State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Numerical analysis for the free-boundary current reversal equilibrium in the AC plasma current operation in a tokamak

In recent decades, tokamak discharges with zero total toroidal current have been reported in tokamak experiments, and this is one of the key problems in alternating current(AC) operations.An efficient free-boundary equilibrium code is developed to investigate such advanced tokamak discharges with current reversal equilibrium configuration. The calculation results show that the reversal current equilibrium can maintain finite pressure and also has considerable effects on the position of the X-point and the magnetic separatrix shape, and hence also on the position of the strike point on the divertor plates, which is extremely useful for magnetic design, MHD stability analysis, and experimental data analysis etc. for the AC plasma current operation on tokamaks.

Honeymoon phase in type 1 diabetes mellitus: A window of opportunity for diabetes reversal?

The knowledge of the pathogenesis of type 1 diabetes mellitus(T1DM)continues to rapidly evolve.The natural course of the disease can be described in four clinical stages based on the autoimmune markers and glycemic status.Not all individuals of T1DM progress in that specific sequence.We hereby present a case of T1DM with a classical third phase(honeymoon phase)and discuss the intri-cacies of this interesting phase along with a possible future promise of“cure”with the use of immunotherapies.We now know that the course of T1DM may not be in only one direction towards further progression;rather the disease may have a waxing and waning course with even reversal of type 1 diabetes concept being discussed.The third phase popularly called the“honeymoon phase”,is of special interest as this phase is complex in its pathogenesis.The honeymoon phase of T1DM seems to provide the best window of opportunity for using targeted therapies using various immunomodulatory agents leading to the possibility of achieving the elusive“diabetes reversal”in T1DM.Identifying this phase is therefore the key,with a lot of varying criteria having been proposed.

Reversal of complete atrioventricular block in dialysis patients following parathyroidectomy:A case report

BACKGROUND Refractory secondary hyperparathyroidism(SHPT)is a common complication observed in patients with end-stage renal disease and can result in ectopic calcification.Metastatic calcification involving the heart valves and the conduction system can easily lead to arrhythmias,including atrioventricular block.This case report describes a maintenance hemodialysis patient with refractory SHPT resulting in a complete atrioventricular block(CAVB),which was eventually reversed to a first-degree atrioventricular block.CASE SUMMARY We present the case of a 31-year-old Asian female who was receiving maintenance hemodialysis because of lupus nephropathy.She developed SHPT,and an electrocardiogram revealed a first-degree atrioventricular block.Then,she underwent parathyroidectomy(PTX)with autotransplantation.Unfortunately,a few years later,she developed SHPT again,and an electrocardiogram revealed a CAVB.A few years after the second PTX surgery,the calcification of the left atrium and left ventricle improved,and her CAVB was reversed.CONCLUSION This case revealed that metastatic cardiac calcification can result in complete atrioventricular blockage.Following parathyroid surgery,calcification of the cardiac conduction system improved,leading to reversal of the atrioventricular block.It is important for dialysis patients to optimize intact parathyroid hormone therapy and pay attention to calcification metastasis.

Predictors of complications after prophylactic ileostomy reversal for rectal cancer:A retrospective study

