoR is with high performance and scalability, which can be used for permissionless blockchain. FPoR can also be extended to permissioned blockchain applications. (c) 2022 The Authors. Published by Elsevier B.V. on behalf of The Korean Institute of Communications and Information Sciences. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keyword :
Blockchain Blockchain Consensus protocol Consensus protocol Fairness Fairness PoR PoR Reputation Reputation
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GB/T 7714 | Zhang, Tao , Huang, Zhigang . FPoR: Fair proof-of-reputation consensus for blockchain [J]. | ICT EXPRESS , 2023 , 9 (1) : 45-50 . |
MLA | Zhang, Tao 等. "FPoR: Fair proof-of-reputation consensus for blockchain" . | ICT EXPRESS 9 . 1 (2023) : 45-50 . |
APA | Zhang, Tao , Huang, Zhigang . FPoR: Fair proof-of-reputation consensus for blockchain . | ICT EXPRESS , 2023 , 9 (1) , 45-50 . |
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With the development of blockchain and digital currencies, central banks all over the world are accelerating the process of CBDC development. However, it is still controversial on adoption of blockchain in CBDC design. In the paper, we analyze both functional and non-functional requirements of CBDC design, and make a literature review on blockchain based CBDC schemes. Analysis findings show that permissioned blockchain is more suitable for CBDC than permissionless blockchain. Besides, there are some challenges in blockchain based CBDC, such as performance, scalability, and cross-chain interoperability. Our analysis is timely and can provide guidelines for blockchain based CBDC design. (C) 2021 The Authors. Published by Elsevier B.V. on behalf of The Korean Institute of Communications and Information Sciences.
Keyword :
Blockchain Blockchain CBDC CBDC Central bank digital currency Central bank digital currency Distributed ledger Distributed ledger Fiat money Fiat money
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GB/T 7714 | Zhang, Tao , Huang, Zhigang . Blockchain and central bank digital currency [J]. | ICT EXPRESS , 2022 , 8 (2) : 264-270 . |
MLA | Zhang, Tao 等. "Blockchain and central bank digital currency" . | ICT EXPRESS 8 . 2 (2022) : 264-270 . |
APA | Zhang, Tao , Huang, Zhigang . Blockchain and central bank digital currency . | ICT EXPRESS , 2022 , 8 (2) , 264-270 . |
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With the rapid development of the global economy and stock market, stock investment has become a common investment method. People's research on stock forecasting has never stopped. Accurately predicting the dynamic fluctuation of stocks can bring rich investment returns to investors while avoiding investment risks. Machine learning is a relatively important research field in artificial intelligence today, which is mainly used to study how to use machines to simulate human activities. In recent years, with the continuous development of the economy, machine learning under artificial intelligence has developed comprehensively in different fields, and it has been widely used in the field of the financial economy. Machine learning under artificial intelligence is currently widely used in stock market volatility dynamics and related research. This paper applied machine learning to the prediction of the dynamic relationship of Asian stock market volatility and established a model for predicting the dynamic relationship of stock market volatility under machine learning. By using statistical theory, linear support vector machines, generalizable bounds, and other algorithms, it provides the theoretical basis and feasibility analysis for the model. Through investigation and research, this paper found that compared with ordinary forecasting model methods, the stock volatility dynamic trend forecasting model based on machine learning has a relatively complete forecasting effect, and the accuracy of the machine learning forecasting model was up to 52%. The lowest was 39%, the average prediction accuracy was 46.5%, and the accuracy was improved by 16.8%. This showed that the introduction of machine learning prediction models in the dynamic prediction model of Asian stock volatility is relatively successful.
