Thèses sur le sujet « Digital finance »

Background: While technologies are progressing exponentially and inevitably becoming an essential as a means for business to adapt and survive, no exception is the finance division. Digitalization activities have become do or die tasks for many companies and have been a challenging process for finance departments. Yet, in the context of Finance 4.0 it is barely researched. Due to evolving understanding of how finance departments should look, the Chief Financial Officer (CFO) as the leader of the whole finance division is going through a lot of changes surrounded by uncertainty. The expectations for CFO and finance department are increasing and it becomes unclear what financial specialists should actually deliver for business. Hence, this paper aims to identify how CFO’s role is changing because of Finance 4.0, otherwise known as finance function digitalization, and what skills will be needed to successfully work as CFO in the new environment that seeks to become fully digital and automated. Purpose: The purpose of this master thesis research is to identify and analyze how the CFO’s role is changing because of Finance 4.0 and what skills will be required in future for the CFO position.  Method: A qualitative study with interpretivism philosophy, inductive approach and narrative inquiry strategy is taken as the best options for this particular study. Semi-structured interviews with Chief Financial Officers (CFOs) is a method for primary data collection as well as thematic data analysis for gathered data analysis are chosen in order to answer research questions. Conclusion: This research investigates how Finance 4.0 is changing the role of CFO as well as explores what future skills are required for the profession. The research clearly reveals that digitalization is affecting CFO’s role significantly and brings more uncertainty. Research results show that fundamental responsibilities of a CFO will not undergo changes any time soon as well as the skills required for work will remain largely the same. This is because the professional skills of a CFO directly reflect the responsibilities and working tasks, and, moreover, the finance departments are not completely undigitized. However, even though the foundation of the CFO role remains the same, digital disruption causes expansion and increased complexity. While existing academic knowledge is focused mostly on the change process itself and the benefits of digitalization, CFOs revealed what is challenging for them during this digital journey and what negative effect they have experienced.

Kenya has experienced unprecedented levels of growth in terms of mobile phone penetration and technological advancement, which is boosting financial sector development and subsequently spurring on economic growth. A report published by the Communications Authority of Kenya reported mobile phone penetration at 90.4%, with 41 million mobile phone subscribers as at December 2017. On the back of this, Kenya has made great strides in financial inclusion and with an overall score of 86%, received the top award for inclusive financial services from the Brookings Institution's 2017 Financial and Digital Inclusion Project. This was further reinforced by Financial Sector Deepening Kenya's findings that between 2006 and 2016, the number of fully excluded adults fell from 40% of the population to 17% of the population. One of the technological advancements that is helping bridge the financial inclusion gap is M-Shwari, a mobile banking product launched in Kenya in November 2012, through a collaborative effort between Safaricom and Commercial Bank of Africa. M-Shwari is available to M-Pesa customers and allows users to save and borrow from their mobile phones while earning interest on money saved. This study examined the determinants of M-Shwari usage for deposits and accessing loans. The study was conducted in the Kibera slum in Nairobi County in Kenya and used structured questionnaires to collect data over a six-month period (June 2017–December 2017). The target population was 250 000 persons, with an ultimate sample of 146 individuals. The study employed the Ordinary Least Squares regression technique to examine the drivers of financial inclusion, defined as the number of loans and deposits taken over the past six months on the M-Shwari platform, given respondents' gender, age, education, income, employment and number of dependants. Linear regressions were used to analyse the data. The logistic model was also employed to examine the likelihood of depositing with M-Shwari. The analysis reveals that women have a greater likelihood of using the M-Shwari service, which may indicate that mobile-based interventions could help bridge the gender gap in financial inclusion. While it was found that those who are employed have an increased likelihood of utilisation of the deposit M-Shwari feature, the assessment of determinants of M-Shwari deposits indicate that those who are employed are less likely to deposit money in M-Shwari. This may be due to the plethora of options at their disposal that offer superior benefits over and above those offered by M-Shwari. Education was also a significant determinant and the study found that those with higher levels of education were more likely to use the deposit feature of M-Shwari, but less likely to use the loan feature. The implication of this could be that those who were better educated were in a better position to weigh the pros and cons of loans from M-Shwari versus other sources. While an increase in income increased overall use of the M-Shwari service, a number of dependants linked to pressures on income meant that individuals with a higher number of dependants were less likely to deposit money with the M-Shwari service but more likely to borrow from the service to supplement their income.

This paper will show the effect of cryptocurrencies, specifically Bitcoin and Litecoin, on a diversified portfolio of traditional and alternative assets. By using weekly closing price of these data, I use a single-index model to find betas, Sharpe ratios, and asset correlations. Then using the Markowitz Portfolio Optimization model to find optimal weights both with and without percentage restrictions. To date there is little academic research into cryptocurrency portfolio management. This paper expands upon a similar study done in the summer of 20131 through the Université Libre de Bruxelles. However, their data was from before a major spike in Bitcoin demand in November that same year, and did not include Litecoin. This paper fills the gap.

Digital currency comes in many forms however Bitcoin stands out as the most popular. Bitcoin, released to the public in 2009, remains in the infancy stage of the technology lifecycle. Bitcoin has no regulatory body, central bank or government backing creating doubt as to the digital currency’s legitimacy. Despite Bitcoin’s lack of “official” recognition, the digital currency’s popularity continues to grow as the number of merchants and vendors accepting the currency expands globally.

Focusing solely on the U.S. economy and monetary system, the lack of regulation and government recognition leaves legal disputes involving users of Bitcoin in the hands of a U.S. judicial system lacking previous case law as guidance. This research paper provides an in-depth analysis of the technical, economic and regulatory challenges facing the U.S. Federal Court system involving Bitcoin. A qualitative content analysis was employed in the exploratory review of 50 federal judicial cases involving Bitcoin. Key findings include discrepancies between the U.S. Judicial System and the U.S. Internal Revenue System on what and how to categorize Bitcoin, the value of bitcoin mining equipment, and the types of federal cases coming before the U.S. Judicial Courts involving Bitcoin.

This research aims to investigate the determinants influencing the use of digital finance platform (DFP) for personal financial management (PFM) and its consequences on rural Chinese. Data are collected from 403 rural residents in China and analysed using Partial Least Squares-Structural Equation Modeling. The findings show that performance expectancy, effort expectancy and facilitating conditions positively influence the use of DFP, which then lead to net benefits and user satisfaction on PFM of rural Chinese.

This thesis offers a critical investigation of the Bitcoin currency and the operation of its technical structure, i.e. blockchain technology. The main objective of the research is to identify and describe the specific power dynamics performed by and through this digital phenomenon. “Power dynamics” are framed in this work largely in terms of authority and sovereignty. To structure an exploration of such dynamics, the narrative is overarched by four different notions of “utopia” —as paradox, ideal, no-place, and imagined governance— that address the following main questions always underpinned by the general inquiry on power: What is the Bitcoin Blockchain? Where is it located? How are power relations performed in it? And how are power relations modified in relation with previous institutional systems? The thesis addresses distinct notions of authority in Bitcoin through the observation of its historical, spatial, and organizational characteristics. It maps the techno-political emergence of the blockchain system, the geographical distribution of Bitcoin’s infrastructural network, and the strategies for governance involved in its development as software. Based on the observation of these settings, this thesis argues that Bitcoin posits a restructuration of power dynamics through the automation of code, in particular, through its process of production. In order to develop this restructuration, the power dynamics of the Bitcoin blockchain are weighted against authority models of the state’s institutions. The thesis builds upon existing political theories of Empire (Hardt and Negri), protocol (Galloway), and the Stack (Bratton) to develop a critical account of Bitcoin’s power dynamics. The work sits in between the disciplines of Media Theory, Software Studies, Political Theory, and Digital Methods, and makes use of qualitative and quantitative methods to empirically support the former argument.

Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

Traditional financial theories see capital structure as a result of mainly financial, tax and growth factors (Modigliani & Miller, 1958). But corporate governance theories (Jensen & Meckling, 1976) and business strategy theories (Barton & Gordon, 1988) suggest that ownership structure and ownership concentration, product diversification and asset specificity may also influence capital structure. Focusing on the examination of the determinants of capital structure in Chinese listed companies, this research goes beyond financial factors and considered business strategy and corporate governance approaches, and their impact on capital structure, in a transitioning Chinese context where institutions, expertise and regulatory processes are different to, but converging on, Western approaches. A panel data set of 1,098 Chinese listed companies for the period of 1991 to 2000 was collected from published sources, and conventional and innovative econometric methodologies were used to model a range of relationships between capital structure and its financial and non-financial determinants. The statistical approaches used in this study included Ordinary Least Squares Model and also Linear Mixed Model, which is a powerful tool to examine panel data where independence of explanatory variables is not assumed. The analysis also involved Hox’s model building procedures to measure model fit. The capital structure of listed companies in both the Shenzhen Stock Exchange and the Shanghai Securities Exchange is positively related to a firm’s tax rate, growth and capital intensity and negatively related to a firm’s profit and size. Other financial factors such as tangibility, risk and duration are non-significant. The capital structure of listed companies, particularly in the Shenzhen Stock Exchange, is positively related to product diversification and negatively related to asset specificity. The capital structure of listed companies in the Shanghai Securities Exchange is positively related to government ownership and ownership concentration of the largest shareholder and negatively related to legal person ownership and ownership concentration of the ten largest shareholders. The data and modelling support financial and non-financial determinants of capital structure. In particular, information asymmetry, business diversity and asset specificity have a significant impact on capital structure. In addition the empirical work in the study supports agency cost explanations of debt and equity. Finally the research demonstrates that the two main financial markets in China, Shenzhen and Shanghai, have operated differently but are converging towards a common norm. The research contributes to the general field of capital structure and provides valuable insights into the nature of the Chinese firm and the evolution of the Chinese financial system.
Doctor of Philosophy

