Design of the contingent royalty rate as related to the type of investment

This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost comprises private information.This,together with the stochastic evolution of the price of the output generated from the auctioned project,precludes the seller from setting the exact dates of investment with the winner.However,the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue.We derive two main conclusions.First,compared with the case in which investment is lumpy with an exogenously given intensity,the seller can set a lower royalty rate on incremental investment because she can collect additional royalty payments from the winner,who has the option to later expand capacity.Second,the impact of output price uncertainty on the optimal royalty rate for the three types of investments exhibits two different patterns.When investment is either incremental or lumpy with an exogenously given intensity,greater output price uncertainty reduces the royalty rate.When investment is lumpy with variable intensity,greater output uncertainty raises the royalty rate.Our results imply that auctioneers may charge differential royalty rates for different types of investments.

Effect of Loading Rate on Lateral Pile-Soil Interaction in Sand Considering Partially Drained Condition

Reliable assessment of the lateral pile–soil interaction is of pronounced importance for the design of mono-pile foundations of offshore wind turbines. As the offshore engineering moves to deeper waters, the diameter of monopiles is getting larger, usually about 5 m and could be up to 8 m, which may lead to partially drained behaviors of sand in the vicinity of the pile and thus imply limitations of conventional design methods in which fully drained conditions were assumed. To shed light on this issue, a fully-coupled finite element model was established using an in-house developed finite element code DBLEAVES, incorporating a cyclic mobility constitutive model that is capable of describing the instantaneous contractive and dilative response of sands simultaneously. Triaxial and centrifuge model tests were conducted to calibrate the constitutive model and validate the pile–soil interaction model respectively. This is followed by a parametric study primarily focusing on the effects of loading rates. The initial stiffness of the p–y curve was found to increase with the loading rate whilst the bearing capacity showed the inverse,and the mechanism behind this phenomenon is examined in detail. Then an explicit model was developed to evaluate the development of excess pore pressure in the pile front upon lateral loading, and an upper boundary of normalized loading rate was identified to distinguish fully and partially drained conditions.

Vibration pore water pressure characteristics of saturated fine sand under partially drained condition

Vibration pore water pressure characteristics of saturated fine sand under partially drained condition were investigated through stress-controlled cyclic triaxial tests employed varied fine content of samples and loading frequency. In order to simulate the partially drained condition, one-way drainage for sample was implemented when cyclic loading was applied. The results show that the vibration pore water pressure's response leads the axial stress and axial strain responses, and is lagged behind or simultaneous with axial strain-rate's response for all samples in this research. In addition, the satisfactory linear relationship between vibration pore water pressure amplitude and axial strain-rate amplitude is also obtained. It means that the direct cause of vibration pore water pressure generation under partially drained conditions is not the axial stress or axial strain but the axial strain-rate. The lag-phase between pore water pressure and axial strain-rate increases with the increase of the fine content or the loading frequency.

基于CASH-CFAR的跳频信号检测

为解决复杂短波环境下跳频信号检测概率低的问题,提出了一种基于恒虚警概率(CFAR)的稳健的跳频信号检测算法。分析了CASH-CFAR算法,为了提高运算速度对其进行了一定的改进,根据跳频信号的特点将其扩展到二维并应用到时频谱图上检测跳频信号,通过形态学图像处理方法滤除噪声。仿真实验结果表明,该方法能够在低信噪比情况下有效地检测跳频信号,并同时抑制定频干扰,检测率较高,运算速度快。

高加危疏阀泄漏对汽轮机性能试验热耗率的影响

针对某电厂2号机组性能试验中3号高加危疏阀无法测量泄漏量导致计算热耗率比实际值虚高的情况,基于ASME PTC6标准,以凝结水流量为基准进行推导分析,认为高加危疏阀存在泄漏但又无法测量泄漏量,会对给水流量和热耗率的计算产生严重干扰。通过建模仿真计算了不同高加危疏阀泄漏量对汽轮机热耗率的真实影响、特性关系及泄漏未被考虑时对热耗率的影响,进而建议性能试验前特别关注高加危疏阀的隔离效果,确保高加危疏阀不存在泄漏,以保证试验结果的客观性。

