{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,14]],"date-time":"2026-07-14T08:44:50Z","timestamp":1784018690789,"version":"3.55.0"},"reference-count":57,"publisher":"Emerald","issue":"4\/5","license":[{"start":{"date-parts":[[2021,9,9]],"date-time":"2021-09-09T00:00:00Z","timestamp":1631145600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JEIM"],"published-print":{"date-parts":[[2022,6,20]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of the research is to assess the risk of the financial market in the digital economy through the quantitative analysis model in the big data era. It is a big challenge for the government to carry out financial market risk management in the big data era.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>In this study, a generalized autoregressive conditional heteroskedasticity-vector autoregression (GARCH-VaR) model is constructed to analyze the big data financial market in the digital economy. Additionally, the correlation test and stationarity test are carried out to construct the best fit model and get the corresponding VaR value.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Owing to the conditional heteroscedasticity, the index return series shows the leptokurtic and fat tail phenomenon. According to the AIC (Akaike information criterion), the fitting degree of the GARCH model is measured. The AIC value difference of the models under the three distributions is not obvious, and the differences between them can be ignored.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>Using the GARCH-VaR model can better measure and predict the risk of the big data finance market and provide a reliable and quantitative basis for the current technology-driven regulation in the digital economy.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jeim-01-2021-0057","type":"journal-article","created":{"date-parts":[[2021,9,8]],"date-time":"2021-09-08T10:19:41Z","timestamp":1631096381000},"page":"1288-1304","source":"Crossref","is-referenced-by-count":54,"title":["Big data, big challenges: risk management of financial market in the digital economy"],"prefix":"10.1108","volume":"35","author":[{"given":"Jinlei","family":"Yang","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0994-0798","authenticated-orcid":false,"given":"Yuanjun","family":"Zhao","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8210-385X","authenticated-orcid":false,"given":"Chunjia","family":"Han","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yanghui","family":"Liu","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Mu","family":"Yang","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"140","published-online":{"date-parts":[[2021,9,9]]},"reference":[{"issue":"2","key":"key2022061704463567200_ref001","doi-asserted-by":"crossref","first-page":"173","DOI":"10.1007\/s12525-016-0219-0","article-title":"Big data analytics in E-commerce: a systematic review and agenda for future research","volume":"26","year":"2016","journal-title":"Electronic Markets"},{"issue":"4","key":"key2022061704463567200_ref002","doi-asserted-by":"crossref","first-page":"469","DOI":"10.1080\/00014788.2014.910051","article-title":"Digitisation, \u2018Big Data\u2019 and the transformation of accounting information","volume":"44","year":"2014","journal-title":"Accounting and Business Research"},{"issue":"4","key":"key2022061704463567200_ref003","first-page":"513","article-title":"Malicious URLs detection based on a novel optimization algorithm","volume":"104","year":"2021","journal-title":"IEICE Transactions on Information and Systems"},{"issue":"11","key":"key2022061704463567200_ref004","doi-asserted-by":"crossref","first-page":"1580","DOI":"10.1287\/mnsc.49.11.1580.20580","article-title":"Consumer surplus in the digital economy: estimating the value of increased product variety at online booksellers","volume":"49","year":"2003","journal-title":"Management Science"},{"key":"key2022061704463567200_ref005","doi-asserted-by":"publisher","DOI":"10.1109\/TII.2021.3076513","article-title":"Feedback convolutional network for intelligent data fusion based on near-infrared collaborative IoT technology","year":"2021","journal-title":"IEEE Transactions on Industrial Informatics"},{"issue":"1","key":"key2022061704463567200_ref006","doi-asserted-by":"crossref","first-page":"18","DOI":"10.1186\/s40537-016-0053-4","article-title":"Big data analysis for financial risk management","volume":"3","year":"2016","journal-title":"Journal of Big Data"},{"key":"key2022061704463567200_ref007","article-title":"Does the internet expand the educational gap among different social classes? The protective role of future orientation","volume":"12","year":"2021","journal-title":"Frontiers in Psychology"},{"issue":"2","key":"key2022061704463567200_ref008","doi-asserted-by":"crossref","first-page":"239","DOI":"10.1080\/03085147.2020.1718912","article-title":"Connecting risk: systemic