REAL EFFECTS & DIVERSITY TO BE STRESSED IN INTERNATIONAL COOPERATION

In recent years, the Shanghai Institute of Organic Chemistry under the CAS has freed itself from the stereotyped rut of conventional forms in its external intercourse while still sticking fast to upholding its strategic goal of disciplinary development. Our stress in this aspect has shifted to the pursuit of real effects and diversified forms in international S&T exchange. Our exploration features the following four characteristics:

Real effects of greenhouse gas disclosures

This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.

Real Effective Exchange Rate and Regional Economic Growth in China： Evidence from Provincial Data

Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of moments regression framework. Our results show that REER depreciation, in general, promotes regional economic growth, through increasing net exports and lowering FDI costs. After dividing the full sample into coastal and inland subsamples, we find that REER depreciation influences economic growth in inland areas but not in coastal areas. This is due to the fact that the inland areas have more surplus labor or other resources to expand their production capacity when REER depreciation leads to increased worm demand. Furthermore, compared to inland areas, processing-and-assembly trade comprises a larger share of trade in the coastal areas, where traders import more raw materials and intermediate goods to process and assemble goods. When the exchange rate depreciates, the costs of imported materials and immediate goods increase. In this case, the benefits from REER depreciation in coastal areas are offset to some extent and are thus lower than in inland areas.

Industry-specific Real Effective Exchange Rate for China:2000-2009

This paper measures the industry-specific real effective exchange rate （REER） for China by matching domestic and foreign industry-level price and trade data series. We find that after 2005 the REER appreciates more in the ＂chemical, plastics, rubber and fuels industry＂ and the ＂＇machinery and equipment industry,＂ but remains roughly constant or even depreciates in other industries. The nominal exchange rate generally accounts for over 50 percent of the aggregate real effective exchange rate JTuetuations, but this conclusion does not apply to three of nine industries. We apply the industry-specific REER to re-examine the relationship between the exchange rate and trade, and find that the industry-specific REER index performs better than the traditional aggregate REER index. We recommend that the Chinese Government officially adopt industry-specific exchange rates instead of using the aggregate effective exchange rates to evaluate the competitiveness of Chinese industries in the international market.

Capital flows, economic growth and the real effective exchange rate: Evidence from China

This paper examines the Granger causal relationship between capital flows and economic growth in China over the period 1998Q1–2019Q2,allowing for real effective exchange rate(REER)effects.As parameter instability tests indicate structural changes,we use bootstrap rolling window causality tests,which suggest that the causal nexus between capital flows and GDP growth is time-varying.We find that the causal links between foreign direct investments(FDIs)and GDP growth are hardly affected by the REER,whereas the REER plays a more important role in affecting the causal connections between portfolio investments and other investments and GDP growth.Our results suggest that cumulative portfolio inflows and cumulative other investment inflows harm GDP growth,whereas cumulative portfolio outflows and cumula-tive other investment outflows positively affect GDP growth.

Real Gas Effects on Charging and Discharging Processes of High Pressure Pneumatics

The high pressure pneumatic system has been applied to special industries. It may cause errors when we analyze high pressure pneumatics under ideal gas assumption. However, the real gas effect on the performances of high pressure pneumatics is seldom investigated. In this paper, the real gas effects on air enthalpy and internal energy are estimated firstly to study the real gas effect on the energy conversion. Under ideal gas assumption, enthalpy and internal energy are solely related to air temperature. The estimation result indicates that the pressure enthalpy and pressure internal energy of real pneumatic air obviously decrease the values of enthalpy and internal energy for high pressure pneumatics, and the values of pressure enthalpy and pressure internal energy are close. Based on the relationship among pressure, enthalpy and internal energy, the real gas effects on charging and discharging processes of high pressure pneumatics are estimated, which indicates that the real gas effect accelerates the temperature and pressure decreasing rates during discharging process, and decelerates their increasing rates during charging process. According to the above analysis, and for the inconvenience in building the simulation model for real gas and the difficulty of measuring the detail thermal capacities of pneumatics, a method to compensate the real gas effect under ideal gas assumption is proposed by modulating the thermal capacity of the pneumatic container in simulation. The experiments of switching expansion reduction （SER） for high pressure pneumatics are used to verify this compensating method. SER includes the discharging process of supply tanks and the charging process of expansion tank. The simulated and experimental results of SER are highly consistent. The proposed compensation method provides a convenient way to obtain more realistic simulation results for high pressure pneumatics.

