Investments in Human Capital： Elements of Investments, Their Valuation, and the Related Financial Performance Ratios

Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.

New Estimates of China＇s Infrastructure and Non- Infrastructure Capital Stocks and Their Output Elasticities

This paper classifies total fixed capital into three categories,namely,economic infrastructure capital,social infrastructure capital and non-infrastructure capital,and then offers complete and detailed estimates of the national time series data(1981-2012) and the provincial panel data of 31 administrative regions(1997-2012).On this basis,this paper estimates the output elasticities of the three categories of capital and then tests whether or not the production function of China shows constant returns to scale.

The Relationship Between Intellectual Capital （IC） and Stock Market Performance： Empirical Evidence From Italy

Intellectual capital （IC） is an important source of value for companies. The competitive firm invests in new productive ideas through scientific and technological researches of the human factor and services. The traditional factors of＂old economy＂ based on physical assets have been replaced or at least reinforced, with the belief that the ＂new economy＂ takes its steps mainly through IC. The knowledge workers, at every organizational level, have the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. In particular, the proposed analysis consists with an empirical way to show other financial indicators and market-to-book （MTB） value from the perspective of creating value for shareholders based on the dynamics of companies＇ performance, as value-added intellectual capital （VAICTM） is capable of expressing a direct relationship with the return on equity （ROE）. The traditional financial information cannot ensure the high efficiency of a stock market and the need for IC reporting to explain intangible asset contribution in company performance.

Effect of Turkish Bank Capital Structure of Basel Ⅱ Criteria

Performing the functions of the bank＇s own funds lack of funds, those living in them to pass on more of those who use and quite a large amount of capital to determine the risks and managing them are facing. Chain of crises in financial markets spread to other sectors see that starting. This phenomenon depending on the potential risks of financial market actors, and especially banks, system identification, measurement, and control needs to be increased. This is referred to as the Basel Accords, depending on the needs the agreement of risk management has emerged. At first glance, the Basel Ⅱ Accord in terms of risk management in financial institutions risk management recommendations to the perception of the principles of the Basel Ⅱ Accord, but with a specific timetable, gradually emerges as a set of rules that must be passed as risk management. Finally, the financial crisis spread across the world from the United States, how much it reveals that risk management in the financial markets. In this study, capital adequacy ratio （CAR） banks operating in Turkey＇s correlation analysis investigated the effect of the banks.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

Piketty’s Capital-Income Theory Reconsidered for a Small Open Economy with Increasing Savings Rate

Since Piketty offered a new view of capital/income ratio, numerous attempts have been made to examine the relationship between return on capital, economic growth and the capital/income ratio. This paper attempts to shed new light on this field. More precisely, following recent literatures that pay attention to dynamics of external balance sheets of countries, we examine if Piketty’s results for large countries are robust for a country that takes the world rate of return on capital as given and whose savings rate increases gradually from negative value. It is revealed that for such a country, (1) Kuznets curve is drawn and (2) capital/income ratio decreases in accordance with a rise in savings rate and return on capital.

Calibrating the Level of Capital： The Way We See It

This paper aims to propose a framework for estimating the optimal levels of capital at banks, elaborating factors such as liquidity and macroeconomic conditions. Firstly, as a preamble, the authors attempt to reorganize the variety of policy proposals for enhancing financial sector regulation. In light of the broad perspective of the prudential policy framework, the authors discuss the role of bank capital in enhancing banking-sector resilience. Secondly, the authors lay out an early warning system （EWS） to predict a financial crisis where the role of capital and liquidity are explicitly captured. Then, the authors apply the EWS as a component of a cost-benefit analysis （CBA） to gauge the benefit from raising capital and liquidity requirements, as more stringent regulations are expected to reduce the probability of financial ,crisis. On the other hand, financial-sector regulations should come along with certain costs. To quantify the cost, the authors employ some existing macroeconomic models to estimate the cost of raising capital and liquidity requirements. Combining the EWS （for benefit calculation） with the macroeconomic models （for cost calculation）, the authors provide a full-fledged CBA framework that can detemaine the optimal levels of capital that strike the right balance between the costs and benefits of the financial-sector regulation. The main results indicate that the optimal level of bank capital would considerably vary depending on the level of liquidity indicators both on the asset and liability sides of banks＇ balance sheets as well as macroeconomic conditions, typically represented by housing market inflation. Finally, the CBA framework suggests that banks could stand in a better shape with a counter-cyclical capital buffer to be well-prepared for a prospective distress.

