Since June 2004, the State-Owned Assets Supervision & Administration Commission(SASAC) has launched pilot programs for a board of directors(BoD) for central SOEs to establish and improve their governance structure...Since June 2004, the State-Owned Assets Supervision & Administration Commission(SASAC) has launched pilot programs for a board of directors(BoD) for central SOEs to establish and improve their governance structure and standardize their exercise of shareholder rights over state-owned listed companies. Based on this quasinatural experiment, this paper examines the BoD's effects on the agency cost of state-owned listed companies and their economic consequences. Using data of central SOE-controlled companies listed at Shanghai and Shenzhen stock exchanges during 2002-2015, this paper finds that the pilot programs significantly reduced the two types of agency costs for the companies, and such effects primarily existed for listed companies with smaller central SOE shareholding ratios. Further test uncovers that, compared with central SOEs that did not carry out the pilot programs, those that did reported higher economic value-added and stock returns. Our conclusions offer a new interpretation of the BoD's governance effects from a controlling shareholder's perspective, and provide empirical evidence for the positive effects of the pilot programs for central SOE boards of directors. These findings have important policy implications for deepening SOE governance reforms.展开更多
Since there are few studies on the performance-based seismic evaluation of the long-span suspension bridge system under two-level earthquake hazard in Chinese code,the developed procedure of this study can be regarded...Since there are few studies on the performance-based seismic evaluation of the long-span suspension bridge system under two-level earthquake hazard in Chinese code,the developed procedure of this study can be regarded as a general program to assess the seismic performance of the overall system for long-span suspension bridges.In the procedure,the probabilistic seismic demand models of multiple bridge components were developed by nonlinear time-history analyses incorporating the related uncertainties,and the component-level fragility curves were calculated by the reasonable definition of limit states of the corresponding components in combination with seismic hazard analysis.The bridge repair cost ratios used to evaluate the system seismic performance were derived through the performance-based methodology and the damage probability of critical components.Furthermore,the repair cost ratios of the overall bridge system that was retrofitted with fluid viscous dampers for the main bridge and changed restraint systems for the approach bridges were compared.The results show that peak ground velocity and peak ground acceleration can be selected as the optimal intensity measurements of long-span suspension bridges using the TOPSIS(technique for order preference by similarity to an ideal solution).The bridge repair cost ratios can serve as accurate evaluation indicators to provide an efficient evaluation of retrofit measures.The seismic evaluation of long-span bridges is misled when ignoring the interaction of adjacent structures.However,the repair cost ratios of a bridge system that has optimum seismic performance are less sensitive to the relative importance of adjacent structures.展开更多
为迎接光伏电站平价上网的挑战,降低光伏发电的度电成本,提高光伏发电的经济性,光伏电站需要从提高能效和降低成本两方面着手。其中光伏电站不同的拓扑结构会影响电站能效和电站造价水平。参考实际运行的光伏电站案例以及设备的研究进展...为迎接光伏电站平价上网的挑战,降低光伏发电的度电成本,提高光伏发电的经济性,光伏电站需要从提高能效和降低成本两方面着手。其中光伏电站不同的拓扑结构会影响电站能效和电站造价水平。参考实际运行的光伏电站案例以及设备的研究进展,从技术性能和经济性2方面对4种不同拓扑结构进行定量的比较分析。此外,文中着重研究了DC-DC变换器成本变化对系统度电成本(levelized cost of energy,LCOE)的影响。研究结果表明,系统效率高的拓扑结构,并不一定是最经济的解决方案。各种拓扑结构选择要根据具体应用场景综合分析。研究结果对大型光伏电站设计有一定的参考意义。展开更多
基金supported by the National Natural Science Foundation of China (NSFC) programs (71502161 and 71672134)Key Programs of Philosophical and Social Science Planning of Zhejiang Province (17NDJC025Z)+1 种基金Natural Science Foundation Program of Zhejiang Province (LQ14G020011)"Zhi Jiang Young Social Science Scholar" Program of Zhejiang Province (G267)
文摘Since June 2004, the State-Owned Assets Supervision & Administration Commission(SASAC) has launched pilot programs for a board of directors(BoD) for central SOEs to establish and improve their governance structure and standardize their exercise of shareholder rights over state-owned listed companies. Based on this quasinatural experiment, this paper examines the BoD's effects on the agency cost of state-owned listed companies and their economic consequences. Using data of central SOE-controlled companies listed at Shanghai and Shenzhen stock exchanges during 2002-2015, this paper finds that the pilot programs significantly reduced the two types of agency costs for the companies, and such effects primarily existed for listed companies with smaller central SOE shareholding ratios. Further test uncovers that, compared with central SOEs that did not carry out the pilot programs, those that did reported higher economic value-added and stock returns. Our conclusions offer a new interpretation of the BoD's governance effects from a controlling shareholder's perspective, and provide empirical evidence for the positive effects of the pilot programs for central SOE boards of directors. These findings have important policy implications for deepening SOE governance reforms.
基金Basic Scientific Research Service Project of Centrallevel Public Welfare Research Institute(No.2016-9018)
文摘Since there are few studies on the performance-based seismic evaluation of the long-span suspension bridge system under two-level earthquake hazard in Chinese code,the developed procedure of this study can be regarded as a general program to assess the seismic performance of the overall system for long-span suspension bridges.In the procedure,the probabilistic seismic demand models of multiple bridge components were developed by nonlinear time-history analyses incorporating the related uncertainties,and the component-level fragility curves were calculated by the reasonable definition of limit states of the corresponding components in combination with seismic hazard analysis.The bridge repair cost ratios used to evaluate the system seismic performance were derived through the performance-based methodology and the damage probability of critical components.Furthermore,the repair cost ratios of the overall bridge system that was retrofitted with fluid viscous dampers for the main bridge and changed restraint systems for the approach bridges were compared.The results show that peak ground velocity and peak ground acceleration can be selected as the optimal intensity measurements of long-span suspension bridges using the TOPSIS(technique for order preference by similarity to an ideal solution).The bridge repair cost ratios can serve as accurate evaluation indicators to provide an efficient evaluation of retrofit measures.The seismic evaluation of long-span bridges is misled when ignoring the interaction of adjacent structures.However,the repair cost ratios of a bridge system that has optimum seismic performance are less sensitive to the relative importance of adjacent structures.
基金Supported by the National Natural Science Foundation of China under Grant No.60434030(国家自然科学基金)the National High-Tech Research and Development Plan of China under Grant No.2006AA01Z218(国家高技术研究发展计划(863))the National Research Foundation for the Doctoral Program of Higher Education of China under Grant No.20050335020(国家教育部博士点基金)
文摘为迎接光伏电站平价上网的挑战,降低光伏发电的度电成本,提高光伏发电的经济性,光伏电站需要从提高能效和降低成本两方面着手。其中光伏电站不同的拓扑结构会影响电站能效和电站造价水平。参考实际运行的光伏电站案例以及设备的研究进展,从技术性能和经济性2方面对4种不同拓扑结构进行定量的比较分析。此外,文中着重研究了DC-DC变换器成本变化对系统度电成本(levelized cost of energy,LCOE)的影响。研究结果表明,系统效率高的拓扑结构,并不一定是最经济的解决方案。各种拓扑结构选择要根据具体应用场景综合分析。研究结果对大型光伏电站设计有一定的参考意义。