Real world effectiveness of PCSK-9 inhibitors combined with statins versus statins-based therapy among patients with very high risk of atherosclerotic cardiovascular disease in China(RWE-PCSK study)

BACKGROUND The efficacy and safety of proprotein convertase subtilisin/kexin type 9(PCSK-9) inhibitors were confirmed by several clinical trials, but its effectiveness in routine clinical practice in China has not been evaluated. This study aims to describe the real world effectiveness of PCSK-9 inhibitors combined with statins compared with statins-based therapy among patients with very high risk of atherosclerotic cardiovascular disease(ASCVD).METHODS This is a multi-center observational study, enrolled patients from 32 hospitals who underwent percutaneous coronary intervention(PCI) from January to June in 2019. There are 453 patients treated with PCSK-9 inhibitors combined with statins in PCSK-9 inhibitor group and 2,610 patients treated with statins-based lipid lowering therapies in statins-based group. The lipid control rate and incidence of major adverse cardiovascular events(MACE) over six months were compared between two groups.A propensity score-matched(PSM) analysis was used to balance two groups on confounding factors. Survival analysis using Kaplan-Meier methods was applied for MACE.RESULTS In a total of 3,063 patients, 89.91% of patients had received moderate or high-intensity statins-based therapy before PCI, but only 9.47% of patients had low-density lipoprotein cholesterol(LDL-C) levels below 1.4 mmol/L at baseline. In the PSM selected patients, LDL-C level was reduced by 42.57% in PCSK-9 inhibitor group and 30.81%(P < 0.001) in statins-based group after six months. The proportion of LDL-C ≤ 1.0 mmol/L increased from 5.29% to 29.26% in PCSK-9 inhibitor group and 0.23% to 6.11% in statins-based group, and the proportion of LDL-C ≤ 1.4 mmol/L increased from 10.36% to 47.69% in PCSK-9 inhibitor group and 2.99% to 18.43% in statins-based group(P < 0.001 for both). There was no significant difference between PCSK-9 inhibitor and statins-based treatment in reducing the risk of MACE(hazard ratio = 2.52, 95% CI: 0.49-12.97, P = 0.250).CONCLUSIONS In the real world, PCSK-9 inhibitors combined with statins could significantly reduce LDL-C levels among patients with very high risk of ASCVD in China. The long-term clinical benefits for patients received PCSK-9 inhibitor to reduce the risk of MACE is still unclear and requires further study.

Simulation and experimental study of high pressure switching expansion reduction considering real gas effect

Switching expansion reduction(SER)uses a switch valve instead of the throttle valve to realize electronically controlled pressure reduction for high pressure pneumatics.A comprehensive and interactive pneumatic simulation model according to the experimental setup of SER has been built.The mathematical model considers heat exchanges,source air pressure and temperature,environmental temperatures and heat transfer coefficients variations.In addition,the compensation for real gas effect is used in the model building.The comparison between experiments and simulations of SER indicates that,to compensate the real gas effect in high pressure discharging process,the thermal capacity of air supply container in simulation should be less than the actual value.The higher the pressure range,the greater the deviation.Simulated and experimental results are highly consistent within pressure reduction ratios ranging from 1.4 to 20 and output air mass flow rates ranging from 3.5 to 132 g/s,which verifies the high adaptability of SER and the validity of the mathematic model and the compensation method.

Analysis of the Moderator Effect of RMB Exchange-- Rate on Export The Case of Guangdong Province in China

An important limitation of the research literatures which study the effect on the export of the real effective exchange rates is the lack of application of interaction or moderator effect among the independent variables. To remedy this lacuna, the authors developed a model in which real effective exchange rate moderated the effect of import and utilization of foreign capital on export. The sample comprised 11 years＇ data in Guangdong China. The result showed that real effective exchange rate of RMB affected the export by interacting with utilization of foreign capital. Moreover, to some degree, the real effective exchange rate can also act as moderator between import and export.

