企业ESG表现与融资约束——基于信息披露数量与质量的再讨论

在气候变化日益受到关注的背景下,实现企业发展与资本市场的良性互动,不仅可以有效满足企业发展的资金需求,也有助于我国经济高质量发展,实现双碳目标。本文在信号传递理论模型基础上,利用2010-2019年1136家上市公司数据,从理论和实证两个方面分析了企业ESG表现对融资约束的影响及其非对称性。研究发现,企业的ESG表现能够显著降低自身的融资约束。机制分析表明,ESG表现能够降低企业与投资者之间的信息不对称,且ESG信息披露数量和质量的作用存在不同,现阶段提升企业信息披露质量的效果会优于提升信息披露数量。同时,ESG表现对企业不同融资方式具有明显的非对称影响,在抑制内部融资的同时会缓解债务融资和股权融资,企业需要权衡长期利益与短期利益之间可能的冲突。本文为政府制定企业信息披露政策、引导社会责任投资提供了有益的实证证据和决策指导。

钢渣基功能填料的高附加值非建材领域应用研究进展

人类在面临一次资源日益枯竭的同时,又必须面对因一次资源消耗带来的固废难处理问题。因此,在充分考察钢渣性质基础上,利用钢渣特性,研发可以用于橡胶、涂料、塑料领域的钢渣基功能填料,有望实现钢渣跨产业生态链及高附加值利用,具有巨大经济价值与重要现实意义。钢渣基功能填料具有吸附性强、粒径小、与有机体系相容性好等特征,在橡胶输送带、钢结构防锈涂料、建筑外墙涂料、人造复合板材等领域具有广泛应用的潜力。本文首先对钢渣的特性、钢渣基功能填料的制备原理做了简要介绍;并就钢渣基功能填料作为橡胶填料、涂料颜填料与塑料填料的应用情况进行了具体分析。然后详细指出钢渣基功能填料用于橡胶复合材料、建筑外墙底漆、建筑外墙涂料、PVC微发泡板材的特点,并就目前钢渣基功能填料的局限性进行详细评述。在此基础上,指出优化钢渣基功能填料性能与开发多固废基协同复合功能填料,是钢渣基功能填料未来主要发展方向。

中国碳交易试点政策与绿色技术进步偏向--基于城市层面数据的考察

碳交易试点的开启旨在降耗减排和推动经济绿色发展,而绿色技术进步在促进发展的同时还兼具资源环境约束作用。本文利用2007-2016年中国242个地级及以上城市数据,测算了产出有偏技术进步指数并判断其绿色技术进步偏向,进一步检验了碳交易试点政策对于城市产出有偏技术进步及绿色技术进步偏向是否具有促进作用。研究发现:(1)样本城市的产出有偏技术进步指数总体上大于1,其中东部地区和全国走向较为一致,中西部地区起伏相对较大。(2)从产出偏向来看,全国及东、中、西部城市的产出技术进步偏向非期望产出的比例都超过了50%,且中西部地区的比例高于全国和东部地区,说明绿色技术进步有待进一步优化。(3)碳交易试点的开启促进了城市产出有偏技术进步及绿色技术进步偏向,在一定程度上实现了预期的减排目的。(4)碳交易试点开启会通过抑制地区环境规制强度进而促进城市层面产出有偏技术进步。(5)碳交易试点可以通过提高研发投入、优化产业结构、推进金融发展从而促进绿色偏向型技术进步。本文为加快建设全国统一碳排放交易市场提供了一定的理论支持与经验证据。

Antioxidant mechanism of modified Qiongyu paste against aging based on network pharmacology and experimental validation