BACKGROUND Previous studies have analyzed the risk factors for complications after ileostomy reversal for rectal cancer(RC),but there were significant differences in the reported risk factors for complications after stoma reversal.No studies have analyzed the risk factors for stoma-related complications and overall postoperative com-plications separately.AIM To analyze the risk factors for overall complications and stoma-related complications after ileostomy reversal for patients with RC.METHODS This was a retrospective study of 439 patients who underwent ileostomy reversal at a clinical center and were followed up between September 2012 and September 2022.Continuous variables are expressed as the mean±SD and were analyzed with independent-sample t tests,while frequency variables are expressed as n(%),and theχ2 test or Fisher’s exact test was used.Univariate and multivariate logistic regression analyses were used to identify predictors of overall complications and stoma-related complications.RESULTS The overall complication rate after ileostomy reversal was 11.4%.Patients with lower preoperative albumin concentration(P<0.01),greater blood loss(P=0.017),and longer operative times(P<0.01)were more likely to experience postoperative complications.The incidence of stoma-related complications was 6.4%.Analysis of the study showed that a higher body mass index(BMI)(P<0.01),preoperative comorbid hypertension(P=0.049),time from primary surgery to ileostomy reversal(P<0.01)and longer operation time(P=0.010)were more likely to result in stomarelated complications postoperatively.Multivariate logistic regression analysis revealed that a lower preoperative albumin level(P<0.01,OR=0.888,95%CI:0.828-0.958)was an independent risk factor for overall complications.Moreover,multivariate analysis revealed that BMI(P<0.01,OR=1.176,95%CI:1.041-1.330)and time from primary surgery to ileostomy reversal(P<0.01,OR=1.140,95%CI:1.038-1.252)were independent risk factors for stoma-related complications after stoma reversal.CONCLUSION The preoperative albumin level was a predictor of overall complications.Preoperative BMI and the time from primary surgery to ileostomy reversal were predictors of stoma-related complications.

Protected simultaneous quantum remote state preparation scheme by weak and reversal measurements in noisy environments

We discuss a quantum remote state preparation protocol by which two parties, Alice and Candy, prepare a single-qubit and a two-qubit state, respectively, at the site of the receiver Bob. The single-qubit state is known to Alice while the two-qubit state which is a non-maximally entangled Bell state is known to Candy. The three parties are connected through a single entangled state which acts as a quantum channel. We first describe the protocol in the ideal case when the entangled channel under use is in a pure state. After that, we consider the effect of amplitude damping(AD) noise on the quantum channel and describe the protocol executed through the noisy channel. The decrement of the fidelity is shown to occur with the increment in the noise parameter. This is shown by numerical computation in specific examples of the states to be created. Finally, we show that it is possible to maintain the label of fidelity to some extent and hence to decrease the effect of noise by the application of weak and reversal measurements. We also present a scheme for the generation of the five-qubit entangled resource which we require as a quantum channel. The generation scheme is run on the IBMQ platform.

Impact of web-based positive psychological intervention on emotions,psychological capital,and quality of life in gastric cancer patients on chemotherapy

BACKGROUND Gastric cancer is a malignant digestive tract tumor that originates from the epithelium of the gastric mucosa and occurs in the gastric antrum,particularly in the lower curvature of the stomach.AIM To evaluate the impact of a positive web-based psychological intervention on emotions,psychological capital,and quality of survival in gastric cancer patients on chemotherapy.METHODS From January 2020 to October 2023,121 cases of gastric cancer patients on chemotherapy admitted to our hospital were collected and divided into a control group(n=60)and an observation group(n=61)according to the admission order.They were given either conventional nursing care alone and conventional nursing care combined with web-based positive psychological interventions,respectively.The two groups were compared in terms of negative emotions,psychological capital,degree of cancer-caused fatigue,and quality of survival.RESULTS After intervention,the number of patients in the observation group who had negative feelings toward chemotherapy treatment was significantly lower than that of the control group(P<0.05);the Positive Psychological Capital Questionnaire score was considerably higher than that of the control group(P<0.05);the degree of cancer-caused fatigue was significantly lower than that of the control group(P<0.05);and the Quality of Life Scale for Cancer Patients(QLQ-30)score was significantly higher than that of the control group(P<0.05).CONCLUSION Implementing a web-based positive psychological intervention for gastric cancer chemotherapy patients can effectively improve negative emotions,enhance psychological capital,and improve the quality of survival.

