Deepening China's Investment System Reform——The State Development Investment Corporation

The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much

Impact of the carbon market on investment benefits of power-grid enterprises in China: a system dynamics analysis

The power grid,as the hub connecting the power supply and consumption sides,plays an important role in achieving carbon neutrality in China.In emerging carbon markets,assessing the investment benefits of power-grid enterprises is essential.Thus,studying the impact of the carbon market on the investment and operation of powergrid enterprises is key to ensuring their efficient operation.Notably,few studies have examined the interaction between the carbon and electricity markets using system dynamics models,highlighting a research gap in this area.This study investigates the impact of the carbon market on the investment of power-grid enterprises using a novel evaluation system based on a system dynamics model that considers carbon-emissions from an established carbon-emission accounting model.First,an index system for benefit evaluation was constructed from six aspects:financing ability,economic benefit,reliability,social responsibility,user satisfaction,and carbon-emissions.A system dynamics model was then developed to reflect the causal feedback relationship between the impact of the carbon market on the investment and operation of power-grid enterprises.The simulation results of a provincial power-grid enterprise analyze comprehensive investment evaluation benefits over a 10-year period and the impact of carbon emissions on the investment and operation of power-grid enterprises.This study provides guidelines for the benign development of power-grid enterprises within the context of the carbon market.

Analysis and forecasts of investment scale and structure in upstream sector for oil companies based on system dynamics

Oil and gas exploration and production is the most important and key segment in the whole business chain of the petroleum industry.Therefore,oil companies always put much emphasis on making scientific and reasonable decisions about investment scale and structure in the upstream sector,so that they can minimise business risks and obtain high returns.According to the system dynamics theories and methods and based on the actual results from an oil company＇s practice in China,a system dynamics model is built in this paper for analyzing and forecasting the upstream investment scale and structure for an oil company.This model was used to analyze the investment effect of a large oil company in China, and the results showed that the total upstream investment scale will decline slowly in a short period and the investment proportion of different parts should be adjusted if some influencing factors are taken into account.This application practice was compared with the actual data and indicated that the system dynamics（SD） model presented in this paper is a useful tool for analyzing and forecasting of upstream investment scale and structure of oil companies in their investment decisions.

Systemic risk management and investment analysis with financial network analytics:research opportunities and challenges

Recent economic crises like the 2008 financial tsunami has demonstrated a critical need for better understanding of the topologies and various economic,social,and technical mechanisms of the increasingly interconnected global financial system.Such a system largely relies on the interconnectedness of various financial entities such as banks,firms,and investors through complex financial relationships such as interbank payment networks,investment relations,or supply chains.A network-based perspective or approach is needed to study various financial networks in order to improve or extend financial theories,as well as develop business applications.Moreover,with the advance of big data related technologies,and the availability of huge amounts of financial and economic network data,advanced computing technologies and data analytics that can comprehend such big data are also needed.We referred this approach as financial network analytics.We suggest that it will enable stakeholders better understand the network dynamics within the interconnected global financial system and help designing financial policies such as managing and monitoring banking systemic risk,as well as developing intelligent business applications like banking advisory systems.In this paper,we review the existing research about financial network analytics and then discuss its main research challenges from the economic,social,and technological perspectives.

An integration system for investment casting mould design of aeroengine turbine blade

An integration system was developed to satisfy the need of information integration in the process of designing, investment casting and monitoring aero-engine's turbo blade. The general architecture is detailed presented in this paper. The system mainly comprises of product master model, design information management, anti-deformation design of mould cavity, intelligence mould design and blade testing. The developed system can manage mould design and blade test data flow, optimize mould design process and achieve the goal of integration design.

Achievements and Problems of Reform of Investment Management System for Shanghai Pilot Free Trade Zone

The establishment of Shanghai Pilot Free Trade Zone provides many possibilities for China's economic construction. This paper made a comparative analysis on investment management system of Shanghai Pilot Free Trade Zone and traditional investment management system,discussed achievements and problems of reform of investment management system of Shanghai Pilot Free Trade Zone,and finally came up with pertinent policy recommendations.