Determinant Factors of Capital Structure of Firms-An Empirical Analysis Based on Evidence From Chinese Listed Retail Companies

This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.

Defected Ground Structure Multiple Input-Output Antenna For Wireless Applications

In this paper,the investigation of a novel compact 2×2,2×1,and 1×1 Ultra-Wide Band(UWB)based Multiple-Input Multiple-Output(MIMO)antenna with Defected Ground Structure(DGS)is employed.The proposed Electromagnetic Radiation Structures(ERS)is composed of multiple radiating elements.These MIMO antennas are designed and analyzed with and without DGS.The feeding is introduced by a microstrip-fed line to significantly moderate the radiating structure’s overall size,which is 60×40×1 mm.The high directivity and divergence characteristics are attained by introducing the microstripfed lines perpendicular to each other.And the projected MIMO antenna structures are compared with others by using parameters like Return Loss(RL),Voltage Standing Wave Ratio(VSWR),Radiation Pattern(RP),radiation efficiency,and directivity.The same MIMO set-up is redesigned with DGS,and the resultant parameters are compared.Finally,the Multiple Input and Multiple Output Radiating Structures with and without DGS are compared for result considerations like RL,VSWR,RP,radiation efficiency,and directivity.This projected antenna displays an omnidirectional RP with moderate gain,which is highly recommended for human healthcare applications.By introducing the defected ground structure in bottom layer the lower cut-off frequencies of 2.3,4.5 and 6.0 GHz are achieved with few biological effects on radio propagation in human body communications.The proposed design covers numerous well-known wireless standards,along with dual-function DGS slots,and it can be easily integrated into Wireless Body Area Networks(WBAN)in medical applications.This WBAN links the autonomous nodes that may be situated either in the clothes,on-body or beneath the skin of a person.This system typically advances the complete human body and the inter-connected nodes through a wireless communication channel.

劳动收入变化中的要素收入结构和技能溢价:理论与估计

提高劳动报酬在收入分配体系中的比重是构建新发展格局和实现共同富裕的重要驱动力,本文基于2010—2021年沪深A股上市公司构成的面板数据,从技能溢价和劳资收入比的视角出发,采用固定效应和Tobit模型探讨其对劳动收入份额的影响、作用机制以及其中存在的异质性。研究发现,技能溢价和劳资收入比对劳动收入份额呈显著的负向影响,在经过内生性问题处理和一系列稳健性检验后,结论依然成立。进一步研究发现,技能劳动雇佣比对技能溢价有显著的负向影响。因此,应继续推动技术创新和引导技术进步,改善不同技能劳动要素收入及资本要素收入的关系,以实现高质量发展与共同富裕的双赢。

数字金融、融资约束与企业资本劳动比

文章以2011—2021年中国沪深A股上市企业为研究样本,深入剖析了数字金融对企业资本劳动比的影响、作用机制以及异质性。研究发现,数字金融能够显著提升企业资本劳动比。机制分析发现,数字金融通过缓解融资约束有效提升企业资本劳动比。异质性检验发现,数字金融对企业资本劳动比的影响因数字金融结构、企业内部特征与外部环境的差异而存在异质性,具体为数字金融覆盖广度能够显著提升企业资本劳动比,数字化程度对企业资本劳动比的影响呈显著的正“U”型曲线,使用深度的影响不显著;数字金融对小规模企业、非国有企业、劳动密集型行业企业、非衰退期企业、东部地区企业以及市场化水平较高地区企业资本劳动比提升的促进作用更显著。对此,提出优化数字金融发展环境,引导企业利用数字金融提升资本劳动比,营造公平竞争的市场环境促进企业健康发展的建议。

