The Review of the Research Paradigm of Capital Structure Based on the Theory of Industry Organization

Capital structure is one of the important research aspects of corporate finance. According to methodology, the capital structure research can be classified into two categories： the paradigm of uni-corporation and the paradigm of industry organization. Traditional capital structure research can be attribute to uni-corporation aspect. This paper reviews all literatures concerning the paradigm of industry organization and illustrates the inter-relationship among the feature of industry, the feature of suppliers and customers, the competitive strategy, product life cycle and capital structure.

Industrial Organization in the Digital Economy Era:Evolution and Effects

Advances in digital technology and vast data applications have resulted in the emergence of the digital economy paradigm,which is a new techno-economic paradigm for the digital economy age.Under this paradigm,the industrial organization has shifted toward networked,platform-based,boundaryless,and integrated development with new characteristics.Specifically,there has been a fierce“positional arms race”fueled by financial capital,accelerating the growth of platform companies.The“hierarchical monopolistic competition”market structure has taken shape,resulting in a“coexistence without disruption”monopolistic competition.As platform businesses expand into new business sectors,competition among industrial ecosystems intensifies.Data and algorithms have become secret weapons for corporate success,allowing platform companies to expand their monopolistic forces.Industrial organization in the digital era has revolutionized the operating rules and logic of industrial economy,giving rise to new industries,business models,and paradigms,as well as being conducive to international cooperation and intelligent regulation.Meanwhile,it has introduced new challenges to socioeconomic development,making platform companies’anti-competitive and monopolistic behaviors more implicit,privacy and security concerns more conspicuous,and antitrust identification and investigation more difficult.The government should embrace the evolving trends of industrial organization in the digital economy era,accelerate regulatory transition,and strengthen governance and regulation under the digital economy paradigm.

Digital Innovation:Organizational Foundation and Chinese Heterogeneity

The advancement of digital innovation requires a distinctive organizational structure,different from those for non-digital innovation.The research literature,however,has confused appropriate forms of organization for digital innovation with those for non-digital innovation.Organizational heterogeneity,which is often overlooked in research on digital innovation,determines a country’s core digital competencies.From a holistic perspective of corporate organization,industrial organization and innovation system,this study has identified the unique organizational structure for digital innovation in China by comparing organizational structures for digital and non-digital innovations.In terms of corporate organization,Chinese companies have intensified internal competition and cooperation to incentivize digital innovation in areas with mid-and short-term goals of profitability.In terms of industrial organization,multi-platform enterprises and diverse use cases may enhance economies of range and multi-path exploration of digital innovation.In terms of innovation system,administrative intervention in specific domains of the digital economy may help to shape expectations of innovation entities and coordinate their behaviors.

Analysis of China's sporting products industry based on the SCP framework

The SCP framework is a classical theory of industrial organization,which refers to the market structure,market conduct and market performance.This analysis is based on the SCP framework,choosing the current sporting products industry as object.Study found that China's sporting products industry's geographical layout has a"strong in South and East,weak in North and West"regional development trend,the proportion of abovedesignated enterprises is relatively low,rate of market concentration is not high,product homogenization remain quite serious.With high-speed technological progress and rapid scientific and technological updates,in the future,the sporting products industry will be reorganized according to the subdivision industries,getting rid of homogenization of competition and meeting the needs of consumers in smart wearable,health monitoring and other aspects.

China＇s High-Speed Railway Industry and Applicability of the Anti-Monopoly Law

China＇s high-speed railway industry achieved dazzling development over the years, but not much research has been devoted to this industry from the perspeetive of competition policy. This paper focuses on the industrial organization of China＇s high-speed railway industry and the applicability of the Anti-Monopoly Law. We intend to answer the following questions： （l） Why is the high-speed railway industry not an industry of natural monopoly？ Which segments of the industry have elements of natural monopoly？ （2） At the level of corporate organization, what is the legal and economic rationale behind the patterns of China＇s high-speed railway undertakings evolving from government-affiliated enterprises to special legal person enterprises and then shareholding companies？ （3） The applicability of the Anti-Monopoly Law to the high-speed railway industry. Our conclusions from the perspective of competition policy are worth referencing for similar industries such as electric power, telecommunications, and water and gas supply.