risk from finance to the digital","volume":"49","year":"2020","journal-title":"Economy and Society"},{"key":"key2022061704463567200_ref009","article-title":"New study on fixed-time synchronization control of delayed inertial memristive neural networks","volume":"399","year":"2021","journal-title":"Applied Mathematics and Computation"},{"key":"key2022061704463567200_ref010","article-title":"The effect of the fourth industrial revolution on the environment: the relationship between electronic finance and pollution in OECD countries","volume":"163","year":"2021","journal-title":"Technological Forecasting and Social Change"},{"key":"key2022061704463567200_ref011","article-title":"How alternative finance informs central themes in corporate finance","volume":"67","year":"2021","journal-title":"Journal of Corporate Finance"},{"issue":"7","key":"key2022061704463567200_ref012","doi-asserted-by":"crossref","first-page":"5913","DOI":"10.1109\/TIE.2019.2952824","article-title":"An improved delay-suppressed sliding-mode observer for sensorless vector-controlled PMSM","volume":"67","year":"2020","journal-title":"IEEE Transactions on Industrial Electronics"},{"key":"key2022061704463567200_ref013","doi-asserted-by":"crossref","first-page":"96","DOI":"10.1016\/j.econmod.2020.12.026","article-title":"Finance, globalization, technology and inequality: do nonlinearities matter?","volume":"96","year":"2021","journal-title":"Economic Modelling"},{"issue":"10","key":"key2022061704463567200_ref014","doi-asserted-by":"crossref","first-page":"1213","DOI":"10.2174\/2212392XMTA2bMjko1","article-title":"MRMD2.0: a python tool for machine learning with feature ranking and reduction","volume":"15","year":"2020","journal-title":"Current Bioinformatics"},{"issue":"10","key":"key2022061704463567200_ref015","doi-asserted-by":"crossref","first-page":"1213","DOI":"10.2174\/2212392XMTA2bMjko1","article-title":"MRMD2.0: a python tool for machine learning with feature ranking and reduction","volume":"15","year":"2020","journal-title":"Current Bioinformatics"},{"issue":"1","key":"key2022061704463567200_ref016","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1007\/s11431-018-9449-9","article-title":"Formation control and collision avoidance for multi-UAV systems based on Voronoi partition","volume":"63","year":"2020","journal-title":"Science China Technological Sciences"},{"key":"key2022061704463567200_ref017","doi-asserted-by":"publisher","DOI":"10.1002\/asjc.2415","article-title":"Object traversing by monocular UAV in outdoor environment","year":"2020","journal-title":"Asian Journal of Control"},{"issue":"6","key":"key2022061704463567200_ref018","doi-asserted-by":"crossref","first-page":"1805","DOI":"10.1109\/TRO.2020.2998766","article-title":"Convergent multiagent formation control with collision avoidance","volume":"36","year":"2020","journal-title":"IEEE Transactions on Robotics"},{"key":"key2022061704463567200_ref019","doi-asserted-by":"publisher","DOI":"10.1002\/asjc.2415","article-title":"Object traversing by monocular UAV in outdoor environment","year":"2020","journal-title":"Asian Journal of Control"},{"issue":"4","key":"key2022061704463567200_ref020","doi-asserted-by":"crossref","first-page":"1599","DOI":"10.1109\/TCSI.2021.3052210","article-title":"Novel finite-time reliable control design for memristor-based inertial neural networks with mixed time-varying delays","volume":"68","year":"2021","journal-title":"IEEE Transactions on Circuits and Systems I: Regular Papers"},{"issue":"8","key":"key2022061704463567200_ref021","doi-asserted-by":"crossref","first-page":"2035","DOI":"10.1109\/TMM.2017.2763321","article-title":"Optimizing multistage discriminative dictionaries for blind image quality assessment","volume":"20","year":"2018","journal-title":"IEEE Transactions on Multimedia"},{"key":"key2022061704463567200_ref022","doi-asserted-by":"publisher","DOI":"10.1109\/JESTPE.2021.3057665","article-title":"Transient analysis and verification of a magnetic gear integrated permanent magnet brushless machine with Halbach arrays","year":"2021","journal-title":"IEEE Journal of Emerging and Selected Topics in Power Electronics"},{"issue":"2","key":"key2022061704463567200_ref023","doi-asserted-by":"crossref","first-page":"796","DOI":"10.1109\/COMST.2020.2980570","article-title":"A tutorial on interference exploitation via symbol-level precoding: overview, state-of-the-art and future directions","volume":"22","year":"2020","journal-title":"IEEE Communications Surveys and Tutorials"},{"issue":"4","key":"key2022061704463567200_ref024","doi-asserted-by":"crossref","first-page":"769","DOI":"10.1007\/s11390-020-0350-4","article-title":"A survey on blocking technology of entity resolution","volume":"35","year":"2020","journal-title":"Journal of Computer Science and Technology"},{"key":"key2022061704463567200_ref025","doi-asserted-by":"publisher","DOI":"10.1109\/JIOT.2021.3064357","article-title":"LBS