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The present work aims to study digital media that can assist individuals to seek information to improve the relationship with their personal finances, because the act of going into debt can endanger the balance of the family budget. The use of the World Wide Web, combined with supports sounds and video simulators and mobility technologies to promote financial education can be a personal economic model for guidance. The financial health depends on a good relationship with time. In addition to knowing how much you earn and how you spend it is crucial to be aware of the instance the money comes and the moment it leaves. Thereby, to understand the nature of debt, it is important to understand the debt cycle. The ideal is to manage the expenditures before the entrance of money, avoiding on thi way the need for loans and of course the interest payment. The study suggests that using technology as an aid to financial education can be an important ally in the organization and programming of household spending, promoting, consumer, awareness and avoiding debt and bad debt
O presente trabalho pretende estudar os meios digitais que podem auxiliar o indivíduo a buscar informações para melhorar o relacionamento com suas finanças pessoais, pois o ato de se endividar pode colocar em risco o equilíbrio do orçamento familiar. O uso da rede mundial de computadores, aliado a suportes de áudio, vídeos, simuladores e as tecnologias de mobilidade para divulgar a educação financeira podem ser modelo para uma orientação econômica pessoal. A saúde financeira depende de uma boa relação com o tempo. Além de saber o quanto se ganha e como se gasta, é fundamental estar atento ao momento em que o dinheiro entra e o instante em que ele sai. O ideal é coordenar as despesas para que estas sempre aconteçam após a entrada do dinheiro, evitando a necessidade de empréstimos e, claro, o pagamento de juros. O estudo sugere que utilizar a tecnologia para auxiliar na educação financeira pode ser uma importante ferramenta na organização e na programação dos gastos familiares, fomentando o consumo consciente e evitando o endividamento e a inadimplência

This study contributes to the existing literature by combining the field of digitaltransformation of the finance function and interim management. To answer the researchquestion, a qualitative multiple case-study was conducted that consisted of 10 semi-structuredinterviews with interim CFOs that have over 10 years of experience in digital transformationsof the finance function. The collected empirical evidence was analyzed through the lens ofseveral expectations derived from the first 6 steps in Kotter's (1995) 8-step change model andthrough other findings that emerged from immersing into the two separate fields of literature.The conceptual framework highlights critical aspects that organizations need to carefullyprocess to successfully conduct organizational change.The results of this research show that there are several efforts from interim CFOs as digitalchange agents helping organizations looking towards digital solutions in their financefunctions. While the interim CFOs enter organizations with a lot of necessary experience andknowledge of the available market technologies, they have an inadequate organizationalspecific knowledge, materializing in an insufficient understanding of the organizationalculture, internal systems and processes. This insufficient knowledge, in combination withbeing an external change agent and conservative tendencies within organizations gives rise toresistance towards the transformation. The interim CFOs employ change sponsors as acomplementary mechanism by which the problems revolving around the aforementionedflaws are mitigated. The underlying effort of the interim CFO is to increase the transparency,involvement and commitment throughout the transformation process. This research is anearly contribution to the nascent state of combining these two streams of literature, and thereare multiple angles of approach for future research.

Customers’ use of digital banking has reshaped traditional banking, and senior level bank executives must know how to leverage this innovation to improve customer service to increase profitability. Using the technology acceptance model as the conceptual framework, the purpose of this multiple case study was to explore effective digital banking strategies that senior level executives used to improve customer service to increase profitability. The target population for this study included senior-level executives from 3 banks in Mauritius possessing successful development and implementation experience in digital banking strategies to improve customer service. Data were collected through semistructured interviews and organizational documents, which were analyzed in accordance with Yin’s 5-phase data analysis process consisting of pattern matching, explanation building, time-series analysis, program logic models, and cross-case synthesis. The use of member checking and methodological triangulation increased the trustworthiness of data interpretations. Three themes emerged from the analysis of data: use of mobile strategies to migrate customers to digital banking, challenges to migrate customers to digital banking, and digital banking innovation. The implications of this study for positive social change include improving convenience to customers; promoting green banking; and providing easy access to banking to the poor, those with physical disabilities, and those living in remote and rural areas.

The purpose of this project is to analyze whether i3 Strategy of Applied Digital Solutions (ADS) was necessary to meet the fast-moving IT industry. i3 Services Strategy is an integrated corporate strategy to reengineer the organizational structure of ADS.

"This study enquires into the accounting standard system in Australia and questions the appropriateness of its core democratic participatory vehicle, the due process. In doing so it highlights issues associated with self-regulating authorities and their policy making practices. The study is pertinent to the extent it reviews a major paradigm shift within the Australian public sector and more specifically local government financial reporting. Spanning the course of three decades it examines the reasons for such a paradigm shift, the major actors involved, the actual changes made and the effectiveness of those changes."
Doctor of Business Administration

"This study enquires into the accounting standard system in Australia and questions the appropriateness of its core democratic participatory vehicle, the due process. In doing so it highlights issues associated with self-regulating authorities and their policy making practices. The study is pertinent to the extent it reviews a major paradigm shift within the Australian public sector and more specifically local government financial reporting. Spanning the course of three decades it examines the reasons for such a paradigm shift, the major actors involved, the actual changes made and the effectiveness of those changes."
Doctor of Business Administration

Viviamo in un mondo in cui il cambiamento costante è l’unica certezza; un cambiamento che si ripercuote in ogni aspetto della vita dell’uomo. In questo contesto, caratterizzato anche dalle mutevoli complessità del business, per stare al passo con questi cambiamenti e per svolgere in futuro un ruolo chiave nel panorama internazionale, anche le aziende dovranno adattarsi e, in particolare, il volto della funzione di marketing dovrà cambiare di conseguenza. Lo scopo di questa tesi è proprio andare a investigare questo adattamento al cambiamento da parte delle aziende: in che modo è cambiato il loro modo di fare Marketing e approcciarsi al consumatore, in che modo la digitalizzazione ha influenzato, supportato e cambiato il business plan aziendale e, in un certo qual modo, la vita stessa del marketer da un lato e del consumatore dall’altro. Nel corso del lavoro, verrà data particolare importanza all’ambito dei Financial Services, un settore che solo recentemente si è affacciato alle nuove soluzioni rese disponibili dalla tecnologia, per poi focalizzarsi sulle piattaforme che supportano questi nuovi trend di mercato. Infine sarà presentato uno use-case relativo all’utilizzo della piattaforma di Marketing Cloud (connessa a Service e Sales Cloud) per rispondere alle esigenze di un’azienda operante nell’ambito dei Financial Services. L’obiettivo di quest’ultima è quello di passare da una situazione AS-IS in cui sono presenti un sistema dedicato per la gestione dei lead, MS Dynamics e soluzioni locali per il CRM, ad una soluzione TO-BE in cui verrà implementato Salesforce in tutti i paesi in cui essa opera, con una nuova piattaforma CRM comprensiva di Lead Management System, Marketing Automation e Customer Care.

Created in 2009, the digital currency of bitcoin is a relatively new phenomenon. During this short period of time, it has however displayed a strong development of both price and trade volume. This has led to increased media attention, but also regulators and researchers have developed an interest. At this moment, the amount of available research is however limited. With a focus on the price volatility of bitcoin and an aim of finding drivers of this volatility, this study is taking a unique position. The research has its basis in the philosophical position of positivism and objectivism. This has shaped the research question as well as the construction of the study. The result is a describing and explaining research with a deductive research approach, a quantitative research method and an archival research strategy. This has in turn stimulated an extensive literature review and information search. Areas of discussion are microstructure theory, the efficient market hypothesis, behavioural finance and informational structures. Due to the limited amount of previous bitcoin research within the area of price volatility, the study has drawn extensively on research performed on more classical assets such as stocks. Nevertheless, when available, bitcoin research has been used as a foundation/reference and an inspiration. Reviews of academic literature and economic theories, as well as public news helped to identify the variables for the empirical study. These variables are; information demand, trade volume, world market index, trend and six specified events, occurring during the chosen sample period and included in the study as dummy variables. The variables are all analysed and included in a GARCH (1,1) model, modified following a similar research by Vlastakis & Markellos (2012) on stocks. This GARCH (1,1) model is then fitted to the bitcoin volatility registered for the sample period and is able thereby able to generate data of if and how the variables affect the bitcoin volatility. The test result suggests that five of the ten variables are significant on a 5 %-level. More specifically it suggests that information demand is a significant variable with a positive influence on the bitcoin volatility, something that corresponds to the literature on information demand and price volatility. This also relates to the events found significant, as they generated bitcoin related information. The significant events of the Cypriot crisis and the failure of the bitcoin exchange MtGox are thus specific examples of how information affects price volatility. Another significant variable is trade volume, which also displays a positive influence on the volatility. The last significant variable turned out to be a constructed positive trend, suggesting that increasing acceptance of bitcoin decreases its volatility.

Gräsrotsfinansiering är en relativt ny finansieringsform som etablerats på den svenska marknaden. Det finns flertalet olika varianter av gräsrotsfinansiering, men den som har behandlats i uppsatsen är den lånebaserade gräsrotsfinansieringen. Den konstellation vid lånebaserad gräsrotsfinansiering som har varit föremål för undersökning är den när privatpersoner lämnar kredit till andra privatpersoner, med en digital plattform som förmedlare av krediten. Eftersom finansieringsmetoden har varit, och fortfarande är, under ständig utveckling har det medfört en eftersläpning gällande lagstiftning för det aktuella. Det finns således i dagsläget ingen särskild lagstiftning på området. Emellertid har under år 2018 ett betänkande av statens utredning på finansieringsformen lagts fram i Sverige, samt ett förslag på förordning på EU-nivå framställts, varav en framtida reglering är att vänta. Syftet med uppsatsen är att undersöka vilken lagstiftning som blir tillämplig vid ovan nämnda partskonstellation samt att undersöka om kreditgivare erhåller något konsumentskydd. Om så inte är fallet ska en undersökning göras om det föreligger ett behov av konsumentskydd för kreditgivare gentemot plattformar. För att undersöka det har vi i uppsatsen redogjort för vilka skyldigheter och rättigheter som uppstår för respektive part i samband med avtalen jämte en undersökning och analys av den kreditgivande partens konsumentskydd. De två digitala plattformarna Lendify och Fellow Finance är de plattformarna som särskilt har undersökts, för att bringa klarhet om gällande lagstiftning för finansieringsformen. I uppsatsen har det framkommit att konsumentlagstiftning enligt konsumentkreditlagen endast blir tillämplig på kredittagares och plattformars förhållande. Däremot uppstår inget konsumenträttsligt ansvar enligt lagstiftning för plattformar gentemot kreditgivare, trots att det kan anses föreligga ett visst konsumentförhållande. Således föreligger en avsaknad av konsumentskydd för kreditgivare gentemot plattformar vid lånebaserad gräsrotsfinansiering. Vidare torde det föreligga ett behov av konsumentskydd för kreditgivaren.