积累率、再生产结构与经济增长——基于中国城市数据的实证研究

以价值衡量的净产出增长取决于社会中的积累率水平、追加资本的结构以及净产出增量的分配结构。经济增长是社会剩余和再生产结构的函数。本文运用我国1998—2019年4个直辖市和283个地级市(含省会城市)数据,对该结论进行了实证检验。研究结果显示:积累率、追加资本结构和劳动收入占比对我国经济增长具有显著性影响,这种影响在我国省会城市与非省会城市以及南方城市和北方城市间具有显著的异质性。在我国全面建设社会主义现代化国家的背景下,保持合宜的经济增长速度是维持社会稳定、实现发展目标的基础。随着我国资本密集度的不断提高、二元经济结构的调整、人口结构的变化以及创新型国家的建设,追加资本中可变资本比例的下降和劳动收入的不断上升,会对经济增长带来抑制作用。因此,应通过保持较高的积累率、调整投资方向、不断提高劳动生产率的方式获得理想的增长速度。

基于Raptor编码的多输入多输出光通信系统设计

为了提高可见光通信(Visible Light Communication,VLC)系统的复用增益,本文提出一种基于多输入多输出(Multiple Input Multiple Output,MIMO)的固定比例像素化VLC系统。系统首先执行空间角度映射,使数据的传送可在角域中进行;同时利用Raptor编码方法来跟踪由于窗口截断而引起的数据信道特性变化;然后对于使用高速相机捕捉到的一系列时变图像,利用散景效应获得所有链路距离上的固定比例图像。实验利用液晶显示器和高速相机,对所提出的VLC系统进行了验证。与传统的像素化MIMO系统相比,本文所提出的系统在未对准朝向的情境下具有更高的鲁棒性,从而在多路复用场景有着广泛的应用前景。

基于三稳态随机共振的ZPW-2000移频信号检测方法研究

针对ZPW-2000移频信号谐波干扰检测技术在抑制噪声时,不可避免损害有用信号的问题,提出三稳态随机共振系统,将部分噪声能量向移频信号能量转化,减少移频信号能量损失。首先,将移频信号的中心频率从较高频段搬移到较低频段,着重研究移频信号的有用频段。选取尺度变化系数为1 000,保证输入信号在尺度变化的过程中满足数值计算的稳定性,使尺度变换后的小参数信号满足绝热近似理论。其次,使用混沌麻雀算法(chaos sparrow search optimization algorithm, CSSOA)优化三稳态随机共振系统,得到输出信噪比(signal-to-noise ratios, SNR)最大时的系统参数a、b、c以及γ。然后,将搬移至低频区段的移频信号输入至优化后的三稳态随机共振系统,实现信号降噪。最后,对降噪信号采用复调制快速傅里叶算法(zoom fast fourier transformation, ZFFT)实现低频信号的检测。仿真结果表明:对比三稳态随机共振系统处理前后移频信号频谱图,显示频域特征增强,在降噪的同时不损害移频信号的能量;以-5 dB为步长将噪声注入至移频信号时,输出信噪比至少可提升16.54 dB;降噪后的信号通过ZFFT算法解调能够完成ZPW-2000移频信号低频信号的检测。对比经验模态分解算法、小波阈值算法等算法处理不同信噪比的含噪移频信号,验证混沌麻雀算法优化的三稳态随机共振系统输出信噪比较大,降噪效果较好,具有良好的抗干扰能力。研究结果为实现在抑制噪声的同时减少移频信号能量损失提供参考。

阻垢剂在低温多效海水淡化装置中的工业化应用

目前我国低温多效海水淡化水处理药剂基本为国外公司垄断,价格昂贵。国产海水淡化阻垢缓蚀剂也正在突破瓶颈,质量、性能日渐成熟,但是缺乏统一、完善系统的方法验证,同时缺乏大型海水淡化工程考核验收平台,导致海水淡化水处理药剂价格居高不下。为打破国外垄断,提升我国海水淡化药剂自主创新能力和核心竞争力,并降低药剂使用成本,采用2.5万t/d低温多效海水淡化装置,开展了SD210阻垢剂在工业化试验装置中应用研究。试验结果表明:在为期2个月的试验期内,在SD210投加质量浓度为4~8 mg/L条件下,装置运行安全、平稳,无明显结垢和腐蚀现象;且海水淡化装置产品水水质优于《生活饮用水卫生标准》(GB 5749—2006)所规定的指标要求。综上,SD210阻垢性能良好,能满足低温多效海水淡化装置使用要求。