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GB/T 7714 | Lee, Peiyuan , Huang, Zhigang , Tang, Yong . Trend Prediction Model of Asian Stock Market Volatility Dynamic Relationship Based on Machine Learning [J]. | SECURITY AND COMMUNICATION NETWORKS , 2022 , 2022 . |
MLA | Lee, Peiyuan 等. "Trend Prediction Model of Asian Stock Market Volatility Dynamic Relationship Based on Machine Learning" . | SECURITY AND COMMUNICATION NETWORKS 2022 (2022) . |
APA | Lee, Peiyuan , Huang, Zhigang , Tang, Yong . Trend Prediction Model of Asian Stock Market Volatility Dynamic Relationship Based on Machine Learning . | SECURITY AND COMMUNICATION NETWORKS , 2022 , 2022 . |
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在总结福建省新兴产业发展成效和存在问题等的基础上,提出福建省新兴产业发展思路与布局,针对重点产业梳理了其重点发展领域,并指出了"十四五"时期和"面向2035年"的重点方向,最后提出了保障目标实现的重点措施。
Keyword :
产业集群 产业集群 发展战略 发展战略 新兴产业 新兴产业 福建省 福建省
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GB/T 7714 | 尤政 , 付贤智 , 冯记春 et al. 福建新兴产业发展战略研究 [J]. | 学会 , 2021 , (08) : 11-18 . |
MLA | 尤政 et al. "福建新兴产业发展战略研究" . | 学会 08 (2021) : 11-18 . |
APA | 尤政 , 付贤智 , 冯记春 , 黄志刚 , 郭太良 , 周源 et al. 福建新兴产业发展战略研究 . | 学会 , 2021 , (08) , 11-18 . |
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本研究对福建省智能制造发展的研究背景、发展现状及存在问题进行分析,确定福建省未来五年甚至十五年的发展目标以及战略定位。研究认为,新时期新阶段福建省仍然要以"产业转型升级"为主线,以智能制造为主攻方向,加快推动智能制造高质量跨越式发展,增强制造业"韧性",推动制造业高质量发展和转型升级,力争实现整体性突破。
Keyword :
制造强国 制造强国 发展战略 发展战略 智能制造 智能制造 福建省 福建省
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GB/T 7714 | 周济 , 付贤智 , 李培根 et al. 福建省智能制造发展战略与实施路径研究 [J]. | 学会 , 2021 , (08) : 4-10 . |
MLA | 周济 et al. "福建省智能制造发展战略与实施路径研究" . | 学会 08 (2021) : 4-10 . |
APA | 周济 , 付贤智 , 李培根 , 俞建勇 , 李德群 , 黄志刚 et al. 福建省智能制造发展战略与实施路径研究 . | 学会 , 2021 , (08) , 4-10 . |
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<正>农业问题一直是关系国计民生的重要问题,但由于农业面临着自然风险以及农产品价格波动的风险,农业虽然被列为宏观调控的重点,但又是普通的总量调控政策难以充分惠及的短板领域。自2014年开始,人民银行针对符合条件的涉农金融机构实施定向降准,林朝颖副教授较早意识到定向调控对于经济结构调整将发挥重要的指南针作用,她以敏锐的学术洞察力预见到"定向降准"将成为经济高质量发展阶段的学术热点问题,2015年初,在手头相关文献稀少的情况下毅然以"定向降准对农业企业的产出与风险传导效应研究"为题,
Keyword :
功效研究 功效研究 《基于微观视角的定向降准政策惠农机理与调控功效研究》 《基于微观视角的定向降准政策惠农机理与调控功效研究》 定向降准 定向降准 微观视角 微观视角 精准性 精准性
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GB/T 7714 | 黄志刚 . 定向降准惠农的精准性探讨——评《基于微观视角的定向降准政策惠农机理与调控功效研究》 [J]. | 学术评论 , 2021 , (03) : 54-59 . |
MLA | 黄志刚 . "定向降准惠农的精准性探讨——评《基于微观视角的定向降准政策惠农机理与调控功效研究》" . | 学术评论 03 (2021) : 54-59 . |
APA | 黄志刚 . 定向降准惠农的精准性探讨——评《基于微观视角的定向降准政策惠农机理与调控功效研究》 . | 学术评论 , 2021 , (03) , 54-59 . |
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