数字普惠金融对企业数字化转型的影响——基于A股上市公司的研究

数字普惠金融对企业数字化发挥引导和促转作用。本文将数字普惠金融2013~2023年市级数据与中国上市企业数据进行匹配,深入研究数字普惠金融对企业数字化转型的影响。研究发现:数字普惠金融的发展对企业数字化转型有显著驱动作用,二者之间的非线性影响存在门槛效应,这种作用在非国有企业、小型企业和高科技企业中更为明显。进一步研究二者之间的传导机制,发现数字普惠金融通过3个渠道助力企业数字化转型:缓解融资约束、优化金融错配、加大研发投入。据此,本文提出了数字普惠金融服务实体经济促进企业数字化转型的政策建议。

利用Real-time PCR对4个转Bt基因水稻的非预期效应研究

转基因水稻中外源基因的转入可能会形成新的代谢产物,造成农艺性状的改变等,这些均不利于农业生产的非预期效应。为探究转基因水稻是否存在非预期效应,本研究以江西农业大学选育的4个转Bt基因恢复系为试验材料,通过反向PCR扩增侧翼序列并比对,用216对SSR引物对供试材料进行全基因组背景分析,再以Real-time PCR检测外源基因插入位点上下游100 kb内所有基因表达差异,并对光合色素含量及9个主要农艺性状进行显著性分析。结果表明,cry1C侧翼序列片段大小为1 276bp,定位在水稻第11号染色体上,cry2A侧翼序列片段大小为948 bp,定位在水稻第12号染色体上;昌恢121T、昌恢891T、昌恢T025T、R205选T的遗传背景回复率分别为95.60%、88.43%、93.52%、94.44%;基因表达分析显示试验组和对照组在cry1C、cry2A插入位置上下游100 kb内所有侧翼基因的表达水平均无显著性差异;进一步调查发现,试验组和对照组的光合色素含量及9个农艺性状无显著性差异。综上,cry1C和cry2A插入水稻基因组没有改变侧翼100 kb内基因表达水平,且4个转基因水稻并未产生非预期效应。本研究结果为探究转基因水稻的非预期效应评价提供了一定的理论参考。

FDI's real impact on foreign exchange reserves:Evidence from China

Most scholars believe that FDI inflow has a direct impact on China’s foreign exchange reserve,while others hold that FDI is mainly invested in the form of physical capital and technology,and therefore does not directly contribute to China’s foreign exchanges reserve accumulation.This paper points out that both effects,direct and indirect,should be considered when assessing FDI’s contribution to foreign exchange reserves.Result shows that from 1986 to 2007,FDI contributed 50%to foreign exchange reserves and the direct effect dominant before 2003 was surpassed by indirect effect after 2001 as the major source of the contribution.

人民币汇率变动与企业创新的“质”与“量”——基于产业链溢出效应

本文利用2000~2014年的中国工业企业数据库、海关贸易数据库、企业专利数据库以及2007年中国投入产出表,基于产业链视角验证了人民币升值对制造业企业创新的影响。研究结果表明,人民币升值能显著提高企业创新能力,并且产业链在其中发挥着异质性效果:企业会因其所处产业链位置表现出创新“量”与“质”的差异。人民币升值对上游企业创新质量的促进作用更强,而对创新数量的影响并不明显。机制分析发现:人民币升值带来的进口中间品增加会在产业链中形成行业间技术溢出效应以及行业内竞争效应,均对企业创新模式产生重要影响;上游企业在全产业链中表现出“质量引领效应”。本研究为企业在“双循环”发展格局下利用行业生产网络效应提高自身创新提供建设性方向。

数据要素乘数效应赋能实体经济发展:作用机理及路径选择

[目的/意义]数据要素作为新型生产要素,已成为推动经济社会高质量发展的关键动力。发挥数据要素乘数效应赋能实体经济发展,对于促进我国数字经济健康发展、增强实体经济发展新动能至关重要。[方法/过程]从促进数据要素价值稳步释放、推动产业转型升级、赋能实体经济发展3个方面明晰发挥数据要素乘数效应赋能实体经济发展的现实基础,并阐释数据要素乘数效应赋能实体经济从“协同”到“复用”到“融合”的3种作用机理。[结果/结论]以“支撑数据要素供给—深化数据应用场景—完善数据治理制度”三位一体思路,深入探索发挥数据要素乘数效应赋能实体经济高质量发展的实践路径。