Efficacy of cognitive-behavioral therapy combined with habit reversal training on anxiety disorders in children with Tourette’s syndrome

BACKGROUND Cognitive-behavioral therapy(CBT)and habit reversal training(HRT)have shown application potential in addressing tic symptoms and comorbid psychiatric conditions.Despite their theoretical potential,empirical evidence on their combined efficacy remains limited.AIM To evaluate the efficacy of CBT combined with HRT on anxiety disorders in children with Tourette’s syndrome(TS).METHODS Clinical data of children with TS admitted to our hospital from January 2022 to June 2023 were collected,and the patients were grouped into the conventional therapy(control)group and the CBT combined with HRT group.Baseline charac-teristics,anxiety scores,tic severity scores,treatment adherence,and parental satisfaction were assessed.Statistical analysis was performed using t-tests,chi-square tests,and correlation analysis.RESULTS A total of 136 patients,including 65 patients in the control group and 71 patients in the CBT combined with HRT group,were included.The CBT combined with HRT group showed remarkable improvements compared with the control group.Post-intervention assessment revealed a decrease in anxiety scores from 63.52±1.81 to 40.53±1.64(t=2.022,P=0.045),and the Yale Global Tic Severity Scale total score decreased from 22.14±5.67 to 16.28±4.91(t=2.288,P=0.024).Treatment adherence was significantly higher in the CBT combined with HRT group(85.47±7.62%)compared with the control group(82.32±6.54%;t=2.596,P=0.010).Parental satisfaction scores were also higher in the CBT combined with HRT group(8.69±1.77)compared with the control group(7.87±1.92;t=2.592,P=0.011).CONCLUSION This study demonstrates that CBT combined with HRT significantly reduces anxiety symptoms and tic severity in children with TS,with higher treatment adherence and parental satisfaction.These findings support the potential application of this comprehensive therapeutic approach for TS treatment.

Storm Liquefaction Deposits:A Possibility of Time Reversal in Sedimentary Strata of an Estuarial Coastal Area

In the sedimentary strata dating of estuarial coastal areas,it is often found that there is phenomenon of time-reversal in strata.The seabed sediments could be liquefied under storm waves.A laboratory wave flume experiment demonstrated that storm-induced liquefaction deposits are formed by the oscillations of liquefied sediments.In this paper,the particle size distribution and ^(210)Pb_(ex) specific activity of the sediment samples from the liquefaction disturbed zone and adjacent stable zone of the Yellow River Delta were tested.The stratigraphic divisions based on storm liquefaction deposit sequence can effectively explain the vertical changes in particle size and ^(210)Pb_(ex) specific activity.Due to the differentiation of particles during the storm induced liquefaction,coarse and fine particles regrouped,which could explain the phenomenon of time-reversal in dating data.

Defining Cities by Water: Addressing Capital Misallocation in a Race to Conserve Resources

As part of its efforts to promote a sustainable and high-quality development,China has pledged to reduce water consumption and create a water-efficient society.On the basis of identifying the institutional root causes of excessive capital allocation and excessive water consumption in China’s water-intensive industrial sectors,this study elaborates how the national water-efficient cities assessment contributes to optimized capital allocation.Our research shows that national water-efficient cities assessment has motivated local governments to compete for water efficiency.To conserve water,local governments regulated the entry and exit of water-intensive enterprises,discouraged excessive investments in water-intensive sectors,and phased out obsolete water-intensive capacities within their jurisdictions.This approach has resulted in mutually beneficial outcomes,including improved allocation of capital,enhanced water efficiency,and reduced emissions.This paper offers policy recommendations for establishing a water-efficient society throughout the 14^(th) Five-Year Plan(2021-2025)period by presenting empirical evidence on the policy effects of resource efficiency evaluation.

Construction of Regional Ecological Capital Operation Mechanism System from the Perspective of Green Economy Development

Green development has gradually become the main theme of the current world economic development.Green transformation development and cracking the contradiction between ecology and economy need to build an effective ecological capital operation system and mechanism to support,encourage the effective operation of regional ecological capital,promote the appreciation and preservation of ecological capital,and escort the operation.This paper constructs a four-in-one regional ecological capital operation mechanism system,in which the"accumulation mechanism"is the prerequisite,the"conversion mechanism"is the key link,the"compensation mechanism"is an important supplement,and the"incentive mechanism"is the safeguard measure,which aims to ensure the smooth progress of the construction of beautiful China in the new era and realize the socialist modern power.