Optimal Investment Control of Macroeconomic Systems

Economic growth is always accompanied by economic fluctuation. The target of macroeconomic control is to keep a basic balance of economic growth, accelerate the optimization of economic structures and to lead a rapid, sustainable and healthy development of national economies, in order to propel society forward. In order to realize the above goal, investment control must be regarded as the most important policy for economic stability. Readjustment and control of investment includes not only control of aggregate investment, but also structural control which depends on economic-technology relationships between various industries of a national economy. On the basis of the theory of a generalized system, an optimal investment control model for government has been developed. In order to provide a scientific basis for government to formulate a macroeconomic control policy, the model investigates the balance of total supply and aggregate demand through an adjustment in investment decisions realizes a sustainable and stable growth of the national economy. The optimal investment decision function proposed by this study has a unique and specific expression, high regulating precision and computable characteristics.

Return on Investment after Implementation of a Centralized Automated Storage System in a Hospital Pharmacy

An ADS （automated dispensing system） was implemented in our hospital pharmacy in 2008 to optimize and secure the medication process. The main objective of this study was to compare the projected and the real ROI （return on investment）, after seven years of use. ROI was calculated annually （from 2008 to 2015）, by deducting the cost of investment （ADS buying and implementation, maintenance, repairs and ADS upgrade） from the cost saving （drugs stock reduction and decrease of pharmacy staff dedicated to global dispensing）. In 2015, total costs saving （＋$1,141,987） were divided between decreasing drug stock value and reduction of pharmacy staff. Total costs of investment （-$978,656） were acquisition, maintenance, repairs and an unplanned upgrade costs. Finally, the real ROI was ＋$163,331 after seven years of use. In 2008, projected ROI was ＋$410,786. The real payback period has been increased by approximately two years （six years of use, instead of four years as expected）. Despite their cost, ADSs are a worthwhile investment, leading to a ROI within a few years. These economic considerations should be put into perspective with optimization of drugs stock management, greater efficiency of the global dispensing process, securitization of medication process and redeployment of pharmacy staff.

Investment strategy analysis of information system security in consideration of attackers

In order to solve the problem of howa firm makes an optimal choice in developing information systems when faced with the following three modes: development by its own efforts, outsourcing them to a managed security service provider( MSSP) and cooperating with the MSSP, the firm 's optimal investment strategies are discussed by modeling and analyzing the maximum expected utility in the above cases under the condition that the firm plays games with an attacker.The results showthat the best choice for a firm is determined by the reasonable range of the cooperative development coefficient and applicable conditions. When the cooperative development coefficient is large, it is more rational for the firm to cooperate with the MSSP to develop the information system. When the cooperative development coefficient is small, it is more rational for the firm to develop the information system by its own efforts. It also shows that the attacker's maximum expected utility increases with the increase in the attacker 's breach probability and cost coefficient when the cooperative development coefficient is small. On the contrary, it decreases when the cooperative development coefficient is large.

Risk assessment of oil and gas investment environment in countries along the Belt and Road Initiative

With the implementation of the Belt and Road Initiative, China is deepening its cooperation in oil and gas resources with countries along the Initiative. In order to better mitigate risks and enhance the safety of investments, it is of significant importance to research the oil and gas investment environment in these countries for China's overseas investment macro-layout. This paper proposes an indicator system including 27 indicators from 6 dimensions. On this basis, game theory models combined with global entropy method and analytic hierarchy process are applied to determine the combined weights, and the TOPSIS-GRA model is utilized to assess the risks of oil and gas investment in 76 countries along the Initiative from 2014 to 2021. Finally, the GM(1,1) model is employed to predict risk values for 2022-2025. In conclusion, oil and gas resources and political factors have the greatest impact on investment environment risk, and 12 countries with greater investment potential are selected through cluster analysis in conjunction with the predicted results. The research findings may provide scientific decisionmaking recommendations for the Chinese government and oil enterprises to strengthen oil and gas investment cooperation with countries along the Belt and Road Initiative.