Effective technology for processing industrial volatile organic compounds by the atmospheric pressure microwave plasma torch

In this study,we investigated the abatement of volatile organic compounds(VOCs)by the atmospheric pressure microwave plasma torch(AMPT).To study the treatment efficiency of AMPT,we used the toluene and water-based varnish to simulate VOCs,respectively.By measuring the compounds and contents of the mixture gas before/after the microwave plasma process,we have calculated the treatment efficiency of AMPT.The experimental results show that the treatment efficiency of AMPT for toluene with a concentration of 17.32×10^(4) ppm is up to 60 g/kWh with the removal rate of 86%.For the volatile compounds of water-based varnish,the removal efficiency is up to 97.99%.We have demonstrated the higher potential for VOCs removal of the AMPT process.

Study on Treatment Technologies of High Concentrations of Industrial Organic Wastewater

The characteristics and harm of high concentrations of organic wastewater were introducecl firstly, and then several treatment processes and effects of high concentrations of organic wastewater were summarized, which can provide theoretical references for the choice of wastewater treatment process.

An Experimental Investigation of Fluidized Bed Gasification of Biomass Blended from Wood, Miscanthus, Straw and other Industrial Bioresidues

In order to identify potential wood substitutes for the production of energy by gasification, binary blends （wood/miscanthus, miscanthus/straw and wood/straw） and ternary blends （wood, miscanthus and organic residue） were systematic tested in a laboratory bubbling fluidized bed gasification system. The results of experiments were compared with results of wood gasification. Of the binary blends, wood and miscanthus exhibited great potential as a wood substitute in fluidized bed gasification in terms of process stability and product gas quality. Adding 10 wt. % of organic residues to form ternary blends further improved the product gas quality. Gasification of fuels blended with straw tended to agglomerate in the fluidized bed because of straw＇s low ash melting temperature. This can be counteracted by adding Ca（OH）2 to fuels. Nonetheless, fuels blended with straw with higher percentages of Ca（OH）2 need further study to establish the optimal additive ratio.

Effect of Earthworms on Removal of Pathogens during Stabilization of Industrial Organics

To investigate feasibility of pathogen free industrial organics with higher agronomic value, the industrial organic wastes were subjected to vermistabilization. The body of earthworm work as ＂biofilter＂ and they can ＂purify＂ and also ＂disinfect＂ and ＂detoxify＂ municipal and industrial organics. The microbiomics of gut and cast of earthworm （Eisenia foetida Savigny） and their association with vermistabilization was studied to determine the microbial quantification in reactors （industrial organics）. Worm were reared in five reactors viz. Sewage sludge （SS）, Paper mill industry sludge （PS）, Vegetable processing industry （VP）, Tannery waste （TW） and Meat process industrial sludge （MP） for ninety days. The microbial load （Salmonella, Shigella, Escherichia, Mycobacterium, Streptococcus） in gut and cast, biomass, recovery of cast in different reactors were determined, periodically. The microbiomics of worms gut revealed the removal of Salmonella （12-18 × 10^8±0.02 to 0-4 × 10^3 ＋ 0.05 CFU/g）, Shigella （14-23 × 10^8 ± 0.04 to 0-4 × 10^3 ± 0.05 CFU/g）, Escherichia （4-16 × 10^8 ± 0.02 to 0-4 × 10^2 ± 0.05 CFU/g）, Mycobacterium （3-16 × 10^8 ± 0.02 to 0-3 × 10^2 ± 0.05 CFU/g）, Streptococcus （6-16 × 10^8 ± 0.02 to 0-4 × 10^3 ± 0.05 CFU/g） during stabilization of industrial organics. Similarly, reduction in pathogens Salmonella （12-19 × 10^8 ± 0.02 to 0-8 ×10^3 ± 0.05 CFU/g）, Shigella （7-20× 10^8 ± 0.04 to 0-2 ×10^3 ± 0.05 CFU/g）, Escherichia （2-20 × 10^8 ± 0.02 to 0.0-2 × 10^3 ± 0.05）, Mycobacterium （1-8 × 10^8 ±0.05 to 0.0-5 × 10^2 ± 0.05 CFU/g）, Streptococcus （8-18 × 10^8 ± 0.02 to 0-7 × 10^3 ± 0.05 CFU/g） in castings of industrial organics indicates the selective nature of feeding of worm. This amply demonstrates that these pathogens have been eliminated as they entered in food chain of worms. However, it may not be possible to remove pathogens completely, but at least worms change the ＂microbial make-up＂ of industrial organics to make it harmless to the soil and enable its use as a nutritive organic fertilizer.