The Interrelationship between Culture and Capital Structure:Evidence from International Retailers

The present study investigates the influence of cultural factors in 2022 on the capital structure of global retailers.There are sixteen retailers from eight countries in the sample.In recent times,numerous academicians have taken an interest in examining the capital structure and business model of retailers,owing to their swift and consistent growth.However,the fact that the majority of research originates from the retailers’host country gives rise to debate regarding the applicability of the capital structure of said retailers to countries with distinct cultural environments.Consequently,academics have begun to investigate whether the capital structure of multinational retailers is impacted by the diversity of national cultures.

Venture Capital Syndication under Social Network Theory:Literature Review and Prospect

As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.

Financial Vulnerability, Capital Flow Reversals, and Divergence Macro-Prudential Policies Posing Challenges to the ASEAN Banking Integration Framework （ABIF）

Against the prevailing background of an unusual capital flow reversal which is posing immense challenges to the integration of the region＇s banking sector, this study measures macro-prudential instruments affecting the implementation of an integrated financial service industry. This study is important at times when domestic and country-based financial policies are directed at competing goals. The interaction of macro-prudential policies with other policies, in particular monetary policies and micro-prudential policies is crucial to address systemic risk involved. There is growing recognition that prudential policies tools interact and coordinate with one another. To utilize multiple instruments seems to provide a greater assurance of effectiveness by tackling risk from various angles. As such, this study also assesses the interactions of the policies. The study also proposes a baseline model to capture systemic risk due to liquidity risk and risk because of currency devaluation.

Parameter estimation of LFM signals based on time reversal

In this paper,parameter estimation of linear frequency modulation(LFM)signals containing additive white Gaussian noise is studied.Because the center frequency estimation of an LFM signal is affected by the error propagation effect,resulting in a higher signal to noise ratio(SNR)threshold,a parameter estimation method for LFM signals based on time reversal is proposed.The proposed method avoids SNR loss in the process of estimating the frequency,thus reducing the SNR threshold.The simulation results show that the threshold is reduced by 5 dB compared with the discrete polynomial transform(DPT)method,and the root-mean-square error(RMSE)of the proposed estimator is close to the Cramer-Rao lower bound(CRLB).

Investigation of magnetization reversal and domain structures in perpendicular synthetic antiferromagnets by first-order reversal curves and magneto-optical Kerr effect

Perpendicular synthetic-antiferromagnet(p-SAF) has broad applications in spin-transfer-torque magnetic random access memory and magnetic sensors. In this study, the p-SAF films consisting of (Co/Ni)3]/Ir(tIr)/[(Ni/Co)3are fabricated by magnetron sputtering technology. We study the domain structure and switching field distribution in p-SAF by changing the thickness of the infrared space layer. The strongest exchange coupling field(Hex) is observed when the thickness of Ir layer(tIr) is 0.7 nm and becoming weak according to the Ruderman–Kittel–Kasuya–Yosida-type coupling at 1.05 nm,2.1 nm, 4.55 nm, and 4.9 nm in sequence. Furthermore, the domain switching process between the upper Co/Ni stack and the bottom Co/Ni stack is different because of the antiferromagnet coupling. Compared with ferromagnet coupling films, the antiferromagnet samples possess three irreversible reversal regions in the first-order reversal curve distribution.With tIrincreasing, these irreversible reversal regions become denser and smaller. The results from this study will help us understand the details of the magnetization reversal process in the p-SAF.