An Application of VAR System for Investment Model

By the reality of investment in China, a fished inv es tment model is obtained and modified by Hicks multiplicator-accelerator model. It preferable explains the status quo of investment in China. In China, The valu e of investment in period t is not only having relation to the investment of per iod t-1 and Gross Domestic Products of period t-1 (as the model of Hicks and S amuelson described) but also having some relation to the investment of period t -2.This is the reason that the model of Hicks or Samuelson can’t use in China d irectly. Then the model is analyzed by VAR(Vector Autoregressive) system. The VA R is a new model of macro-economics measurement. The advantage of VAR is that i t is avoid some complex problems as measuring off the endogenous variable and ex ogenous variable and the identifiability of model. It is composed of some dynami c equations. And it regards all the variables in equations as endogenous variabl es. By using statistical data in China a model about Gross Domestic Product and Investment is obtained and a forecasting is designed. The correlation is cal culated using Matlab. The results of the correlation of Gross Domestic Products, Investment and Consumption can analyze the rationality of policy of country and forecast the trend of economics. And it is profitable for exactly understand th e circumstance of investment. The shortage of this paper is that the gross of st atistical data is too small, only the data after the year of 1978 is available.

An Investment Decision Support System for Process Industries

Most studies on investment evaluation mainly focus on enterprise economic benefits only, without process operability and sustainability considered. In this paper, we suggest that investment evaluation in process industries should be executed under three strategic objectives--enterprise benefits, social benefits and customer benefits. A systematic investment evaluation and decision-making method with a four-step procedure based on the analytic hierarchy process (AHP) is proposed to evaluate various qualitative and quantitative elements with various criteria. At the first step, the decision hierarchy is constructed under the three strategic objectives. Second, pair-wise comparison is utilized to evaluate the weights of elements and criteria. Third, qualitative elements are quantified by pair-wise comparison and quantitative elements are re-scaled by a uniform criterion. At the last, the best choice is made through synthesizing values upward in the hierarchy. An investment decision support system (DSS) is developed based on Microsoft Excel, and applied to a retrofit investment of united fluid catalytic cracking(FCC) and liquefied gas separation process in a refinery plant.

Interactions between Ti Al alloy and AZC/AMT binder systems in investment casting

In this work, two kinds of binders, Ammonium Zirconium Carbonate(AZC) and Ammonium Metatungstate(AMT) hydrate, and three kinds of powders(ZrO 2, Al2O3 and Y2O3) were mixed to fabricate six kinds of face coating systems. The thermal behaviors of the AZC and AMT dried binders were investigated by TG-DTA, and the phase transformation of the two binders was determined by XRD. Monoclinic ZrO 2 phase was formed from AZC at 620 °C and WO3 at 700 °C, and the phase transformation was completed at lower than 1000 °C in both binders, and therefore, the sintering temperature for the molds was selected at 950 °C. The interaction between the ceramic molds with different face coatings and the Ti-48Al-2Cr-2Nb alloy during investment casting was studied. Results showed no α-case reaction in the TiA l-mold reaction, and the AMT + Y2O3 face coating appeared to be the best choice for investment casting of TiA l alloys under the experimental conditions.

MAHIS-based analysis and design of financial investment planning system

In financial investment planning,a large number of components that interact in varying and complexways are involved.This leads to complex behavior that is difficult to understand,predict and manage.Asingle intelligent technique can not solve the complicated and elaborate investment planning problems.Itis necessary to study those problems synthetically by combining the multiple intelligent techniques.Weemployed fussy algorithms,genetic algorithms,etc.to solve complicated financial portfolio managementin this paper.We analyse and design an agent-based hybrid intelligent system by following the methodolo-gy for constructing agent-based hybrid intelligent system(MAHIS).The system starts with the financialrisk tolerance evaluation based on fussy algorithms.Asset allocation,portfolio selections,interest predic-tions,and ordered weighted averaging can be conducted by using hybrid intelligent techniques.The plan-ning agent in the system can easily access all the intelligent processing agents,including the agents of fi-nancial risk tolerance assessment,asset allocation,portfolio selection,interest prediction,and decisionaggregation.Overall system robustness is facilitated.