Case Study on Hybrid Business Model： KT＇s Olleh TV Skylife

This paper aims to analyze a case of a telecom operator, Korea Telecom （KT）＇s hybrid business model---Olleh TV Skylife （OTS）. This case is KT＇s new hybrid network and set-top-box （STB） which combines Internet Protocol TV （IPTV） with Direct-To-Home （DTH） satellite reception and business. It serves now as a guideline to better understanding hybrid consumer behavior and their needs. This paper shows how KT＇s OTS has been formulated as a new business model, how it has changed the market structure, and how it has experienced a successful market performance with new business idea and innovative technology. Before analyzing this case, it firstly discusses about the technological situation and the industrial organization （IO） theory. After this, it shows the previous service offerings of cable TV, satellite TV, and IPTV, before launching OTS and shows that the mixed service portfolio of satellite TV and IPTV is the perfect service combination to beat the cable TV in terms of hybrid consumer needs. After explanation about OTS, this paper verifies whether this hybrid business model really changes market and generates a good market performance and operating synergy with KT＇s other businesses of content, network, and marketing. In conclusion, this paper expects future growth potential of OTS and KT Skylife in terms of subscription fee, home shopping, and advertising sales based on the total subscriber base.

Impact of dissolved organic matter on the photolysis of the ionizable antibiotic norfloxacin

Norfloxacin（NOR）, an ionizable antibiotic frequently used in the aquaculture industry, has aroused public concern due to its persistence, bacterial resistance, and environmental ubiquity.Therefore, we investigated the photolysis of different species of NOR and the impact of a ubiquitous component of natural water — dissolved organic matter（DOM）, which has a special photochemical activity and normally acts as a sensitizer or inhibiter in the photolysis of diverse organics; furthermore, scavenging experiments combined with electron paramagnetic resonance（EPR） were performed to evaluate the transformation of NOR in water. The results demonstated that NOR underwent direct photolysis and self-sensitized photolysis via hydroxyl radical（U OH） and singlet oxygen（1O2） based on the scavenging experiments. In addition, DOM was found to influence the photolysis of different NOR species, and its impact was related to the concentration of DOM and type of NOR species. Photolysis of cationic NOR was photosensitized by DOM at low concentration, while zwitterionic and anionic NOR were photoinhibited by DOM, where quenching of U OH predominated according to EPR experiments, accompanied by possible participation of excited triplet-state NOR and1O2. Photo-intermediate identification of different NOR species in solutions with/without DOM indicated that NOR underwent different photodegradation pathways including dechlorination, cleavage of the piperazine side chain and photooxidation, and DOM had little impact on the distribution but influenced the concentration evolution of photolysis intermediates. The results implied that for accurate ecological risk assessment of emerging ionizable pollutants, the impact of DOM on the environmental photochemical behavior of all dissociated species should not be ignored.