Objective:To provide a possible basis for the anti-aging effect of modified Qiongyu paste(MQP).Methods:Ultra-high-performance liquid chromatography-Q-Orbitrap mass spectrometry was applied to confirm the effective components of MQP that we had identified from databases and research literature.Then,network pharmacology was employed to predict the possible underlying mechanism of MQP against aging.According to the overlap with age-related gene targets,we obtained key targets of MQP against aging using protein-protein interaction analyses.Superoxide dismutase(SOD)tests were performed in vitro and in vivo.Western blotting of P62 and LC3B and quantitative polymerase chain reaction of the expression of the P62,LC3B,HO-1,Keap1,and Nrf2 genes were conducted on H_(2)O_(2) -induced PC12 cells.Enzyme-linked immunosorbent assays of tumor necrosis factor-a and interleukin-6 were conducted on a D-galactose-induced aging mice model.Results:A total of 44 compounds in MQP were finally identified,and 48 gene targets were considered related to anti-aging.Kyoto Encyclopedia of Genes and Genomes and Gene Ontology enrichment analyses linked the principal anti-aging mechanisms of MQP to oxidative resistance,genomic stabilization,and growth hormone regulation.In vitro,H_(2)O_(2)-induced PC12 cells showed that MQP was able to activate SOD,prolong telomeres,and enhance the expression levels of P62,LC3B,HO-1,Keap1,and Nrf2.The quantitative polymerase chain reaction results were affirmed with the reactive oxygen species inhibitor N-acetylcysteine and the reactive oxygen species agonist diallyl-tetrasulfide.In vivo,the D-gal-induced aging mice showed that MQP increased SOD in the brain and reduced tumor necrosis factor-α and interleukin-6 in the serum.Thus,our results suggest that the mechanism of the anti-aging effect of MQP primarily involves antagonizing oxidative stress.Conclusion:From the analyses and experimental validation,we may conclude that oxidative stress resistance may be a potential mechanism of the MQP anti-aging effect.

低剂量辐射对化学性肺损伤相关细胞因子的影响(英文)

Objective:The aim of this study was to explore the effect of low dose radiation on cytokine excreted by mice inbreathing of atomization of PYM.Methods:Kunming male mice were randomly divided into three groups:blank group,PYM group(P group),low dose radiation + PYM group(P + L group).Mice of P + L group were given whole body low dose radiation 75 mGY,dose rate were 12.5 mGY/min.After 6 h,mice in both P + L group and P group were given inbreathe of atomization of PYM,concentration was 2 mg/mL.Mice were sacrificed after the d1,d7,d14,d21 and d28,IL-6 were detected in alveolar irrigating solution.The tissue samples of mice lung were fixed in 10% formalin,TNF-α and TGF-β were analyzed by immunohistochemistry.Results:Compared with P group,IL-6 in low dose radiation + PYM group were lower,near to blank group,the difference had notable statistical significance on the d1 and the d7,while on the d14,d21,d28,the difference had not statistical significance.It suggested that low dose radiation could reduce the resection of IL-6 at the begin of lung injure induced by low dose radiation.The expression of TGF-β and TNF-α in P + L group were lower than that in P group,but the difference in the two groups had statistical significance by gray analysis P < 0.05.Conclusion:In the early stage of lung injure caused by PYM in mice,low dose radiation of 75 mGY can reduce the secretion of IL-6,decrease the production of TGF-β and TNF-α.

Efficiency Evaluation of Vegetable Specialized Cooperatives Based on Data of Chongqing Municipality

By introducing development situation of specialized cooperatives and vegetable specialized cooperatives in China,this paper discussed existing problems in the process of development of China's vegetable specialized cooperatives. Then,it made efficiency evaluation on typical vegetable specialized cooperatives in 3 districts of Chongqing Municipality by the DEA method. Considering traditional DEA model has drawbacks,it introduced super efficiency DEA model to make complete identification and ordering of cooperatives. On this basis,it divided efficiency value into pure technical efficiency and scale efficiency,and classified cooperatives into 4 categories according to efficiency characteristics of non-complete effective cooperatives. Finally,it came up with recommendations and countermeasures for improving efficiency of specialized cooperatives from raising technical level and increasing members of specialized cooperatives.

交叉补贴、工业电力降费与碳价格机制设计

理顺电价和碳价之间的关系,是协调推进电力体制改革和建设全国统一碳市场的关键问题。本文利用2006—2015年中国100个城市的电力消费价量数据,分析了电价结构中交叉补贴引致的无谓损失,在此基础上对碳价格机制进行了设计。研究发现:(1)现阶段电力降费和碳排放目标存在一定的冲突;(2)工业与居民电价需要共同调整以减少交叉补贴;(3)碳价与电价具有联动效应;(4)碳试点省市需要适度或大幅上调碳价格以提供合理的价格参考。