This thesis examines the significance of crowdfunding for Australian filmmakers and provides an empirical basis to current claims about the role of crowdfunding in the film production and policy sectors. It has found that crowdfunding is a small but growing source of supplementary finance which is opening up new possibilities for Australian independent screen content producers. This project also highlights the discussion within Australian film policy circles that is opening the way for crowdfunding to potentially become a larger and more formalised component of current and emerging policy initiatives.

In the past decade, the financial industry has been criticized to lack a faster digital transformation to provide more efficient services, where FinTech (a neologism generated from the contraction of “(Fin)ancial” and “(Tech)nology”) start-ups or fintechs represent a paradigm shift to reinvent the industry. FinTech is gaining attention in multiple academic disciplines, however, it was found that it has been neglected from the international business discipline to understand the internationalization process of fintechs. Furthermore, as the financial industry is an important cornerstone to foster economic growth and social welfare, particularly in the context of Latin American emerging countries, lack of studies in this context also motivated the development of this thesis. The purpose of this study is to accommodate FinTech in the international business discipline drawing from network theory and born-digital firms’ characteristics, emphasizing on core activities within the digital value chain to analyze the internationalization process and identify the main challenges. A conceptual framework was developed to analyze the internationalization process of Ecuadorian fintechs and the challenges faced. The research has a qualitative approach, employing multiple case studies strategy, where semi-structured interviews with founders and senior managers of four Ecuadorian fintechs were conducted. Empirical findings showed that despite having a high digital value chain and take advantage of internet technologies to internationalize faster, Ecuadorian fintechs followed a gradual regional expansion within Latin American countries and their internationalization process was mostly network-driven. Furthermore, besides the most prominent internationalization challenges such as liabilities of outsidership (LoO) and institutional regulations, additional resource-related internationalization challenges were found such as funding, skilled IT talents and innovation, which raise the importance to emphasize in such challenges for further research.

Сформульовано інформаційну концепцію фінансів, що ґрунтується на розумінні інформації як невід’ємному атрибуті, внутрішній об’єктивній властивості фінансових відносин. Вперше в українській фінансовій науці комплексно досліджено фінансове рахівництво (від англ. financial accounting, що транслітерується українською як фінансовий еккаунтинг) – інформаційну інфраструктурну підсистему фінансів, що характеризується відкритістю інформаційних продуктів і послуг і об’єктивні реально існуючі у суспільстві зв’язки і взаємовідносини якої в інформаційному суспільстві організовуються у цілісний самостійний інститут. Розкрита сутність, особливості, призначення в економіці макро- і мікрорівнів податкового рахівництва, котре частково є підсистемою фінансового рахівництва. Взяті в цілому фінансове, управлінське і податкове рахівництво формують інформаційну підсистему фінансів, інфраструктурною підсистемою якої є бухгалтерський облік. Based on the attributive concept of information the information concept of finance formulated. Notions of the primary (comprehensive) information and the secondary (not equivalent to the primary) information in finance explored, interconnections and interdependences between them in finance investigated. The primary information is an attribute of finance, and the human mind and technical means, perceiving and fixing the primary information, form the secondary information. All measurements and financial calculations are carried out precisely on the secondary information, which characterizing the properties of the primary, depends on it, but is not it. Discrepancies between the primary and secondary information are the cause of an information uncertainty and risks in finance. The information approximation as the opposite of the informational asymmetry discovered in finance as an objective law. The information approximation visible manifested in the digital economy. The information asymmetry and information approximation exist in finance simultaneously, but the first one usually ahead of the second one. The information approximation has the asymptotical character, which based on the postulate of attributive concept of information, which means – it is impossible to measure the primary information, and with the development of the society, the secondary information is as close as possible to the primary one, but the complete correspondence of the secondary information to the primary does not occur. The financial accounting is an information subsystem of finance and in the modern finance plays a key role in approximation of the secondary information to the primary one. Theoretical and institutional pillars of financial accounting, its evolution during the last century, and perspectives in Ukraine investigated in the thesis. Financial accounting shows as systematic activities on detection, collection, analysis, and presentation to different information products and services, which contain exclusively opened information in acceptable and convenient for users forms and methods. The information is opened because contains not restricted by access information that does not belong to the confidential, secret or official. Jointly with the managerial accounting, the financial accounting creates the holistic information subsystem of finance. Bookkeeping is the information infrastructure subsystem of the last one. Functions and peculiarities of the financial accounting in the macroeconomic and microeconomic also explored and investigated in activities of Ukrainian central government and local finance. Uniqueness and role of financial accounting business investigated too. Discovered that in informational industry average statistical employee creates twice more GDP than average in Ukrainian economy. Tax accounting investigated as a subsystem of the financial and the managerial accounting. Its peculiarities, functions and role of the tax accounting in the modern macroand microeconomics discovered based on the information concept of finance, institutionalization concept, and modern knowledge of the phenomenon of information. Additionally to objective properties of the information phenomenon which already explored by science, a unique phenomenon of financial information discovered: only financial information has ability to present everything in economy in a comparable in time and space value (monetary) measurement. Сформулирована информационная концепция финансов, которая базируется на понимании информации как на неотъемлемом атрибуте, внутреннем объективном свойстве финансовых отношений. Впервые в украинской финансовой науке комплексно исследовано финансовое счетоводство (от англ. financial accounting, которое транслитерируется на русский язык как финансовый эккаунтинг, а на украинском – финансовое рахивництво) – информационная инфраструктурная подсистема финансов, которая характеризуется открытостью информационных продуктов и услуг и объективные реально существующие в обществе связи і взаимоотношения которого в информационном обществе организуются в целостный самостоятельный институт. Раскрыта сущность, особенности, предназначение в экономике макро- и микроуровней налогового счетоводства, которое частично является подсистемой финансового счетоводства. Взятые в целом финансовое, управленческое и налоговое счетоводство формируют информационную подсистему финансов, инфраструктурной подсистемой которой является бухгалтерский учет.

Actualmente estamos a trasformar-nos numa sociedade cada vez mais ligada ao mundo digital, nas suas mais diversas formas, através dos dispositivos avançados que a tecnologia disponibiliza no mercado. Este tipo de sociedade, exactamente por viver no digital grande parte da sua vida, irá também atribuir um grande valor e importância aos conteúdos. Os conteúdos modificam-se constantemente, mas são a base da Web 2.0 e, por isso, são o que a define e aos seus utilizadores; de tal modo que acabam por influenciar culturas e a forma como o utilizador escolhe relacionar-se com os seus pares. Esta troca de conteúdos e informações entre diversos utilizadores de diferentes culturas é potencializada pelo aparecimento das Redes Sociais, que juntam em comunidades online uma enorme quantidade de indivíduos ávidos por produtos e serviços que incluam “personalização”, “proximidade” e “participação”. A Web 2.0, com todos os seus meios de divulgação e produção democratizados e as suas Redes Sociais deu origem a práticas de trabalho e produção em conjunto, que vieram mudar a forma como são hoje desenvolvidos variados projectos. O “conteúdo gerado por utilizador”, a “angariação de multidão” (“crowdsourcing”) e o “financiamento por parte da multidão” (“crowdfunding”) são algumas das actividades melhor sucedidas neste novo panorama. O conteúdo devolve o papel de produtor ao utilizador, criando-se assim uma enorme variedade de conteúdos individualizados, enquanto a angariação e o financiamento provam que, em conjunto, a multidão pode produzir de forma eficaz e organizada, aliviando marcas e empresas de custos económicos, ou até mesmo juntando recursos para que possam investir noutros utilizadores. Envolvidos nas práticas acima descritas, aparecem diversos tipos de figuras, e utilizadores, tais como os “prosumidores”, os “pro-am” e os “carreiristas em série”; munidos de meios com qualidade mais do que suficiente para produzir produtos e conteúdos por parâmetros profissionais, estes utilizadores modificarão o contexto em que se procura e exerce uma profissão.
Currently, we’re becoming a society more connected to the digital world, in its various forms, through the advanced devices that technology places on the market. This kind of society, exactly for living a big part of its life in the digital, will also assign a great importance to content. Contents change constantly, but they’re the basis of Web 2.0 and for that what defines it and its users, so that they define their culture and the way they’ll choose to relate with others. This exchange of content and information between several users from different cultures was potentiated by the appearance of Social Networks that put together in online communities a huge quantity of avid individuals for “customization”, “proximity” and “participation”. Web 2.0, with all its democratized means of divulgation and production and its Social Networks, gave rise to work and production as a group, that came to change the way projects are developed today. “User generated content”, “crowdsourcing” and “crowdfunding” are some of the activities that succeeded in this new perspective. The first one gives back to the individual the role of producer, creating a lot of new individualized contents, whereas the others prove that in a organized group a crowd can produce effectively, relieving brands and companies of economic costs, or even putting together resources so they can invest in other individuals. Involved in the practices described above, different types of users appear : “prosumers”, “proams” and “serial-careers” are some examples; bearing means with more than enough quality to produce products and content by professional parameters, this will modify the context in which we search and practice a profession.