一种改善压榨藕筒辊排汁技术的应用探讨

一般情况下,压榨机配备的面辊、后辊均为高效藕筒辊,运行过程中经常发现面后藕筒辊排汁孔排汁前期多、后期少现象,甚至出现蔗汁冒顶,压榨机效能下降,蔗渣水分升高的情况。主要原因是面、后辊的藕筒均为三孔式结构,孔内结满蔗渣,排汁通道堵塞,致使藕筒辊失效,排汁不畅,产生重吸,影响压榨抽出率和锅炉热效率。将传统的三孔式藕筒辊排汁通道改造为单孔式结构,改造技术可降低藕孔的加工难度,提高藕孔内壁的光滑度,减少挂渣和堵塞,改善排汁效果,降低蔗渣水分,可以达到提高抽出率和锅炉热效率的双重效果。

气电联动机制下油气企业投资燃气电厂项目策略研究

近年来国际局势动荡,天然气价格高企,导致燃气发电成本上升。对此,中国主要省份出台气电价格联动机制,力求平抑天然气发电企业风险。江苏省采取天然气发电上网的两部制电价政策,气电价格存在联动机制。浙江省天然气发电存量机组继续执行两部制电价,电量电价按气电价格联动方式制定。油气公司依托丰富的上游资源,在燃气电厂领域具有天然资源优势,纷纷参与燃气电厂投资建设;与此同时,燃气发电板块作为终端用气设施,将天然气产业链进一步正向延伸,为产业链气量销纳、整体效益、协调发展等做出重要贡献。基于此,本文深入研究了各省份“气电联动”机制,并结合现金流量法分析了“气电联动”机制对燃气电厂项目收益影响,针对研究成果提出油气企业投资、运营燃气电厂的建议,从“气电联动”角度为投资主体项目决策、项目布局、资源配比提供思路与参考。

China’s Rising Labor Remuneration and Evolving National Savings Rate

Cash flow statements suggest that China’s rising labor remuneration has had a major impact on its national savings rate since 2008.Accordingly,this paper proposes labor remuneration hypotheses to explain the evolving trend of China’s national savings rate.We hypothesize that:(1)The certainty and predictability of household labor remuneration have led to excess sensitivity to consumption,with a corresponding decrease in the household savings rate;(2)rising household labor remuneration means a greater share of labor remuneration is paid by firms,resulting in a smaller corporate savings rate;(3)the increase in the payment of labor remuneration by firms as a share of national disposable income has resulted in the government spending more on social welfare and public services resulting in the government having a declining share of disposable income,less propensity to save,and a falling government savings rate.Using China’s provincial panel data of 2008-2016,we performed an empirical test with the minimum wage standard as the instrumental variable to verify the above hypothesis.To cope with economic growth pressures,China needs to shift from an investment-driven to a consumption-driven growth model and prioritize investment efficiency over quantity.

Continuing Value Calculation with Discounted Cash Flows Method： An Application Example for Tekart Tourism Establishment Whose Shares Are Dealt in Istanbul Stock Exchange

Valuation is stated as monetary value belonging to firm assets （Verginis ＆ Taylor, 2004）. According to M. L. Rock, R. H. Rock, and Sikora （1994）, valuation is the answer of the following questions： What is the maximum price that will be paid for the firm？ What are the risk areas？ What are the results of cash flows, profitability, and balance-sheet？ Chambers （2005, p. 5）, on the other hand, estimated a probable price that will be paid for the goods and service at a specific time. For the calculation of continuing value （CV）, Verginis and Taylor （2004） used discounted cash flows （DCF） method and Onal, Karadeniz, and Kandlr （2005） used economic profit method. Klrh （2005） suggested Continuous and Constant Growing Model （Gordon Model）, Value Driver Model, and Economic Profit Model. In this study, DCF which is suggested by Onal et al. （2005） and Verginis and Taylor （2004） is used for the aim of determining CV of the firm at issue. In this study, analyses are made by using the financial statement data of a tourism business whose shares are dealt in Istanbul Stock Exchange. In consequence of the calculations, CV of the examined firm is found to be 7,485,402 TL and firm value is found to be 15,195,366 TL.

