Design and implementation of low-cost geomagnetic field monitoring equipment for high-density deployment

The observation of geomagnetic field variations is an important approach to studying earthquake precursors.Since 1987,the China Earthquake Administration has explored this seismomagnetic relationship.In particular,they studied local magnetic field anomalies over the Chinese mainland for earthquake prediction.Owing to the years of research on the seismomagnetic relationship,earthquake prediction experts have concluded that the compressive magnetic effect,tectonic magnetic effect,electric magnetic fluid effect,and other factors contribute to preearthquake magnetic anomalies.However,this involves a small magnitude of magnetic field changes.It is difficult to relate them to the abnormal changes of the extremely large magnetic field in regions with extreme earthquakes owing to the high cost of professional geomagnetic equipment,thereby limiting large-scale deployment.Moreover,it is difficult to obtain strong magnetic field changes before an earthquake.The Tianjin Earthquake Agency has developed low-cost geomagnetic field observation equipment through the Beijing–Tianjin–Hebei geomagnetic equipment test project.The new system was used to test the availability of equipment and determine the findings based on big data..

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

Low cost, high performance supercapacitor electrode using coconut wastes: eco-friendly approach

Low cost, high performance supercapacitor electrodes were fabricated using coconut waste as precursor. Simple one step pyrolysis is adopted to get the spherical shaped particle where lignocellulosic nature of carbon converts into porous carbon nanospheres. Three types of coconut wastes, namely, coconut fiber(CF), coconut leaves(CL) and coconut stick(CS) have been studied and compared for their application in supercapacitors. Uniform spherical shape with particle size ranging from 30 to 60 nm for leaves and sticks and20 nm for fibers was obtained. The electrochemical properties of the porous carbon nanospheres were studied using cyclic voltammetry(CV), chronopotentiometry(CP) and electrochemical impedance spectroscopy(EIS). The porous carbon nanospheres derived from all the three biowaste samples show good electrochemical performance for supercapacitor application. Porous carbon nanospheres derived from coconut fiber exhibited maximum specific capacitance of 236 F/g followed by coconut stick and coconut leaves with 208 and 116 F/g respectively at a scan rate of 2 m V/s. Further impedance studies showed a charge transfer resistance of 4.9 for the porous carbon nanospheres derived from coconut fiber, while those from coconut leaves and coconut stick exhibited a slightly higher resistance of 6 and14.2, respectively. The simple eco-friendly approach we have demonstrated for synthesizing coconut waste based carbon nanospheres makes them excellent candidates for future, low-cost, energy storage devices.

Develop Highly Reliable and Low-Cost Technology for Access to Space,Embrace the New Space Economy Era

The worldwide space industry has entered a new space economy era.The question is how to develop in this new era?This paper tries to answer this question from two aspects:highly reliable and low-cost technology for access to space,and the cislunar economic zone.Firstly,the development requirement of the future space transportation system is discussed and the development path to enable high-reliability and a low cost of space transportation system is analyzed.Moreover,the concept of a routine space transportation system is proposed,upon which this paper gives some thoughts to the development of the cislunar economic zone thus embracing the new space economy era.

Guaranteed Cost Consensus for High-dimensional Multi-agent Systems With Time-varying Delays

Guaranteed cost consensus analysis and design problems for high-dimensional multi-agent systems with time varying delays are investigated. The idea of guaranteed cost con trol is introduced into consensus problems for high-dimensiona multi-agent systems with time-varying delays, where a cos function is defined based on state errors among neighboring agents and control inputs of all the agents. By the state space decomposition approach and the linear matrix inequality(LMI)sufficient conditions for guaranteed cost consensus and consensu alization are given. Moreover, a guaranteed cost upper bound o the cost function is determined. It should be mentioned that these LMI criteria are dependent on the change rate of time delays and the maximum time delay, the guaranteed cost upper bound is only dependent on the maximum time delay but independen of the Laplacian matrix. Finally, numerical simulations are given to demonstrate theoretical results.