Consumers today leave a fragment of information when they pay with their debit and credit cards. The aim of our work is to investigate ways to design a concept of a system in which digitally stored information that today is fragmented among several different holders, can be assembled into a system and made available to consumers. In our study of how a system for financial flow of information should be designed, we intend to study the present situation and the attempts made to alter it into a more informative reality. We intend to investigate the flow of information when a consumer pays by card, and the possible solutions regarding the design and transportation of digital receipts. A majority of the information of our digital consumption is today handled digitally. We pay bills and make purchases online with debit- and credit cards. Some of this information is available digitally for the parties involved. However, there is an essential element of information that is not being made available digitally to consumers. The digital receipt is a natural part of the whole that is our idea. The digital nature of the information creates opportunities for new services and markets, but the digital receipt also replaces the unwanted physical receipt. We found that there is an interest among consumers for the introduction of the digital receipt and the information that it enables. We have for this purpose created a conceptual design, and initiated a discussion on the future systems of private financial information.

Consumers today leave a fragment of information when they pay with their debit and credit cards. The aim of our work is to investigate ways to design a concept of a system in which digitally stored information that today is fragmented among several different holders, can be assembled into a system and made available to consumers. In our study of how a system for financial flow of information should be designed, we intend to study the present situation and the attempts made to alter it into a more informative reality. We intend to investigate the flow of information when a consumer pays by card, and the possible solutions regarding the design and transportation of digital receipts. A majority of the information of our digital consumption is today handled digitally. We pay bills and make purchases online with debit- and credit cards. Some of this information is available digitally for the parties involved. However, there is an essential element of information that is not being made available digitally to consumers. The digital receipt is a natural part of the whole that is our idea. The digital nature of the information creates opportunities for new services and markets, but the digital receipt also replaces the unwanted physical receipt. We found that there is an interest among consumers for the introduction of the digital receipt and the information that it enables. We have for this purpose created a conceptual design, and initiated a discussion on the future systems of private financial information.

Драгунов, Д. М. Фінансові інструменти стратегічного розвитку сфери охорони здоров’я в умовах цифрової економіки : дис. ... д-ра філософії : 072 / Д. М. Драгунов. - Чернігів, 2021. - 272 с.
Дисертація присвячена комплексному та ґрунтовному дослідженню фінансових інструментів стратегічного розвитку сфери охорони здоров’я в умовах цифрової економіки. Розглянуті підходи щодо доктринального розуміння економічної природи сфери охорони здоров’я дозволило визначити її сутність як складну соціально-економічну систему, основним призначенням якої є забезпечення реалізації найважливішого соціального принципу: збереження та поліпшення здоров’я громадян, надання їм висококваліфікованої лікувально-профілактичної допомоги. Виходячи з умов цифрової економіки, охорона здоров’я - це система фінансових та соціально-економічних відносини, які формуються у процесі задоволення потреб населення в медичних послугах. В умовах цифрової економіки та нових глобальних викликів економіка охорони здоров’я вивчає дію законів ринку в системі медичної допомоги та вплив охорони здоров’я на основний фактор виробництва та ключовий елемент розвитку національної економіки в сучасних умовах глобалізації – людський капітал. За результатами дослідження еволюції сфери охорони здоров’я визначено її ключову роль в функціонування національної економіки в площині збереження здоров’я суспільства, формуванні потенціалу забезпечення високих соціальних стандартів життєдіяльності суспільства, а також обґрунтовано її роль у забезпечення оптимального рівня національної безпеки держави. Доведено, що ефективне використання фінансового інструментарію забезпечення сфери охорони здоров’я формує передумови для більш оптимального та раціонального використання наявних фінансових ресурсів та визначає подальші можливості щодо збільшення обсягів їх залучення. Саме такий підхід до формування фінансового інструментарію визначає умови та характер динаміки та структури надання медичних послуг, нарощення темпів стратегічного розвитку сфери охорони здоров’я, що є критично важливим в умовах нестабільності національного та глобального економічного середовища. Обґрунтовано, що в сучасних реаліях визначальна роль у доступності та забезпеченості населення медичними послугами належить саме державі. Водночас акцентовано увагу, що ефективна державна політика у сфері охорони здоров’я неможлива без належного її фінансового забезпечення, джерелами якого в сучасних умовах в більшості державах є бюджетне фінансування та кошти юридичних та фізичних осіб. Варто акцентувати увагу на тому, що саме достатність фінансове забезпечення сфери охорони здоров’я формує її потенціал стратегічного інноваційного розвитку, виступає ключовим фактором збереження людського капіталу та сприяє реалізації стратегії економічного розвитку держави. Проведений аналіз досвіду провідного держав світу політики фінансового забезпечення доводить той факт, що належне функціонування сфери охорони здоров’я можливе лише за умови використання всіх можливих джерел фінансування, а вирішення даного питання як правило перебуває в площині розвитку культури медичного страхування. Еволюція розвитку систем охорони здоров’я більшості сучасних держав світу свідчить про високу ефективність різних моделей і систем фінансування даної сфери, проте ключову роль у їх фінансовому забезпеченні відіграє система обов’язкового медичного страхування. Доведено, що відсутність оптимальних фінансових інструментів стратегічного розвитку сфери охорони здоров’я протягом багатьох останніх років унеможливлюють її ефективне функціонування у стратегічній перспективі, оскільки на даний час вітчизняні заклади сфери охорони здоров’я мають відчутну потребу у лікарях та медичному персоналі. Необхідність зміни стратегічних підходів до фінансового забезпечення сфери охорони здоров’я обумовлена невідповідністю наявного матеріально-технічного забезпечення новітнім світовим тенденціям, які на даний час сформовані трансформаціями глобалізованого та інформатизованого простору. Доведено, що вітчизняна сфера охорони здоров’я на даний час, на відміну від аналогічних у провідних країнах світу, не в змозі забезпечити вимоги сучасного суспільства, а саме за рахунок превентивної медицини та своєчасного і якісного надання медичних послуг сприяти зростанню тривалості життя, забезпечувати високі стандарти життєдіяльності суспільства. На основі проведеного дослідження обґрунтовано фінансові інструменти стратегічного розвитку сфери охорони здоров’я, практична реалізація яких перебуває в площині можливостей сформувати необхідний фінансовий потенціал, обсяг якого визначається динамікою основних макроекономічних показників держави, результативністю функціонування реального сектору економіки, рівнем конкурентоспроможності економіки країни, рівнем реальних доходів населення. Доведено, що в сучасних умовах значної обмеженості фінансових ресурсів, а також наявності значної непокритої потреби у фінансових ресурсах сфери охорони здоров’я, надзвичайно важливої ролі серед фінансових інструментів набуває розвиток системи надання страхових послуг. Визначено необхідність запровадження обов’язкового загальнодержавного страхування населення країни, та обґрунтовано його питому вагу у фінансуванні сфери охорони здоров’я, що дозволить вирішити питання фінансування галузі, забезпечить зростання доступності та якості медичних послуг. Розглянуто передумови для стратегічного розвитку сфери охорони здоров’я в умовах становлення та розвитку цифрової економіки, обґрунтовано необхідність розвитку у межах концепції цифровізації економіки, конкретизовано особливості його реалізації в Україні. Це дозволило сформувати механізм стратегічного розвитку сфери охорони здоров’я, виокремити його базові структурні елементи (методи, інструменти, важелі, забезпечення та принципи) та встановити об’єктивну потребу в його зміні, враховуючи трансформацію зовнішнього середовища, в якому функціонують на сьогодні медичні установи. Обґрунтовано провідну роль фінансового та інформаційного забезпечення у стратегічному розвитку сфери охорони здоров’я. Відповідно було детально обґрунтовано необхідність використання сучасних фінансових інструментів для забезпечення її стратегічного розвитку з метою підвищення ефективності функціонування механізму фінансового забезпечення розвитку сфери охорони здоров’я в умовах цифрової економіки, що дозволило конкретизувати фінансовий потенціал розвитку фінансового забезпечення розвитку медичних установ. На основі змістовного визначення сутності принципів інформатизації та інформативності і важливості їх дотримання для формування передумов стратегічного розвитку сфери охорони здоров’я в умовах цифровізації економіки при реформуванні моделі фінансового забезпечення розвитку охорони здоров’я було описано роль цифрових інформаційних технологій у розбудові системи та покращення її фінансування, розглянуто переваги реалізації нових технологій та базові загрози, які виникають при їх використанні. Це дозволило визначити сучасні фінансові технології, що можуть бути використанні для покращення функціонування медичних установ та визначити їх потенціал для подальшого застосування. Удосконалено: - науково-концептуальні положення трансформації та оптимізації функціонування механізму фінансового забезпечення розвитку сфери охорони здоров’я в умовах цифрової економіки в частині обґрунтування його мети, функцій, суб’єктів, методів та відповідних їм інструментів, принципів, які були розширені такими: інноваційна пріоритетність, раціональність та справедливість. Це сприятиме вдосконаленню сформованої моделі фінансування медичних установ та розширення їх ресурсних можливостей з метою забезпечення власного рівня конкурентоспроможності на національному ринку медичних послуг. - концептуальний підхід до удосконалення прикладного фінансового інструментарію стратегічного розвитку сфери охорони здоров’я в умовах цифрової економіки, який полягає у формуванні передумов для її належного фінансування з метою інноваційного розвитку та підвищення якості медичних послуг. У його основі обґрунтовано доцільність впровадження загальнообов’язкового державного медичного страхування населення як ключового фінансового інструменту її стратегічного розвитку; - концептуальні підходи до модернізації фінансового інструментарію системи надання медичних послуг, що передбачає необхідність розвитку фінансових механізмів програм забезпечення державних гарантій медичних послуг відповідно до соціальних нормативів, які базуються на задоволенні попиту населення на сучасні медичні технології та пропозиції медичних центрів, а також орієнтовані на забезпечення збереження та відновлення здоров’я нації; - методологічні конструктори формування фінансових відносин суспільства та держави у сфері фінансування послуг системи охорони здоров’я, які полягають у зміні концептуальних підходів до сутності розуміння та прикладного застосування фінансових інструментів стратегічного розвитку системи охорони здоров’я в умовах цифрової економіки, що дозволяє сформувати новий ідеологічний базис для фінансового забезпечення сфери охорони здоров’я, яка важливої складової національної економіки держави. Дістали подальшого розвитку: - методичний підхід до визначення пріоритетних напрямків удосконалення фінансового забезпечення сфери охорони здоров’я, який, на відміну від існуючих, ґрунтується на використанні методології кореляційно-регресійного аналізу, що дозволило на основі результатів побудови сукупності кубічних однофакторних моделей кореляції між базовими макроекономічними і макрофінансовими показниками, параметрами діяльності медичних установ виявити основні диспропорції у розвитку такої сфери та в функціонуванні моделі її фінансування; - понятійно-категоріальний апарат теорії фінансів у частині уточнення змісту категорії «фінансове забезпечення сфери охорони здоров’я в умовах цифрової економіки», в якому увагу зосереджено на розкритті її як спроможності даної сфери здійснювати акумулювання достатнього обсягу фінансових ресурсів необхідних для належного виконання покладених на неї поточних завдань, дотримання визначених пріоритетів стратегічного розвитку; - систематизація принципів функціонування сфери охорони здоров’я в умовах цифровізації економіки, яка на відміну від існуючих базується на взаємозв’язку базових принципів економічного розвитку, збалансованого стратегічного зростання, сталого розвитку, та принципах синергетики з урахуванням специфічних особливостей трансформації процесів її діджіталізації. Такий підхід дозволив поглибити концептуальні положення щодо забезпечення стратегічного розвитку сфери охорони здоров’я в умовах цифровізації економіки. - теоретико-методичні підходи до обґрунтування рівнів фінансового забезпечення сфери охорони здоров’я, зокрема виокремлення таких його типів: незадовільний, задовільний, достатній, оптимальний. На відміну від існуючих підходів, це дає можливість оцінити спроможність сфери охорони здоров’я до впровадження задекларованих державою заходів стратегічного розвитку, а також здійснити заходи щодо нарощення її фінансового потенціалу.
The dissertation is devoted to a complex and thorough study of financial instruments of strategic development of health care in the digital economy. The considered approaches to the doctrinal understanding of the economic nature of health care allowed to define its essence as a complex socio-economic system, the main purpose of which is to ensure the implementation of the most important social principle: maintaining and improving the health of citizens. Based on the conditions of the digital economy, health care is a system of financial and socio-economic relations that are formed in the process of meeting the needs of the population in medical services. In the digital economy and new global challenges, health economics studies the effects of market laws in the health care system and the impact of health on the main factor of production and a key element of the national economy in today's globalization - human capital. According to the results of the study of the evolution of health care, its key role in the functioning of the national economy in terms of maintaining public health, building the potential to ensure high social standards of society, as well as its role in ensuring optimal national security. It is proved that the effective use of financial tools for health care creates the preconditions for a more optimal and rational use of available financial resources and determines further opportunities to increase their involvement. It is this approach to the formation of financial instruments that determines the conditions and nature of the dynamics and structure of health care delivery, increasing the pace of strategic development of health care, which is critical in the instability of the national and global economic environment. It is substantiated that in modern realities the decisive role in the availability and provision of medical services belongs to the state. At the same time, it is emphasized that an effective state policy in the field of health care is impossible without proper financial support, the sources of which in modern conditions in most countries are budget funding and funds of legal entities and individuals. It is worth emphasizing that the adequacy of financial support for health care forms its potential for strategic innovative development, is a key factor in preserving human capital and contributes to the implementation of the strategy of economic development of the state. The analysis of the experience of the world's leading financial security policy proves the fact that the proper functioning of health care is possible only with the use of all possible sources of funding, and the solution is usually in the field of health insurance culture. The evolution of health care systems in most modern countries shows the high efficiency of various models and financing systems in this area, but the key role in their financial support is played by the system of compulsory health insurance. It has been proven that the lack of optimal financial instruments for the strategic development of health care for many years makes it impossible to function effectively in the strategic perspective, as domestic health care institutions currently have a significant need for doctors and medical staff. The need to change the strategic approaches to the financial provision of health care is due to the inconsistency of the existing logistics with the latest global trends, which are currently formed by the transformations of the globalized and informatized space. It is proved that the domestic health care system at present, in contrast to similar ones in the leading countries of the world, is not able to meet the requirements of modern society, namely through preventive medicine and timely and quality medical services to increase life expectancy, provide high living standards of society. Based on the study, financial instruments of strategic development of health care are substantiated, the practical implementation of which is in the plane of opportunities to form the necessary financial potential, the amount of which is determined by the dynamics of key macroeconomic indicators, the efficiency of the real sector population. It is proved that in modern conditions of significant limited financial resources, as well as the presence of a significant unmet need for financial resources in the field of health care, an extremely important role among financial instruments is the development of insurance services. The need for the introduction of compulsory national insurance of the population of the country has been identified, and its share in the financing of health care has been substantiated, which will allow solving the issue of financing the industry, will increase the availability and quality of medical services. The prerequisites for the strategic development of health care in the formation and development of the digital economy are considered, the need for development within the concept of digitalization of the economy is substantiated, the features of its implementation in Ukraine are specified. This allowed to form a mechanism for strategic development of health care, to identify its basic structural elements (methods, tools, levers, support and principles) and to establish an objective need to change it, taking into account the transformation of the external environment in which medical institutions operate today. The leading role of financial and information support in the strategic development of health care is substantiated. Accordingly, the need to use modern financial instruments to ensure its strategic development in order to increase the efficiency of the mechanism of financial support for health care development in the digital economy, which allowed to specify the financial potential of financial support for medical institutions. Based on a meaningful definition of the essence of the principles of informatization and informativeness and the importance of their observance for the formation of prerequisites for strategic development of health care in the digitalization of the economy in reforming the model of financial support for health care development, the role of digital information technologies , the advantages of realization of new technologies and basic threats which arise at their use are considered. This allowed us to identify modern financial technologies that can be used to improve the functioning of medical institutions and determine their potential for further application. Improved: - scientific and conceptual provisions for the transformation and optimization of the mechanism of financial support for the development of health care in the digital economy in terms of justifying its purpose, functions, subjects, methods and related tools, principles, which were expanded as follows: innovation priority, rationality and justice. This will contribute to the improvement of the existing model of financing of medical institutions and the expansion of their resource opportunities in order to ensure their own level of competitiveness in the national market of medical services. - a conceptual approach to improving the applied financial tools of strategic development of health care in the digital economy, which is to create the preconditions for its proper financing for innovative development and improving the quality of health services. It is based on the feasibility of introducing compulsory state health insurance as a key financial instrument for its strategic development; - conceptual approaches to the modernization of financial instruments of the health care system, which provides for the need to develop financial mechanisms for state guarantees of health services in accordance with social standards, which are based on meeting public demand for modern medical technologies and offers of medical centers. restoring the health of the nation; - methodological designers of the formation of financial relations between society and the state in the field of financing health care services, which consist in changing conceptual approaches to the essence of understanding and application of financial instruments of strategic development of health care in digital economy, which allows to form a new ideological basis for financial support of health care, which is an important component of the national economy. Received further development: - methodical approach to determining the priority areas for improving the financial security of health care, which, unlike existing ones, is based on the use of correlation-regression analysis, which allowed based on the results of building a set of cubic one-factor correlation models between basic macroeconomic and macrofinancial indicators, parameters of medical institutions to identify the main disparities in the development of this area and in the functioning of the model of its financing; - conceptual and categorical apparatus of financial theory in terms of clarifying the content of the category "financial support of health care in the digital economy", which focuses on its disclosure as the ability of this area to accumulate sufficient financial resources necessary for proper implementation of its tasks current tasks, adherence to certain priorities of strategic development; - systematization of the principles of health care in the digitalization of the economy, which in contrast to the existing is based on the relationship of basic principles of economic development, balanced strategic growth, sustainable development, and the principles of synergy, taking into account the specifics of its digitalization. This approach has deepened the conceptual provisions for the strategic development of health care in the context of digitalization of the economy; - theoretical and methodological approaches to substantiate the levels of financial support in the field of health care, in particular the selection of the following types: unsatisfactory, satisfactory, sufficient, optimal. In contrast to existing approaches, this makes it possible to assess the ability of the health sector to implement the strategic development measures declared by the state, as well as to take measures to increase its financial capacity.