meets blockchain: an efficient method with security preserving trust in SAGIN","year":"2021","journal-title":"IEEE Internet of Things Journal"},{"issue":"21","key":"key2022061704463567200_ref026","doi-asserted-by":"crossref","first-page":"7924","DOI":"10.3390\/app10217924","article-title":"Development of 340-GHz transceiver front end based on GaAs monolithic integration technology for THz active imaging array","volume":"10","year":"2020","journal-title":"Applied Sciences"},{"key":"key2022061704463567200_ref027","doi-asserted-by":"crossref","first-page":"110972","DOI":"10.1016\/j.paid.2021.110972","article-title":"The impact of mortality salience on quantified self behavior during the COVID-19 pandemic","volume":"180","year":"2021","journal-title":"Personality and Individual Differences"},{"key":"key2022061704463567200_ref028","doi-asserted-by":"publisher","DOI":"10.1109\/TITS.2021.3059638","article-title":"PLVA: privacy-preserving and lightweight V2I authentication protocol","year":"2021","journal-title":"IEEE Transactions on Intelligent Transportation Systems"},{"key":"key2022061704463567200_ref029","doi-asserted-by":"crossref","first-page":"102949","DOI":"10.1016\/j.ijhm.2021.102949","article-title":"Welcoming host, cozy house? The impact of service attitude on sensory experience","volume":"95","year":"2021","journal-title":"International Journal of Hospitality Management"},{"issue":"1s","key":"key2022061704463567200_ref030","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1145\/3418215","article-title":"Fine-grained visual computing based on deep learning","volume":"17","year":"2021","journal-title":"ACM Transactions on Multimidia Computing Communications and Applications"},{"key":"key2022061704463567200_ref031","doi-asserted-by":"publisher","DOI":"10.2118\/205014-PA","article-title":"Data-driven niching differential evolution with adaptive parameters control for history matching and uncertainty quantification","year":"2021","journal-title":"SPE Journal"},{"issue":"1","key":"key2022061704463567200_ref032","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1002\/for.1049","article-title":"Forecasting value-at-risk with a parsimonious portfolio spillover GARCH (PS-GARCH) model","volume":"27","year":"2008","journal-title":"Journal of Forecasting"},{"issue":"2","key":"key2022061704463567200_ref033","doi-asserted-by":"crossref","first-page":"724","DOI":"10.1109\/TETC.2020.2969237","article-title":"A novel TDMA-based fault tolerance technique for the TSVs in 3D-ICs using honeycomb topology","volume":"9","year":"2021","journal-title":"IEEE Transactions on Emerging Topics in Computing"},{"issue":"3","key":"key2022061704463567200_ref034","doi-asserted-by":"crossref","first-page":"131","DOI":"10.23919\/JCC.2020.03.011","article-title":"The research on 220GHz multicarrier high-speed communication system","volume":"17","year":"2020","journal-title":"China Communications"},{"key":"key2022061704463567200_ref035","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/24725854.2021.1912440","article-title":"Robust bayesian hierarchical modeling and inference using scale mixtures of normal distributions","year":"2021","journal-title":"IISE Transactions"},{"issue":"1","key":"key2022061704463567200_ref036","doi-asserted-by":"crossref","first-page":"53","DOI":"10.7559\/mclawreview.2019.315","article-title":"Digital economy, big data and competition law","volume":"3","year":"2019","journal-title":"Market and Competition Law Review"},{"issue":"10","key":"key2022061704463567200_ref037","doi-asserted-by":"crossref","first-page":"2138","DOI":"10.1109\/TCAD.2019.2962115","article-title":"Approximation attacks on strong PUFs","volume":"39","year":"2020","journal-title":"IEEE Transactions on Computer-Aided Design of Integrated Circuits and Systems"},{"key":"key2022061704463567200_ref038","article-title":"Feeling dark, seeing dark: mind\u2013body in dark tourism","volume":"86","year":"2021","journal-title":"Annals of Tourism Research"},{"issue":"1","key":"key2022061704463567200_ref039","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1080\/10864415.2018.1512270","article-title":"Finance big data: management, analysis, and applications","volume":"23","year":"2019","journal-title":"International Journal of Electronic Commerce"},{"issue":"3","key":"key2022061704463567200_ref040","doi-asserted-by":"crossref","first-page":"672","DOI":"10.9770\/jesi.2018.5.3(19)","article-title":"Financial and economic mechanisms of promoting innovative activity in the context of the digital economy formation","volume":"5","year":"2018","journal-title":"Entrepreneurship and Sustainability Issues"},{"issue":"5","key":"key2022061704463567200_ref041","article-title":"A kind of improved quantum key distribution scheme","volume":"235","year":"2021","journal-title":"Optik"},{"key":"key2022061704463567200_ref042","article-title":"A kind of improved quantum key distribution