增值税税率调整对企业绩效的影响研究

增值税税率调整是中国减税降费的重要工具,历次改革的减税效应备受瞩目。基于2015—2019年中国A股上市企业样本,运用多期双重差分法研究增值税税率调整对企业绩效的影响。结果表明,增值税税率调整显著提高了企业绩效。机制分析发现,增值税税率调整通过降低企业增值税税负和增加企业内部现金流两条路径来提升企业绩效。异质性分析表明,增值税税率调整对企业绩效的促进作用在税负转嫁能力较强和现金流不确定性较高的企业中更为显著。此外,基于企业进销项结构差异研究发现,增值税税率调整仅对销项高税率的企业绩效有提升作用,并显著提高了销项低税率和高中间投入率的企业增值税税负。研究发现增值税税率调整存在“非对称性减税红利”,对进一步优化增值税制度具有参考价值。

引流砂装入量对自引率及钢水洁净度的影响

针对钢包引流砂存在自引率不稳定、铬质引流砂使用中恶化钢水质量、价格高等现状,采取一系列改进措施。通过加强引流砂管理、完善装入标准、采用两段式引流方法、对灌装模式进行优化等措施,在保持原有自引率水平不降低的情况下,钢包引流砂对钢水的总氧污染降低66.24%,铝损降低18.75%。

哈萨克斯坦油田开发经济评价方法浅析

对哈萨克斯坦N油田开发方案进行经济效益评价,包括经济评价方法的论述以及评价过程中用于计算收入和支出两部分所涉及的计算参数的选取情况及敏感性风险分析,通过评价结果对油田备用开发方案进行比选,选择获利最佳的开发方案,使油田油气开采效益达到最大化。同时,文章还分析了哈萨克斯坦油气田开发方案经济评价与国内的异同点,通过对比分析达到取长补短的目的,从而使油气领域经济评价技术不断进步。

基于改进杜邦分析法的柳州钢铁业绩评价研究

杜邦分析法作为财务综合分析的主要方法,在上市公司中被广泛运用。随着经济业务的多样化发展以及对财务分析体系要求的进一步提高,传统的杜邦分析法暴露出“未考虑资本结构的影响、未反映现金流量”等诸多弊端。本文以柳州钢铁股份有限公司为案例研究对象,运用改进的杜邦分析体系,考虑企业的可持续增长率并以经营活动为主,不考虑非经营活动对企业的业绩影响,对企业各项财务指标进行了横向与纵向分析。结果表明,柳钢股份需要注重可持续发展理念,改善资本结构,盈利能力与偿债能力都需要进一步提高。

不同处理对美国山核桃种子发芽的影响

对美国山核桃Carya illinoensis种子分别进行了不同储藏时间、不同储藏方式和不同植物生长调节物质浸种,结合层积处理的种子发芽试验。结果表明：美国山核桃种子不宜即采即播,种子储藏在2个月以上用3~5℃冷库保存效果较好,随着储藏时间的推移,发芽率会降低;植物生长调节物质浸种和层积催芽可显著地提高美国山核桃种子的发芽率。层积催芽前最好用植物生长调节物质浸种8 d,然后在室内层积催芽35 d,发芽速度最快,田间发芽率可达91%。