In mathematical finance, the sensitivities of option prices to various market parameters, also known as the “Greeks”, reflect the exposure to different sources of risk. Computing these is essential to predict the impact of market moves on portfolios and to hedge them adequately. This is commonly done using Monte Carlo simulations. However, obtaining accurate estimates of the Greeks can be computationally costly. Multilevel Monte Carlo offers complexity improvements over standard Monte Carlo techniques. However the idea has never been used for the computation of Greeks. In this work we answer the following questions: can multilevel Monte Carlo be useful in this setting? If so, how can we construct efficient estimators? Finally, what computational savings can we expect from these new estimators? We develop multilevel Monte Carlo estimators for the Greeks of a range of options: European options with Lipschitz payoffs (e.g. call options), European options with discontinuous payoffs (e.g. digital options), Asian options, barrier options and lookback options. Special care is taken to construct efficient estimators for non-smooth and exotic payoffs. We obtain numerical results that demonstrate the computational benefits of our algorithms. We discuss the issues of convergence of pathwise sensitivities estimators. We show rigorously that the differentiation of common discretisation schemes for Ito processes does result in satisfactory estimators of the the exact solutions’ sensitivities. We also prove that pathwise sensitivities estimators can be used under some regularity conditions to compute the Greeks of options whose underlying asset’s price is modelled as an Ito process. We present several important results on the moments of the solutions of stochastic differential equations and their discretisations as well as the principles of the so-called “extreme path analysis”. We use these to develop a rigorous analysis of the complexity of the multilevel Monte Carlo Greeks estimators constructed earlier. The resulting complexity bounds appear to be sharp and prove that our multilevel algorithms are more efficient than those derived from standard Monte Carlo.