Effects of Different Feedback Conditions on Sensorimotor Adaptation Revealed in a Mirror Reversal Paradigm

Humans are able to overcome sensory perturbations imposed on their movements through motor learning. One of the key mechanisms to accomplish this is sensorimotor adaptation, an implicit, error-driven learning mechanism. Past work on sensorimotor adaptation focused mainly on adaptation to rotated visual feedback—A paradigm known as visuomotor rotation. Recent studies have shown that sensorimotor adaptation can also occur under mirror-reversed visual feedback. In visuomotor rotation, sensorimotor adaptation can be driven by both endpoint and online feedback [1] [2]. However, it’s not been clear whether both kinds of feedback can similarly drive adaptation under a mirror reversed perturbation. We performed a study to establish what kinds of feedback can drive adaptation under mirror reversal. In the first two conditions, the participants were asked to ignore visual feedback. In the first condition, we provided mirror reversed online feedback and endpoint feedback. We reproduced previous findings showing that online feedback elicited adaptation under mirror reversal. In a second condition, we provided mirror reversed endpoint feedback. However, in the second condition, we found that endpoint feedback alone failed to elicit adaptation. In a third condition, we provided both types of feedback at the same time, but in a conflicting way: endpoint feedback was non-reversed while online feedback was mirror reversed. The participants were asked to ignore online visual feedback and try to hit the target with help from veridical endpoint feedback. In the third condition, in which veridical endpoint feedback and mirror reversed online feedback were provided, adaptation still occurred. Our results showed that endpoint feedback did not elicit adaptation under mirror reversal but online feedback did. This dissociation between effects of endpoint feedback and online feedback on adaptation under mirror reversal suggests that adaptation under these different kinds of feedback might in fact operate via distinct mechanisms.

Current bifurcation, reversals and multiple mobility transitions of dipole in alternating electric fields

Anomalous transports of dipole in alternating electric fields are investigated by means of numerical calculation of its average angular velocity(or current). Our results show that the alternating electric fields can make the dipole exhibit many interesting transport behaviors. There exist current bifurcation and multiple current reversal phenomena about frequency of the alternating electric fields in the system in the absence of constant bias force, while many platforms appear in the curve of its average angular velocity vs. the force, i.e., multiple mobility transitions phenomenon in the presence of the constant force, dependent on frequencies of the alternating electric fields. Further investigation indicates that the multiple mobility transitions are attributed to the traveling forces on the dipole. Intrinsic physical mechanism and conditions for the characteristic dynamical behaviors to occur are also discussed in detail. These findings will possess crucial significance for optimizing heating control in the alternating electric fields.

A novel power-combination method using a time-reversal pulse-compression technique

The electromagnetic time-reversal(TR)technique has the characteristics of spatiotemporal focusing in a time-reversal cavity(TRC),which can be used for pulse compression,thus forming an electromagnetic pulse with high peak power.A time-reversed pulse-compression method in a single channel has high pulse compression gain.However,single channel pulse compression can only generate limited gain.This paper proposes a novel TR power-combination method in a multichannel TRC to obtain higher peak power based on TR pulse-compression theory.First,the TR power-combination model is given,and the crosstalk properties of the associated channel and the influence of the reversal performance are studied.Then,the power-combination performances for the TR pulse compression,such as combined signal to noise ratio(SNR)and combined compression gain,are analyzed by numerical simulation and experimental methods.The results show that the proposed method has obvious advantages over pulse-compression methods using a single channel cavity,and is more convenient for power combination.

Periodical polarization reversal modulation in multiferroic MnWO_(4) under high magnetic fields

We report polarization reversal periodically controlled by the electric field in multiferroic MnWO_(4) with a pulsed field up to 52 T.The electric polarization cannot be reversed by successive opposite electric fields in low magnetic fields(<14 T)at 4.2 K,whereas polarization reversal is directly achieved by two opposite electric fields under high magnetic fields(<45 T).Interestingly,the polarization curve of rising and falling fields for H∥u(magnetic easy axis)is irreversible when the magnetic field is close to 52 T.In this case,the rising and falling polarization curves can be individually reversed by the electric field,and thus require five cycles to recover to the initial condition by the order of the applied electric fields(+E,-E,-E,+E,+E).In addition,we find that ferroelectric phaseⅣcan be tuned from parallel to antiparallel in relation to ferroelectric phase AF2 by applying a magnetic field approximated to the c axis.