Evaluating health care financing in a highly decentralized Beveridge model

The Finnish health care system is financed in a highly decentralized manner. In the tax-financed Beveridge model each municipality is responseble for financing and organizing health care services for its residents. This paper examined the annual incidence and treatment costs of three cost-intensive DRG-groups, and all DRG-groups together. The objective was to estimate municipal level predictions on the incidence of new illness cases and their associated costs, and to analyze whether there was greater uncertainty in anticipated specialized health care costs in municipalities with smaller populations. The dataset comprised of longitudinal hospital utilization and discharge data from Hospital Discharge Registers. The expected annual variation of illness cases and costs was assessed with respect to 95% confidence intervals estimated for each morbidity group and municipality. The results indicated that the costs of the selected morbidity groups fluctuated in a completely uncontrollable manner in municipalities with small populations. As the median size of Finnish municipalities is less than 6000, the inability to anticipate periodic health care costs constitutes an extensive financial problem and calls for the establishment of larger regional units and funding pools.

The high and new technology enterprise financing problems research in our country

With the development of economic globalization and the ability of innovation in science and technology under the background of growing, producing more and more high and new technology enterprise. They are both the double character of the high-tech enterprises and traditional enterprises, in the process of development will face more challenges, financing problem is one of the focus of attention. So this paper choose the financing problem as the research direction of the high-tech enterprises. In view of the theoretical part of the article introduces a case is analyzed, and the company put forward some countermeasures to solve the difficulties of financing. Finally, the article summary of object of study is summarized.

Structural Reform Holds the Key to Reducing Social Financing Cost

In the last couple of years, social financing costs have shot up in China despite an overall capital abundance and increasing market-based capital allocation. This paper has investigated overall financial cost and capital cost ratio as two measurements of financing cost, compared financing costs of different channels, examined the relationship of risk premium, financial repression, interest rate liberalization, and resource occupation versus financing cost, and addressed the problem of high non-manufacturing cost. On such a basis, specific countermeasures have been proposed. The main conclusion of this paper is： The current high social financing costs primarily result from economic structural imbalance. The fundamental solution lies in continuing structural reform and credibility system development to eliminate barriers in the transmission of capital circulation policies such as expanding equity financing, relaxing market access formalities for small and micro financial institutions, and improving the bankruptcy system to give full play to the ＂survival of the fittest＂ mechanism of the market.

Research on Property Rights, Revenue Transparency and Equity Financing Costs ——Based on the Perspective of CEO Overconfidence

This paper takes the Chinese listed company with the equity refinancing qualification from 2012 to 2013 as the research object, and uses the residual revenue model to calculate the equity financing cost. This paper discusses the impact of the overconfidence of executives on the equity financing cost and its impact mechanism. The unique institutional background examines the differences in property rights characteristics. The research found that:(1) executive overconfidence has a negative impact on the cost of equity financing, executives tend to be overconfident, the higher the equity financing cost of the company;(2) the overconfidence of executives to state-owned enterprises compared to private enterprises The negative impact of financing costs is more significant;(3) in addition, this paper also examines the potential impact mechanism of executive overconfidence on the cost of equity financing. The quality of information disclosure and the risk of investor prediction have a mediating effect on the impact of executive overconfidence on equity financing costs.

The Use of Life Cycle Cost Analysis to Determine the Most Effective Cost of Installation High Voltage Undersea Cable Bali Strait

Indonesian National Electricity Company （PT.PLN （Persero）） has planned to install additional high voltage undersea cable for circuit llI and IV Java-Bali to fulfill electricity demand in Bali. This project was more prefered compared to building another power plant in Bali which could raise social and cultural resistance. Life cycle cost method was used to complete the financial feasibility study to ensure if the project has economic benefit, and the asset would be used effectively and efficiently along its benefit period. In this paper, a life cycle cost will be simulated to analyze which alternative is the most profitable： installation circuit III and IV in 2012 or installation circuit III in 2012 and circuit IV in 2017 in accordance with load forecasting demand. This study is used to help the management to make a decision about the project.

Social Profitability Threshold of High Speed Railway:A Benefit-Cost Analysis

In this study, the benefit-cost analysis technique for projects evaluation is applied to determine the minimum level of demand that makes a high-speed rail project economically viable in Spain. To get this goal, it is nec- essary to take into account not only the costs and benefits of the high speed railway but also the analysis of the costs and benefits linked to other alternative transport modes, such as plane, private car or bus. The re- sults show that the high-speed rail studied is socially profitable from a traffic volume of 6.5 million passen- gers and for a social discount rate of 4%. Given the benefits associated with network effects, which magni- tude grows parallel to the extension of the high-speed network, this threshold could be significantly reduced in subsequent projects.