Under 2020-21 har covid-19, med dess medförda restriktioner, tvingat svenska organisationer att flytta hem många av sina anställda från kontoren. Det har inneburit en introduktion av distansarbete inom de flesta organisationer som möjliggjort för arbete utanför kontoret. När pandemin inte längre anses vara ett hot mot samhället, och nationella riktlinjer tas ur bruk, förväntas delar av de nya arbetssätten att implementeras till nya arbetssituationer. Vilket i rapporten hänvisas till som ”det nya normala”. Rapporten utgår från en fallstudie med kvalitativa intervjuer från företag i finans och advokatbranschen. Empirin analyseras genom en analysmodell med fokus på: övergripande förändring & organisationskultur; kommunikation; kunskap; och behov & motivation. Syftet med rapporten är att undersöka svenska organisationer inom de två branscherna och hur deras arbetssätt förväntas se ut efter pandemin. Rapporten besvarar syftet genom att undersöka följande två frågeställningar: • F1: Vilka förändringar utifrån valda fokusområden [övergripande förändring & organisationskultur; kommunikation; kunskap; och behov & motivation] som skett till följd av covid-19 förväntas integreras till det nya normala, och vilka förväntas försvinna? • F2: Vad finns det för likheter och skillnader utifrån valda fokusområden för det förväntade nya normala mellan företag i finans- och advokatbranschen? Resultatet visar på att det nya normala förväntas delvis skilja sig mellan organisationer och delvis branscher. Det som är generellt för samtliga undersökta organisationer är att distansarbete förväntas bli en betydande del av det nya normala där medarbetare vill kunna arbeta mer flexibelt. Advokatfirmor och finansföretag har en del skillnader i hur väl deras arbete kan flyttas utanför företagets lokaler. Samtidigt som advokatfirmor verkar ha en organisationskultur mer lämpad för att ha en stor andel distansarbete. Branscherna har dock mer gemensamt än de har skillnader när det kommer till hur de bör implementera distansarbete i ett nytt normalt arbetssätt. Det nya normala bör sedan bli en balans mellan olika arbetssätt. En varaktig implementering för distansarbete i det nya normala kommer därför behöva bedömas specifikt för varje fall. Där olika faktorer vägs mot varandra, såsom: individers och organisationers intresse; junioras integrering mot senioras arbetsro; kortsiktiga mot långsiktiga fördelar; flexibilitet mot struktur; och spontanitet mot effektivitet.
During 2020-21, covid-19 has forced Swedish organizations to relocate large numbers of their employees from their offices. This has brought an introduction of teleworking in organizations, that has made it possible to work outside the office. When the pandemic is no longer considered a threat to society and national guidelines are taken out of use, parts of the new working methods are expected to be implemented for new work situations. Which in the report is referred to as “the new normal”. This report is based on a case study on qualitative interviews from companies in the financial and legal industry. The collected data is analyzed through an analysis model with a focus on: overall changes & organizational culture; communication; knowledge; and needs & motivation. The purpose is to examine Swedish organizations in the two industries and what their working methods are expected to be after the pandemic. The report examines this purpose by answering the following two research questions: • RQ1: What changes, regarding the selected focus areas [overall changes & organizational culture; communication; knowledge; and needs & motivation], that have occurred because of covid-19 are expected to be integrated into the new normal, and which are expected to disappear? • RQ2: What are the similarities and differences based on selected focus areas between the expected new normal for companies in the finance and law industry? The results show that the new normal is expected to differ between organizations and partly between industries. What is general for all the organizations surveyed is that teleworking is expected to be a significant part of the new normal, where employees want to be able to work more flexibly. Law firms and finance companies have some differences in how well their work can be moved outside the company's premises. At the same time, law firms seem to have an organizational culture that is better suited to having a large proportion of telework. However, the industries have more in common than they have differences when it comes to how they should implement teleworking in a new normal way of working. The new normal should consist of a balance between different ways of working. A lasting implementation of teleworking in the new normal will therefore need to be assessed specifically, case by case. Where different factors are weighed against eachother, such as: the interest of individuals and organizations; integration of junior roles versus senior workflow efficiency; short-term versus long-term benefits; flexibility versus structure; and spontaneity versus efficiency.

Le budget dédié au marketing sur les réseaux sociaux est en forte croissance depuis quelques années, soulignant l‘importance du Social Media Management dans la stratégie des entreprises. Dès lors, la mise en œuvre à grande échelle de cette pratique a nécessairement des effets sur les marchés, intentionnels ou non. Par quel mécanisme la pratique routinière du Social Media Management façonne-t-elle les marchés sur lesquels elle intervient ? Nous répondons à cette problématique à l‘aide de trois approches qualitatives : une étude ethnographique et documentaire de quatre ans est complétée par une étude historique et trois séries d‘entretiens semi-directifs avec des Social Media Managers. Trois chapitres empiriques mettent successivement en évidence la constitution historique des structures de représentations mobilisées par le marketing digital ; le mécanisme par lequel les Social Media Managers enchevêtrent quotidiennement plusieurs de ces structures au sein de leur routine ; le mécanisme par lequel la pratique routinière fait évoluer ces structures. Cette recherche contribue à la littérature sur les marchés en montrant comment des marketers façonnent ces derniers à travers leurs actions routinières. Ce travail donne aux managers des outils permettant d‘étudier et de mobiliser différentes structures culturelles dans leur stratégie digitale, notamment sur les médias sociaux
Investments dedicated to Social Media Marketing have been growing for a few years, outlining the importance of Social Media in the marketing strategy. These massive investments must cause changes on markets, either intentional or not. How are markets made up by routine marketing practices such as Social Media Management? We study the impact of routine marketing practices on markets through an application to Social Media Management. We use three qualitative methods: a four years netnographical and documentary analysis, a historical study and three sessions of interviews with Social Media Managers. Three empirical chapters outline the historical constitution of representation structures involved in digital marketing practices; the mechanism through which Social Media Manager intertwine different of these structures into their routines; the mechanism through which routines make these structures evolve. We contribute to the literature on market by showing how marketing managers enact routines that make up markets. We give managers tools to study and use different cultural structures in their digital strategy, especially on Social Media

Les réseaux logistiques et les prestations qui y sont associées mobilisent des moyens ‎de ‎transport et de stockage pour répondre aux demandes des acteurs des chaînes ‎logistiques. ‎Toutefois, ces réseaux très majoritairement dédiés à un acteur et sont dès lors très ‎peu ‎interconnectés entre eux. De cette fragmentation résulte une difficulté de consolidation des ‎flux ‎et donc un manque d'efficience. Pour faire face à l'antagonisme croissant entre le besoin ‎en ‎fret atomisé et l'objectif de la Commission Européenne de réduire drastiquement les ‎émissions ‎de CO2, une amélioration majeure dans la structure des réseaux logistiques est ‎recherchée. On propose à ce titre ‎d'interconnecter les réseaux logistiques comme l'a fait ‎l'Internet Digital pour les réseaux ‎informatiques. Le premier objectif de la thèse est de ‎contribuer à la définition des premiers ‎éléments clefs nécessaires à l'interconnexion des réseaux ‎logistiques. A cette fin, cette thèse explicite, d'une part, les analogies possibles avec le monde ‎des réseaux informatiques, et, d'autre part, caractérise les transpositions réalisables aux ‎réseaux logistiques. En effet, comme cette thèse le montre, il existe de fortes similitudes entre ‎ces réseaux, en dépit de différences fondamentales dans la nature des objets qui y sont ‎mouvementés.Au-delà des concepts de l'Internet Physique et des méthodes proposées, aucune ‎démonstration ‎du potentiel de l'interconnexion des réseaux logistiques n'a encore été réalisée. ‎C'est ‎précisément le second objectif de ce travail que d'évaluer les enjeux à cette approche. ‎Pour ce ‎faire des flux réels de la grande consommation en France ont été traités avec ‎différents ‎protocoles de transport et suivants plusieurs scénarios, révélant des résultats ‎encourageants ‎avec des gains en émissions de CO2, coûts, etc. S'agissant d'un premier ‎travail ‎dans ce domaine de l'interconnexion des réseaux logistiques, le modèle de simulation ‎fournit de ‎nombreuses nouvelles pistes de recherche.

This thesis investigates how contradictions with the efficient market theory occur in binary option markets. It is composed of four studies that use theoretical and empirical results to investigate the extent of market inefficiencies in this specific financial market. I analyse the existence of the left-digit bias, the favourite-longshot bias, the variation of security return rates depending on the-day-of-the-week and the differences in average return rates between sellers or buyers of contracts.

The digital footprints collected from the prevailing sensing systems provide novel ways to perceive an individual's behaviors. Furthermore, large collections of digital footprints from communities bring novel understandings of human behaviors from the community perspective (community behaviors), such as investigating their characteristics and learning the hidden human intelligence. The perception of human behaviors from the sensing digital footprints enables novel applications for the sensing systems. Bases on the digital footprints collected with accelerometer-embedded mobile phones and GPS equipped taxis, in this dissertation we present our work in recognizing individual behaviors, capturing community behaviors and demonstrating the novel services enabled. With the GPS footprints of a taxi, we summarize the individual anomalous passenger delivery behaviors and improve the recognition efficiency of the existing method iBOAT by introducing an inverted index mechanism. Besides, based on the observations in real life, we propose a method to detect the work-shifting events of an individual taxi. With real-life large-scale GPS traces of thousands of taxis, we investigate the anomalous passenger delivery behaviors and work shifting behaviors from the community perspective and exploit taxi serving strategies. We find that most anomaly behaviors are intentional detours and high detour inclination won't make taxis the top players. And the spatial-temporal distribution of work shifting events in the taxi community reveals their influences. While exploiting taxi serving strategies, we propose a novel method to find the initial intentions in passenger finding. Furthermore, we present a smart taxi system as an example to demonstrate the novel applications that are enabled by the perceived individual and community behaviors