Investigating the components of fintech ecosystem for distributed energy investments with an integrated quantum spherical decision support system

This study aimed to evaluate the components of a fintech ecosystem for distributed energy investments.A new decision-making model was created using multiple stepwise weight assessment ratio analysis and elimination and choice translating reality techniques based on quantum spherical fuzzy sets.First,in this model,the criteria for distributed energy investment necessities were weighted.Second,we ranked the components of the fintech ecosystem for distributed energy investments.The main contribution of this study is that appropriate strategies can be presented to design effective fintech ecosystems to increase distributed energy investments,by considering an original fuzzy decision-making model.Capacity is the most critical issue with respect to distributed energy investment necessities because it has the greatest weight(0.261).Pricing is another significant factor for this condition,with a weight of 0.254.Results of the ranking of the components of the fintech ecosystem indicate that end users are of the greatest importance for the effectiveness of this system.It is necessary to develop new techniques for the energy storage process,especially with technological developments,to prevent disruptions in energy production capacity.In addition,customers’expectations should be considered for the development of effective and user-friendly financial products that are preferred by a wider audience.This would have a positive effect on fintech ecosystem performance.

Study on Positioning System of the Risk Early Warning for Enterprise Overseas Investment

From the perspective of internal and external environment analysis,we construct the risk identification index system for overseas investment enterprises.Combined with the theory of comprehensive evaluation and risk early warning,the risk location system of overseas investment is established.The risk intelligence decision model is constructed by rough set theory,and the risk identification,risk location and risk decision of overseas investment are studied,and are empirically analyzed with cases in overseas investment.

Audit Quality, Legal Systems, Investment Opportunity Set and Ownership Structure： Evidence From United States, France and Germany

This paper investigates the determinants of audit quality of three countries especially the United States, France and Germany belonging to three different legal systems. These determinants concern the legal system of country, investment opportunity set and ownership structure which have influence of audit quality.Empirical results show, initially, that specificities of legal system are positively associated with audit quality appreciated by size of audit firm. Then, the results reveal that investment opportunity set influences partially size of audit firm. Finally, ownership structure influences negatively the search for a high audit quality

Financial System Design and Firm Investment in Malaysian Listed Firms

This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.

Quality-Oriented Facade Systems： Initial Investments vs. Global Cost Approach

An analysis applied to an existing building considering the whole service life, regulated or, if any, measured, of energy/technological upgrading action does not only require initial investments to be taken into account. Of course, such investments are significant and will have to be considered at a first stage, but it is not the only aspect to be considered. Provisions of Construction Procurement Guidance, No.7 Whole Life Costs state： ＂All procurement must be made solely on the basis of value for money in terms of the optimum combination of global costs--and not only initial investment costs--and quality to meet the user＇s requirements＂.

Scaling up private investment in low-carbon energy systems through regional cooperation: Effective trade policy measures

How to ensure energy supply and reduce environment pollution have turned into governments’ top priorities and key factors to maintain sustainable development. In this context, two major trade and investment agreements that could lead to profound influence on low-carbon energy systems development around the Asia-Pacific region are the Regional comprehensive economic partnership (RCEP) consisted of the Association of Southeast Asian Nations (ASEAN) plus Australia, China, India, Japan, New Zealand, and Republic of Korea and the Belt and road initiative (BRI) initiated by China. In order to have a smooth transition to low-carbon energy systems in Asia, besides RCEP and BRI, it is imperative to boost private sector investment. Success of encouraging private sector investment depends on appropriate government policies towards promoting innovations and reducing financial risks to private investors. The research questions that are examined in this study are: What type of policy measures affects trade in low-carbon transition, particularly renewable energy (RE) transition? How can investment signals and incentives be reframed to scale up private finance in RE? The objective is to investigate and to provide several feasible trade policy and investment policy tools for both national and regional markets that governments could adopt to accelerate the speed of private financing of the low-carbon energy industry, particularly the RE industry.