基于动态现金流量的折现率定量模型

本文论述了折现率的定义与内涵 ,分析了以现金流量为基础的资本资产定价理论、套利定价理论和加权平均资金成本理论存在问题 ,指出目前折现率量化中应注意事项 ,建立以动态现金流量为基础的折现率定量模型 ,充分考虑资本结构、流动性风险、动态变化等因素对折现率的影响 ,对科学、正确。

应用塑料排水板加固软土地基效果的理论分析

应用塑料排水板对软土地基进行处理 ,在荷载作用下 ,可缩短软土层的压缩排水时间 ,加快软土地基的固结速度 ,提高地基承载力 ,有效地缩短路基沉降时间 ,减小路基的工后沉降。本研究从理论上对比分析了用塑料排水板加固软土地基及不采用塑料排水板加固路基的效果 。

利用黄土沉积速率与粒度的相关性建立黄土序列年龄的新方法

基于黄土沉积速率与粒度的相关性提出了一种通过求解代数方程组而确定黄土地层年龄的新方法。以洛川剖面为例，用该方法确定了其Ｓｌ顶部至Ｓ２底部深度－年龄的转换关系，与ＳＰＥＣＭＡＰ高分辨率的深海氧同位素记录的对比表明了该方法在确定黄土序列年龄上的有效性。

绩效考核法在神经外科护理管理中的应用与实效

目的探讨绩效考核法在神经外科临床护理管理中的应用。方法设立绩效指标与权重,包括基础绩效、工作量绩效和工作质量与奖惩绩效3部分,占比分别为20.00%、40.00%、40.00%;建立绩效奖金计算公式;设计绩效软件;成立绩效考评小组,制订绩效考核实施办法。结果实施绩效考核法后,护士流失率下降,护士对护理职业认同感、工作待遇优劳优酬、个人成长发展机会方面的满意度提高(P<0.01或P<0.05);患者对护理工作的满意度也得到显著提升(P<0.01);医院考核的护理质量指标检查得分提高(P<0.01或P<0.05);护士听课参训率提高、理论成绩和操作成绩明显提升(P<0.01)。结论实施科学的绩效考核,优绩优酬,能够提高护士满意度,减低护士流失率,提升患者满意度,改善护理质量,并促进护士个人成长。

我国上市公司生命周期划分方法实证比较研究

在对已有企业生命周期阶段模型进行梳理的基础上,重点分析了文献中出现的管理熵法、产业增长率法和现金流法3种常用的企业生命周期划分方法,并在此基础上,运用中国沪深两市上市公司数据展开实证比较研究。研究发现,虽然以上方法在不同学者各自的研究中均具有一定的适用性,但对中国上市公司生命周期阶段进行划分的结果却并不一致,不同方法所得结果之间在统计上存在显著性差异。运用以上方法对我国上市公司不同生命周期阶段资本结构的差异进行了研究。结果表明,所采用的3种方法的划分结果并不能很好反应企业不同生命周期阶段资本结构的差异。因此,有必要进一步加强对企业生命周期阶段划分模型的研究。

香榧去皮机研制与应用

香榧Torreya grandis‘Merrillii’青果外有一层假种皮,香榧果仁加工需要去除假种皮。果农大多采用堆沤腐烂手工脱皮法去除假种皮,这不仅效率低且腐烂的假种皮无法再利用,另外,假种皮腐烂污液渗入果壳而污染果仁,从而降低香榧的品质与商品价值。为了提高香榧加工效率并充分利用其经济价值,研制一种香榧自动去皮设备具有很好的应用前景。在测量了香榧物理等外形特性参数基础上,设计了一套去香榧假种皮设备并进行了结构参数设计分析,并对产自浙江省绍兴市、嵊州市和临安市等的带皮鲜香榧进行了去皮实验。结果表明:该设备生产效率较高,去除假种皮率达98.5%以上,果壳破损率小于1.5%。结果还表明:去除假种皮效果与香榧成熟度、电机转速以及拨打橡胶条与外壁间距等有关。