Au cours de cette thèse nous nous sommes intéressé à un jeu minimax différentiel et multi-étages à horizon fini (échéance), motivé par un problème d'évaluation d'options européennes. Le jeu différentiel est en dimension 3 plus temps. Il comporte une commande à la fois continue et impulsionnelle et une commande bornée, ainsi qu'un coût terminal discontinu dans le cas d'une option "digitale" dont l'étude constitue le coeur de la thèse. Ce jeu résulte d'une approche par commande robuste sur l'ensemble des trajectoires de prix permises par l'hypothèse du modèle de marché à intervalles pour le cours de l'actif sur lequel est assise l'option. Du point de vue des techniques financières, notre but est de développer en parallèle une théorie d'évaluation d'options en temps continu et en temps discret, en présence de coûts de transaction et à modèle de marché invariant. Nous obtenons la prime et la stratégie de transaction conseillées au cours du jeu. Notre théorie se veut donc une théorie normative (d'aide à la décision). Pour chaque jeu différentiel, nous utilisons une analyse géométrique des trajectoires extrémales et singulières du jeu qualitatif impulsionnel à cible unique à l'échéance, avec des outils géométriques de la théorie d'Isaacs-Breakwell. Cette analyse nous permet de résoudre complètement le problème. La solution obtenue s'avère riche en variétés singulières de codimension 2, à savoir qu'elle exhibe une dispersion, des variétés équivoques et une variété focale. Cette étude géométrique aboutit à une formule de représentation de la fonction Valeur. faisant intervenir la solution d'un système de deux EDP linéaires couplées du premier ordre. Nous complétons cette étude par une vérification analytique, plus classique, qui consiste à montrer que la fonction construite par la formule de représentation est solution de viscosité de l'équation d'Isaacs associée à un jeu différentiel standard sans commande impulsionnelle ayant la même valeur que le jeu initial. Pour chaque jeu multi-étages, la résolution se fait par le biais d'un algorithme de programmation dynamique classique. Cet algorithme aboutit à une formule de représentation de la Valeur, dont la forme est assez similaire à celle de la solution du jeu différentiel. Il en découle un algorithme rapide applicable en pratique. Nous montrons également la convergence monotone décroissante de la solution du jeu multi-étages vers celle du jeu différentiel lorsque le pas de temps tend vers 0, aussi bien pour une option "vanille" que "digitale", sans changer de modèle d'actif au fur et à mesure que l'on réduit le pas de temps. En conséquent, l'algorithme rapide en temps discret fournit une bonne approximation de la solution (prime et stratégie) en temps continu. Nous terminons ce manuscrit par une analyse critique de la solution du point du vue financier avec en particulier une étude de la robustesse du modèle de marché et une comparaison avec la théorie de F.Black et M.Scholes. Nous insistons sur le fait qu'en aucun cas nous n'avons la prétention de proclamer une quelconque supériorité de notre théorie sur celle de F.Black et M.Scholes. Nous souhaitons seulement montrer qu'elle peut être une alternative en temps discret et/ou en présence de coûts de transaction significatifs, au détriment de la complétude du modèle de marché.

"Technology has been a key element in the changing creative possibilities available to filmmakers, but deep down the questions of staging, point of view, pace, suspense, time and psychology faced by filmmakers as they walk onto the set in the morning have remained remarkably consistent". Cousins, 2004, s13. Sättet att göra film på har ständigt förändrats och fortsätter att förändras men som citatet syftar till så verkar inställningen till film stå sig lika genom tiderna. I grund och botten handlar det om att berätta en historia som berör publiken. En historia berättad utifrån filmskaparnas olika stilar. Tack vare teknikutvecklingen har många effekter i film, både digitala och fysiska blivit möjliga och vem vet vad den tekniska, och kanske framförallt den digitala utvecklingen, kommer att leda till för effekter i film i framtiden? Vi är trots allt bara i början av den digitala eran. Samtidigt som det nya introduceras kanske de gamla beprövade fysiska effekterna etsar sig fast som klassiska och erkända arbetsmetoder. Vad vi behandlar i den här uppsatsen är hur digitala och fysiska tekniker att skapa effekter används och nyttjas i den svenska filmbranschen. Hur ser beslutsfattare i branschen på effekter som filmskapande och varför ser användandet ut som det gör idag? Vi har också undersökt vad det är som styr användandet av effekter inom filmskapande utifrån ekonomiska, tekniska och konstnärliga överväganden. Vi har samlat in information genom kvalitativa, djupgående intervjuer med tre produktionsbolagsföreträdare och tre finansiärer. Vi har även samlat in information kring begreppen fysiska effekter och digitala effekter bland sex stycken filmarbetare som aktivt arbetar med effektskapande på olika sätt. Det har visat sig att det råder meningsskiljaktigheter när det kommer till definition av begreppen kring digitala effekter och fysiska effekter mellan de bolagsföreträdare och finansiärer vi har intervjuat och de aktiva effektmakare som vi har bett definiera begreppen. För att underlätta framtida kommunikation kommer vi i den här uppsatsen definiera dessa begrepp utifrån våra resultat. Våra resultat tyder på att det finns en vilja inom filmbranschen att arbeta med effekter inom film men att det samtidigt saknas resurser och kompetens idag. Samtidigt tycker vi oss utläsa en okunskap kring effekter vilket ställer till det för dem som vill arbeta med effekter. Exempelvis gällande Guldbaggegalan, där kategorin "Bästa Visuella Effekter" togs bort efter bara några år efter införandet för att det ansågs vara för svårt att utläsa vad som var effekter och inte i en film. Utifrån det vi kan utläsa från våra resultat finner vi det motsägelsefullt att vilja utveckla branschen och arbetet med effekter och samtidigt inte utveckla kunnandet kring det, när man istället för att plocka bort en kategori på grund av okunskap istället borde lära sig mer om det.
"Technology has been a key element in the changing creative possibilities available to filmmakers, but deep down the questions of staging, point of view, pace, suspense, time and psychology faced by filmmakers as they walk onto the set in the morning have remained remarkably consistent." Cousins, 2004, s13. The way of filmmaking has always been changing and it continues to change but as the quote leads up to it seems like the attitude stays the same. It is essentially about telling a story, which affects the audience. To tell a story with the different approaches the creators favors. Thanks to the technical development, many of these effects, both physical and digital have become practicable and who knows what the technique and digital progress will lead to in the future of filmmaking. After all, we are only in the beginning of the digital era. In the same time, the old and proven effect making techniques might inculcate as both classic and recognizable working methods. In this essay, we will talk about how the techniques of digital and practical effects are being used in the Swedish film industry. What does the decision makers in the business think about using effects in filmmaking and why are effects being used the way they are in todays film industry? We also wanted to examine what regulates he use of effects based on economical, technical and artistic considerations. We have collected our data from interviews with three representatives from production companies and three film financiers. We have also collected information considering the definitions of visual effects and special effects from six filmmakers who that works with effect making on a daily basis. It has become apparent that there are some confusion considering the definitions of the concepts of visual effects and special effects between the producers and financiers and the filmmakers. In order to ease future communication, we will in this essay define these concepts out of our results. Our result suggests that there is a will in the Swedish film industry to work with effects in filmmaking but in the same time parts of the industry lacks of resources and capability. Simultaneously, we can note that the ignorance around the concept of effects causes communication problems for digital artists and prop makers. For instance, on the Swedish film gala "Guldbaggegalan" they added a new category only a few years back and this year they took it away because of the problems of recognizing what's visual effects and what's not. It is interesting that there is an interest in developing effects in filmmaking and at the same time takes away the award. Instead of taking it away, they should focus on educating people about effects.

Le football professionnel est devenu une industrie du spectacle audiovisuel dont il tire une partie importante de ses revenus. Cependant, les recettes dites Matchday et les revenus annexes de la billetterie constituent un gisement de croissance important pour les clubs français. Ceux ci devraient pouvoir maitriser les capacités offertes au public du spectacle vivant dans les stades et devenir propriétaires de leurs enceintes en utilisant la technique des baux emphytéotiques. Les politiques de prix variables ou de prix dynamiques conduites dans d’autres secteurs comme les transports, l’hôtellerie ou les centres de loisir sont applicables dans la gestion de la billetterie. La digitalisation de l’offre ouvre de nouvelles perspectives de relation client. Elle améliore la traçabilité des consommateurs et permet de déterminer leur propension optimale à payer. Les solutions de CRM, Customer Relationship Management améliorent la connaissance client et permettent de mieux segmenter l’offre pour mieux adresser les différents publics du stade. Dans une activité fondée sur l’incertitude du résultat mais sur la certitude des coûts de production, les ressources digitales permettent de fidéliser les différentes catégories de fans et d’augmenter le panier moyen. Les clubs français très engagés dans la gestion à court terme ont négligé les outils du pricing et tardent à adopter les solutions digitales qui ont donné des résultats satisfaisants dans des secteurs comparables. Nous formulons des propositions adossées à des expérimentations concrètes pour augmenter les performances de la billetterie dans le secteur de l’industrie du football en France
Football has become a major industry of entertainment for TV networks and also for companies running football squads. TV rights represent at least 50% of the French clubs incomes. Meanwhile, most of them have disregarded Matchday revenues. For a large majority of them, they don’t own their arenas. Moreover, they play in (too) large stadiums with overcapacities according to average attendances. This is why average prices are below the European average price when we compare French League One with the other major’s championships in Europe. In this field, we suggest long-term leases between public owners and football firms in order to transfer both property and ability to refit arenas and stadiums. In addition, French firms running football clubs have not yet fully used technics of variable prices and dynamic prices. They should also display CRM resources in order to address each segment of costumers, including fans, year ticket holders, walk in customer or families. The target is to hit as close as possible the willingness to pay of each category of customers. We have experienced such policies for Year ticket holders in French third division. Digital resources increase customer insights and sustain cross selling policies increasing revenues as it is done in other comparable sectors such as air transportation, leisure parks, hotels and resorts. We make some suggestions and recommendations to strengthen home revenues in the French professional football League

Cette dissertation concerne l'analyse des problématiques économiques introduites par la numérisation et par la parution des nouveaux réseaux et supports numériques dans l'économie des médias. Le passage du modèle analogique et physique au modèle numérique, en opérant une séparation du concept d'expression signifiante et du support qui permet sa circulation auprès d'un large public, impose un recadrage des procédés de création et production dans plusieurs domaines de l'industrie des médias. En utilisant le cas d'étude de l'industrie de l'édition des magazines, l'introduction de cette dissertation analyse les enjeux économiques plus urgents pour une marque éditoriale face à la numérisation, au niveau d'entreprise et du secteur industriel. Dans le premier chapitre, on va approfondir l'analyse en explorant la littérature existante dans le domaine des effets de la numérisation et de la régulation dans l'économie des médias. Dans le deuxième chapitre, nous analysons les dynamiques d'adoption d'une technologie numérique associée avec un réseau, dans contexte où les contenus media sont des biens complémentaires essentiels et en présence d'externalités positives associées avec le déploiement du réseau. La contribution originale du modèle que nous allons montrer est la possibilité d'évaluer différentes qualités de subsides au déploiement et différentes valeurs de l'innovation technologique. dans le troisième et dernier chapitre, nous développons un modèle pour analyser la tarification des produits soumis au droit d'auteur dans un marché biface avec réseaux de distribution multiples.