Evaluation of Cost Effectiveness of Onibode Fire-Clay for Production of High Quality Refractory Bricks

In establishing a plant or factory, the cost-benefit analysis is needed to determine the viability for such financial investment on the project. In this paper, the cost establishing a factory of 200,000 bricks per annum capacity, for the production of high quality refractory bricks from locally available raw materials in Nigeria was evaluated. The evaluation was conducted on the virgin refractory material (100%) as well as with varied percentages (10% - 40%) of alumina additions. The result of cost benefit analysis indicated that, the project was viable, with the highest cost at N1,203.66 per brick as against N1,800 (at 3 years projections) of the imported brick. The payback period for the capital investment was very short (within two years). The findings will aid investors in decision makings.

数字普惠金融发展缓解融资约束研究——基于涉农企业的实证分析

伴随数字经济的蓬勃发展,数字普惠金融为缓解涉农企业融资约束提供了新的可能和路径。将北京大学数字普惠金融2011—2020年市级数据与中国涉农企业数据进行匹配,实证检验数字普惠金融发展对涉农企业融资约束的影响。研究表明:数字普惠金融发展可以显著缓解涉农企业融资约束,该结论在进行多种稳健性检验后依然成立。其中,数字普惠金融覆盖广度的影响效果优于使用深度和数字化程度;数字普惠金融发展能够通过降低融资成本、提高信息透明度等机制缓解涉农企业融资约束;数字普惠金融发展对非国有企业融资约束的缓解作用相对于国有企业更大,对加工服务业企业融资约束的缓解作用相对于养殖种植业企业更大。传统金融发展越好的地区,数字普惠金融发展对企业融资约束的缓解作用更强。总体而言,在缓解涉农企业融资约束异质性方面,数字普惠金融的“逐利性”大于其“普惠性”。文章为乡村振兴背景下解决涉农企业融资难题、助推农业经济发展提供理论参考和实践指引:第一,要继续推进数字普惠金融发展,为涉农企业提供数量众多、业态丰富的新型金融服务;第二,涉农企业要积极进行信息披露,减小与金融机构间的信息不对称程度,拓宽自身融资渠道;第三,要加大对落后地区和经营养殖种植业企业的扶持力度和资源倾斜,发挥数字普惠金融的应有之义。

融资可得性、融资成本与民营企业创新

作为我国科技创新中坚力量,民营企业的技术创新一直面临“融资难”和“融资贵”问题。本文在一个综合框架内探究融资可得性和融资成本对民营企业创新的影响。实证研究发现:融资可得性的提高可以显著促进民营企业创新,而融资成本的上升没有显著抑制民营企业创新;进一步研究发现,融资可得性的改善更有利于促进股权集中度高、规模小、市场化水平较低地区的民营企业创新。研究结果表明,从促进民营企业创新角度看,解决民营企业融资困境主要在于提高融资可得性;在畅通融资渠道过程中,如果交易成本增加或正常的风险溢价导致较高的融资成本,则应允许这种隐性成本外显以促进市场机制发挥作用。此外,还应依据政策效应大小,对不同类型民营企业给予不同力度的政策支持。

内外双“管”下ESG表现对企业融资成本的影响研究

本文基于沪深A股上市工业企业2015-2020年面板数据,实证检验了ESG表现对企业融资成本的影响,以及内部控制和媒体关注在二者关系中的重要补充机制。研究结果显示,企业ESG表现及其三个维度对企业融资成本具有差异化负向效应,良好的环境责任和公司治理表现更能显著降低企业融资成本;内部控制和媒体关注度会放大ESG表现对企业融资成本的抑制作用,即随着内控水平和媒体关注度的提高,企业ESG表现及其三个维度对融资成本的抑制效果逐渐得到强化。其中,内部控制的强化效果在公司治理方面体现更为明显,媒体关注的强化效果则在环境责任方面更为突出。

数字经济与中小企业生存:促进或抑制?

