DEBT MATURITY STRUCTURE IN PROJECT FINANCING

Based on the concept of debt duration,this paper proposes the elasticity of cash flow.Then,the debt maturity structure in project financing is discussed.The results show that in the project financing structure,the debt maturity structure is closely related with debt capacity.Higher debt ratio requires short term debt,and vise versa.

Earnings information quality, debt maturity structure and investment efficiency

This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.

Experimental study on the sandstone abrasiveness via mineral composition and microstructure analysis

Rock abrasiveness is an important factor affecting the tool's lifetime and efficiency in breaking a rock.Characterizing rock abrasiveness helps in the design,optimization,and mean-life prediction of tools.Xray diffraction,cast thin section analysis,and CERCHAR abrasiveness tests were performed on 18 different sandstones to characterize rock abrasiveness and explore new methods for characterization.The relationship between the mineral composition and microstructure of sandstone and abrasiveness was investigated.The results show that different structural maturities have varying effects on abrasiveness.In addition,the higher the structural maturity,the more the abrasiveness.Furthermore,in sandstones of the same structural maturity,the abrasiveness increases with equivalent quartz content(EQC).The texture coefficient(TC)and CERCHAR abrasiveness index(CAI)of sandstones with the same structural maturity showed a good linear relationship.Moreover,the correlation coefficients considering the combined parameters are above 0.85.Therefore,obtaining the microstructure and mineral composition of sandstone can effectively characterize rock abrasiveness.It also provides a new method for predicting the abrasiveness of the rock in the well.

Overheated Investment in Real Estate Inhibits Innovation:Verification and Analysis in China's Case

Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.