碩士
輔仁大學
企業管理學系管理學碩士在職專班
107
As technology advances with the times and brings about changes in consumer behavior and consumer decision-making,digitalization will be a strong trend that cannot be reversed, and it is also a new engine for economic growth and industrial transformation and innovation. The father of bank innovation, Brett. Brett King pointed out that "in the face of the Internet digital era, the banking industry must be transformed. For a new generation of consumers, the future bank is no longer a place, but an act, banking business is available everywhere.".So how to ensure the risk management of customer service and transaction process will be a difficult problem. We should think about how to make the most basic adjustments in the service and financial products to respond to consumer decision-making and behavior change. Financial-related services must follow the trend of the times and cooperate with the rapid development of information to enhance consumer efficiency and convenience; make financial services mobile, digital, and networked mainstream, and the relative digital capabilities will be the core of finance. Competitiveness. The motivation of this study explores the opportunities for the future improvement and innovation of the banking industry based on the blockchain foundation, and meets the financial needs that were not realized in the past, making inclusive finance possible. The research structure is based on blockchain technology, considering individuals, companies, governments, and banks. There are different perspectives on digital finance to explore the use of the cloud, deposits, loans, investment, wealth management, cross-border business and internal management content. Big data, mobile internet and other technical concepts, optimize the convenience of customers' experience, use big data to calculate customer preferences, provide flexible combination of trade financing goods, tools and asset allocation services at different stages according to different customers and different life cycles. The program realizes the personalization of financial services, focuses on serving specific types of customers, and provides related value-added services. This study used in-depth interviews with experts to explore the relevant needs of respondents for the application of blockchain technology to digital finance through multi-faceted analysis. The results were used to verify the feasibility and effectiveness of the quality house structure established by the Institute. Under the trend of financial digitalization, how to use the blockchain to build new business models and establish effective improvement action plans. According to different customers and different life cycles, we provide flexible combination of trade finance goods, tools and asset allocation service solutions at different stages, thus providing customers with convenient and safe financial transaction services.

碩士
國立臺灣科技大學
資訊管理系
104
In recent years, when the unber of people traveling, studing and do business abroad is continue growing up, foreign currency and traveler's cheque for countries to demand is also increase. Foreign currency is one of the bank’s business in Taiwan. LICHENG Bank have operated foreign currency business for over 100 years, In Taiwan, people must go to bank to buy foreign currency, but there’re many people say they don’t have time to do this, and at the same time, some banks try to extended operation hours for customers. LICHENG Bank aslo be require to flow up from the customes. Jerry work with LICHENG Bank electronic finance department, he is a meddle-level manager. In order to solve customer’s question for no time go to bank to buy foreign currency, he according to customer-oriented thinking and the knowledge of selling foreign currency, to change the entity foreign currency selling model to virtual in March, 2011. In the beginning, the plan didn’t get branches support, the branches think they don’t neet to change foreign currency selling model they know well for many years. The information department also can’t give Jerry totally support, because they have too many project on going. After coordination and integration of resources, the on-line foreign currency service was publish in December, 2011. The new model bring all new service experience to customers, to solve the customers most care about the problems:time and traffic. And also bring the high sales growth to LICHENG Bank finally. In fact Jerry didn’t expected that. Face to the high sales achievement, Jerry start to think how to use “Bank 3.0” issue to deliver new innovation idea to customers, what is the next for Jerry? This case is adapted Harvard Case Study research method to discuss the related issues, such as Resource-Based View, PZB Service Gap, Internet Ecosystem and Ambidexterity Strategy. We can learn LICHENG Bank use Resource-Based View to re-buliding the core resourcescompetitiveness, and use PZB Service Gap to analysis new service model, through internet to complete Ecosystem and use Ambidexterity Strategy to finish the goaldigital service innovation.

碩士
銘傳大學
財務金融學系碩士在職專班
103
The domestic financial market has liberalized, internationalized, securitized and computerized. The financial environment is becoming increasingly complicated.With the development and application ofup-to-date finance-related information and technology, banking management has changed.In this highly competitive environment, only banks whichare able to grasp the trend and use the latest information technology can obtain a competitive advantage. They thusachieve the desired performance and profits through their exclusive products and services and customer-oriented diversion. With the rise of the Internet and e-commerce, in terms of bank developing, electronic banking, corporate banking, online banking, gradually use advanced information and technology equipment to replace traditional bank cashier’s basic business services. This isa win-win situationof convenience and cost savings. In recent years, due to the change of mass consumption habits, online shopping has become mainstream.Online transactions via a third-party result in a new business, such as fund sales, P2P and network loan. Banks should play an active role in this cash flow. The study tried to get into froma management perspective andfound that in this digital financial generation, the banking industry should develop the spirit of occasionally-forced management which consists ofoccasion, opportunity, wisdom, vision. With the innovation of information technology, if one looks for chances of successthrough bank transition ( BANK 3.0).It is recommended that one can begin from different industry alliances, cash flowand customized service. One can thus owncross-industry, cross-border, cross-real and virtualabilities so as to avoid being engulfed by the flood of the digital age.

碩士
國立成功大學
政治經濟研究所碩士在職專班
105
It is a major topic for banks to adapt to digital financial era by understanding customer needs based on digital financial tools, re-examining the core values of financial services, providing appropriate application tools in real time, meeting customer needs, cutting money flows, and maintaining growth. Under the guarantee of transaction safety, the combination of cross-strait electronic finance applications，third-party payment, and RMB settlement platform can make bank boundless, open up diversified operation, create more opportunities for traditional financial industry, increase value-added services, deepen services, and expand channels. The results of this study show that the promotion of cross-strait digital financial business can reach the customers whom could not be contacted in the past, explore potential customers for individual marketing, and provide deeper, two-way, interactive, and real-time services to existing customers. It will be a strategy for traditional financial industry to face the rise of e-commerce and third-party payment by grasping customer needs accurately based on big data analysis. Banks are suggested to integrate core businesses, develop foreign currency settlement platform, combine Internet applications, and provide innovative financial products and services in respect of IT, such as cross-border payment, wealth management, and financing.

碩士
逢甲大學
經營管理碩士在職專班
105
Advocated by the Financial Supervisory Commission of Taiwan, financial technology (FinTech) has become the new doctrine in Taiwan’s financial sector. FinTech implies not only technological innovation but also a complete overhaul of the financial business model. The FinTech-driven financial service reform and changes in the business territory in the financial industry are characterized by simplified financial activities and operation and altered customer behavior. In terms of industry development, many non-financial industries have used information technology to break into the financial sector to provide novel and innovative financial services. This new financial technology trend forcing financial institutions to open up their market further may even cause the conventional financial services replaced. While whether financial technology could successfully invade and occupy the niche of existing financial institutions remain arguable, FinTech has certainly provided people, regardless of their origin or status, with an easy and convenient access to the financial services. There are lots of things to be learned from FinTech, but presently, the most critical one is to build an appropriate supervisory system. As for the conventional financial institutions, they have two important tasks. The first is to adjust the existing business mode to fit into the new environment and to stay flexible. The second and also the more urgent one is to handle the great impacts from FinTech on financial personnel.

碩士
中原大學
企業管理研究所
106
With the advancement of internet technologies, such as mobile communications, social media and big data, the trading habits of the securities industry have been changed. From the manual transaction to the internet transaction, in the meantime, faced with such problems as the consolidation of branches, the aging of employees, the shortage of digital talents and the adjustment of organizational, how to successfully transform into digital financial company has become a very important challenge. This study examines the key factors behind the successful transformation of digital securities. Through the review of the literature, the study summarizes 7 attributes, including the industrial policy and environment, the attitude of senior management, the corporate strategy fit, the proper promotion mechanism, the support of hardware and software, staff quality and recognition, the integrated marketing services. Analytic Hierarchy Process (FAHP) and expert questionnaires assess 7 attributes and 22 criteria, to provide a reference for the successful transformation of the securities industry. The results are as follows: 1.The order of weights of the 7 attributes is as follows: attitude of senior management (31%), industrial policy and environment (16.9%), corporate strategy fit (15.6%), proper promotion mechanism (11.6%), the support of hardware and software (10.4%) (10.4%), staff quality and recognition (10.3%) and integrated marketing services (4.2%). 2. 22 criteria are prioritized according to their weights. The cumulative weights of the top 10 items exceed 70% of the total. They are: the senior executives spend more on financial science and technology (13.66%); the senior executives know about digital finance (11.06%), The fit between transitional digital finance and corporate strategy (8.48%), opening up of financial services (7.18%), easing government regulations (6.94%), the attention of high management for financial technology (6.31%), and employees'' recognition of the transition to digital finance (5.25%), the level of digital financial support for hardware (4.93%), the adequacy of personnel and resources of the dedicated agency (4.13%) and the establishment of a dedicated agency for transformational promotion (4.09%).