数字经济发展浪潮下,促进中小企业生存是中国经济高质量发展的重要路径。本文在理论分析基础上,结合采用因子分析法构建的2014—2021年城市数字经济发展指数和中小企业生存能力指数,实证检验了数字经济对中小企业生存的影响及其机制。研究发现,数字经济发展对中小企业生存具有显著的正向作用。这一结论在进行多种稳健性检验后仍成立。机制分析发现,数字经济发展具有融资约束缓解效应和代理成本节约效应,即数字经济通过优化中小企业自身融资能力和外部融资环境缓解融资约束,通过减少信息不对称和管理者决策过程中的非理性降低代理成本,进而促进中小企业生存。异质性分析发现,数字经济发展对东中部地区、制造业和管理效率高的中小企业的正向促进作用更显著。

产业政策促进企业创新的传递机制与情境条件——来自沪深A股上市公司的经验证据

近年来,随着中国企业逐渐接近技术创新的前沿,技术追赶的空间被进一步压缩,经济发展和产业政策面临着越来越大的挑战。文章以2008—2021年沪深A股上市公司为样本,考察产业政策对企业创新的影响,并分析了其传递机制和情境条件。实证结果表明,产业政策对企业的创新活动表现出“双重利好”效应,将同时提高被支持行业中企业的创新数量与创新质量。传递机制分析表明,产业政策主要通过抑制企业金融化程度、提高政府补贴力度、降低债务融资成本、带来更多分析师关注等中介因素驱动企业创新水平的提升。情境条件分析发现,产品竞争市场治理、新闻媒体治理、公司治理、研发投入和高管团队研发经验会加强产业政策对企业创新的正向效应。进一步研究表明,发明专利对企业价值有正向影响且该效应具有一定的持续性,而非发明专利对企业价值有负向影响且该效应不具有持续性。研究揭示了产业政策促进企业创新的传递机制与情境条件,为客观评估中国产业政策的经济效应提供了微观依据。

数字金融创新有助于促进实体经济高质量发展吗?——基于金融服务效率的机制分析与空间计量

中央金融工作会议强调,坚持把金融服务实体经济作为根本宗旨。数字金融作为数字技术与金融业态融合创新的产物,对提升金融服务效率,支持实体经济高质量发展具有重要意义。基于2011-2021年中国31个省级行政区的平衡面板数据,通过构建实体经济高质量发展指标体系和嵌套空间权重矩阵,运用空间计量模型、动态杜宾模型和中介效应检验方法,实证研究数字金融创新对实体经济高质量发展的直接影响、溢出效应和作用机制,得出:数字金融创新不仅能直接促进本地区实体经济的高质量发展,而且具有正向空间溢出效应,对邻近地区实体经济高质量发展呈现渐进、动态的长期影响。中介效应检验结果表明,提升金融服务效率是数字金融创新促进实体经济高质量发展的主要作用机制。在金融科技创新监管试点地区,数字金融创新对实体经济高质量发展的直接影响、溢出效应和中介效应均明显高于非试点地区。因此,要稳步推进金融科技创新监管试点,优化数字金融业态空间布局,畅通数字金融促进实体经济高质量发展的传导机制。

创新价值链视角下数字金融能否改善企业创新效率?

提升企业创新效率是积极稳妥发展数字金融、增强金融服务实体经济质效的重要落脚点。依据创新价值链理论理解企业创新效率,结合数字金融的金融属性与科技属性,阐释数字金融影响企业创新效率的作用机理,基于2011—2020年中国282个地级市数字金融百度新闻指数与三阶段链式网络DEA模型测算的企业创新效率数据,实证考察数字金融发展对企业创新效率的影响。研究结果发现:数字金融可以显著促进企业创意转化、知识凝结和成果实现三阶段创新效率提升,这主要是源于融资约束缓解效应、代理成本降低效应;异质性分析发现,数字金融对企业创新效率的提升作用在金融基础积累充足、知识产权保护完善、市场化程度高的地区与高新技术行业中表现得更加显著。相关研究结论对增强金融服务实体经济质效、加快实施创新驱动发展战略具有重要的政策启示。