沿江典型区域杨树大径材人工林复合经营技术研究

本文对杨树大径材培育周期内的5个典型复合经营模式生长和经济效益进行分析,选择出适宜长江沿江典型区域种植的杨树大径材复合经营模式。结果表明:参试林农复合经营模式下杨树的胸径、树高、单位面积蓄积量分别比纯林增加15.31%(YM)~20.92%(YYD)、9.52%(YM)~11.31%(YY)、45.66%(YM)~61.38%(YYD)。采用间作模式的6年生杨树复合经营总收益均大于杨树纯林,杨树间作模式的总产值为杨树纯林的2.78(YM)~4.47倍(YYD)。采用多作物间作模式总收益及总产值明显高于单作物间作模式。其中套种6年杨树-油菜-黄豆(YYD)模式累计总收益(11 905元/667m^(2))最高,杨树-小麦-黄豆(YMD)累计总收益(11 599元/667m^(2))次之。5个模式下6年生杨树木材收益由高到低依次为:YYD(7 244元/667m^(2))>YMD(7 197元/667m^(2))>YY(7 106.5元/667m^(2))>YM(6 539.6元/667m^(2))>YC(4 408.48元/667 m^(2))。杨树-油菜-黄豆(YYD)是促进大径材杨树生长、材积和经济效益最高的优选模式。此研究旨在为长江沿江典型区域杨树的大径材培育和复合经营策略提供参考。

计及改进阶梯型碳交易和热电联产机组灵活输出的园区综合能源系统低碳调度

为了进一步降低园区综合能源系统(park-level integrated energy system,PIES)碳排放量,优化热电联产(combined heat and power,CHP)机组出力的灵活性,提出一种考虑改进阶梯型碳交易和CHP热电灵活输出的PIES低碳经济调度策略。首先,将遗传算法与模糊控制相结合,设计一种遗传模糊碳交易参数优化器,从而对现有阶梯型碳交易机制进行改进,实现该机制参数的自适应变化;其次,在传统CHP中加入卡琳娜(Kalina)循环与电锅炉(electricboiler,EB),构造CHP热电灵活输出模型,以同时满足电、热负荷的不同需求;然后,提出一种柔性指标——电、热输出占比率,进而计算出电、热输出占比率区间,以衡量CHP运行灵活性;最后,将改进阶梯型碳交易机制和CHP热电灵活输出模型协同优化,以系统运行成本和碳交易成本之和最小为目标,构建PIES低碳经济优化模型。算例分析表明,所提策略可有效降低经济成本和碳排放量,同时还可扩展CHP灵活输出调节范围,能够为PIES低碳经济调度提供参考。

数据要素对劳动和资本的配置效应:机理分析与实证检验

本文通过构建包含互联网平台主体的新凯恩斯DSGE模型,探究了数据要素变革劳动和资本要素配置的机理,并利用动态面板模型实证检验了数据要素成本、数字化技术创新与数据要素质量影响就业、投资和资本装备率的真实效应。研究表明:数据要素成本降低使得完全竞争条件下的产品价格走低,价格效应短期挤出劳动,长期挤入资本,提升资本装备率;数字化技术创新提高了全要素生产率,要素重组升级引致效率变革,通过替代效应促进就业、降低投资,降低资本装备率;数据质量改进通过协同效应稳定和扩大就业,阻止资本无边界的扩张,降低资本装备率。本文厘清了数据要素对劳动和资本单个要素及其比例关系的配置效应和作用机理,为制定数字经济背景下的就业与投资政策提供了决策参考。

北方稻渔综合种养新模式效益分析初报

构建一种北方稻渔综合种养新模式并进行经济效益分析,该模式在稻蟹生态种养的基础上,添加了南美白对虾、中华长臂虾和鲢鳙鱼。结果表明,此模式2022年和2023年水产生物中产值最多是河蟹,达到31212元/hm2和32965元/hm2,产投比最大的为南美白对虾,两年分别为17.74和21.32。此模式比水稻单一种植模式增收27809元/hm2和29329元/hm2,对综合效益有正面作用。