scheme","volume":"235","year":"2021","journal-title":"Optik"},{"key":"key2022061704463567200_ref043","doi-asserted-by":"crossref","first-page":"237","DOI":"10.1016\/j.iref.2020.09.011","article-title":"Confucius institute, belt and road initiative, and internationalization","volume":"71","year":"2021","journal-title":"International Review of Economics and Finance"},{"key":"key2022061704463567200_ref044","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/15732479.2020.1833946","article-title":"Critical review of data-driven decision-making in bridge operation and maintenance","year":"2020","journal-title":"Structure and Infrastructure Engineering"},{"key":"key2022061704463567200_ref045","doi-asserted-by":"publisher","DOI":"10.1007\/s11831-020-09504-3","article-title":"Computer vision techniques in construction: a critical review","year":"2020","journal-title":"Archives of Computational Methods in Engineering"},{"key":"key2022061704463567200_ref046","doi-asserted-by":"publisher","DOI":"10.1109\/TCYB.2020.3036393","article-title":"Affine transformation-enhanced multifactorial optimization for heterogeneous problems","year":"2020","journal-title":"IEEE Transactions on Cybernetics"},{"key":"key2022061704463567200_ref047","doi-asserted-by":"publisher","DOI":"10.1109\/TCYB.2020.3036393","article-title":"Affine transformation-enhanced multifactorial optimization for heterogeneous problems","year":"2020","journal-title":"IEEE Transactions on Cybernetics"},{"key":"key2022061704463567200_ref048","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/19368623.2021.1926037","article-title":"Anthropomorphism and customers' willingness to use artificial intelligence service agents","year":"2021","journal-title":"Journal of Hospitality Marketing and Management"},{"issue":"1","key":"key2022061704463567200_ref049","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1109\/TCSI.2020.3028508","article-title":"Set-Based obfuscation for strong PUFs against machine learning attacks","volume":"68","year":"2021","journal-title":"IEEE Transactions on Circuits and Systems. I: Regular Papers"},{"issue":"5","key":"key2022061704463567200_ref050","doi-asserted-by":"crossref","first-page":"780","DOI":"10.1109\/LED.2019.2903430","article-title":"A novel 220-GHz GaN diode on-chip tripler with high driven power","volume":"40","year":"2019","journal-title":"IEEE Electron Device Letters"},{"issue":"6","key":"key2022061704463567200_ref051","doi-asserted-by":"crossref","first-page":"2106","DOI":"10.1109\/TCYB.2018.2826519","article-title":"Adaptive estimated inverse output-feedback quantized control for piezoelectric positioning stage","volume":"49","year":"2019","journal-title":"IEEE Transactions on Cybernetics"},{"issue":"11","key":"key2022061704463567200_ref052","doi-asserted-by":"crossref","first-page":"1175","DOI":"10.1049\/iet-map.2020.0090","article-title":"Four-hundred gigahertz broadband multi-branch waveguide coupler","volume":"14","year":"2020","journal-title":"IET Microwaves, Antennas and Propagation"},{"key":"key2022061704463567200_ref053","article-title":"Coordination mechanism of dual-channel closed-loop supply chains considering product quality and return","volume":"248","year":"2020","journal-title":"Journal of Cleaner Production"},{"key":"key2022061704463567200_ref054","doi-asserted-by":"publisher","DOI":"10.1109\/TC.2021.3049543","article-title":"Voltage over-scaling-based lightweight authentication for IoT security","year":"2021","journal-title":"IEEE Transactions on Computers"},{"issue":"1","key":"key2022061704463567200_ref055","doi-asserted-by":"crossref","first-page":"118","DOI":"10.1109\/JSTSP.2019.2957952","article-title":"Video coding optimization for virtual reality 360-degree source","volume":"14","year":"2020","journal-title":"IEEE Journal of Selected Topics in Signal Processing"},{"key":"key2022061704463567200_ref056","volume-title":"Business Research Methods","year":"1994","edition":"4th ed."},{"key":"key2022061704463567200_ref057","first-page":"180","article-title":"Decentralising privacy: using blockchain to protect personaldata","year":"2015"}],"container-title":["Journal of Enterprise Information Management"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JEIM-01-2021-0057\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JEIM-01-2021-0057\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T22:30:41Z","timestamp":1753396241000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/jeim\/article\/35\/4-5\/1288-1304\/431487"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,9,9]]},"references-count":57,"journal-issue":{"issue":"4\/5","published-online":{"date-parts":[[2021,9,9]]},"published-print":{"date-parts":[[2022,6,20]]}},"alternative-id":["10.1108\/JEIM-01-2021-0057"],"URL":"https:\/\/doi.org\/10.1108\/jeim-01-2021-0057","relation":{},"ISSN":["1741-0398"],"issn-type":[{"value":"1741-0398","type":"print"}],"subject":[],"published":{"date-parts":[[2021,9,9]]}}}