Real-Time Warning System of Regional Landslides Supported by WEGISB and Its Application in Typhoon Rananim,Zhejiang Province,China

As one of the provinces of highest economic growth in coastal China,Zhejiang Province is experiencing serious geological disasters during the past development of economy.The main kinds of geo-hazards include landslides,rock falls and debris-flows in Zhejiang Province,which are mainly induced by intensive rainfall during typhoon season or by long-term rainfall from May to June every year.Thus,

数字金融创新有助于促进实体经济高质量发展吗?——基于金融服务效率的机制分析与空间计量

中央金融工作会议强调,坚持把金融服务实体经济作为根本宗旨。数字金融作为数字技术与金融业态融合创新的产物,对提升金融服务效率,支持实体经济高质量发展具有重要意义。基于2011-2021年中国31个省级行政区的平衡面板数据,通过构建实体经济高质量发展指标体系和嵌套空间权重矩阵,运用空间计量模型、动态杜宾模型和中介效应检验方法,实证研究数字金融创新对实体经济高质量发展的直接影响、溢出效应和作用机制,得出:数字金融创新不仅能直接促进本地区实体经济的高质量发展,而且具有正向空间溢出效应,对邻近地区实体经济高质量发展呈现渐进、动态的长期影响。中介效应检验结果表明,提升金融服务效率是数字金融创新促进实体经济高质量发展的主要作用机制。在金融科技创新监管试点地区,数字金融创新对实体经济高质量发展的直接影响、溢出效应和中介效应均明显高于非试点地区。因此,要稳步推进金融科技创新监管试点,优化数字金融业态空间布局,畅通数字金融促进实体经济高质量发展的传导机制。

数字经济对长江经济带实体经济发展的影响研究——基于环境规制和经济发展的调节效应

发展数字经济是促进长江经济带高质量发展的重要路径,通过建立面板双向固定效应模型,实证分析长江经济带内数字经济发展对实体经济的影响程度,利用模型分析并探讨了环境规制和经济发展的调节效应。研究发现:虽然该区域内数字经济可以显著提升实体经济的发展水平,但已出现了“倒U型”关系;科技进步、产业结构、绿色金融是重要的传导机制;同时,长江经济带内部的环境规制强度和经济发展会弱化数字经济发展对实体经济的提升作用。本研究不仅为数字经济赋能长江经济带实体经济发展提供一定的经验证据,还有助于明晰数字经济对实体经济的支撑作用关系。

Vedolizumab for inflammatory bowel disease:from randomized controlled trials to real-life evidence

The biologic antitumor necrosis factor alpha(anti-TNFα) agents have revolutionised the treatment of inflammatorybowel disease(IBD). However,some patients experience primary nonresponse,loss of response,or intolerance. Therefore,introducing a newer class of therapy with a mechanism of action that acts on different inflammatory pathways involved in IBD pathogenesis is appealing. Vedolizumab is a fully humanised monoclonal antibody that selectively targets α4β7 integrin. Based on the results of the pivotal clinical GEMINI trials,vedolizumab was approved for the treatment of adult patients with moderately to severely active ulcerative colitis(UC) and Crohn's disease(CD) refractory or intolerant to either conventional therapy or TNFα inhibitors. This review describes the efficacy,safety,and tolerability of vedolizumab reported in both randomized,controlled,clinical trials and from real-world experience in patients with UC and CD in order to identify its place in treatment algorithms for IBD.

实体企业金融化的环境绩效:内在机制与经验证据

基于2011—2020年沪深A股实体上市公司数据,考察了实体企业金融化的环境绩效与形成机制,并进一步分析了企业家相关才能的调节效应。研究发现:(1)实体企业金融化对环境绩效呈现先促进后抑制的倒U型关系,这一结论在使用多种方法进行稳健性检验后依然成立;(2)实体企业金融化在东部地区和非国有企业中具有显著环境绩效,制造业企业金融化则更易产生消极的环境绩效;(3)实体企业金融化初期的转型效应带来了积极的环境绩效,而随着金融化进程加深,其对创新的挤出效应产生了消极的环境绩效;(4)进一步分析发现,随着实体企业金融化不断推进,企业家相关才能具有显著正向调节效应。

数字金融、创业效应与实体经济高质量发展

基于2011—2021年中国省域面板数据,从五个维度对实体经济高质量发展指标体系进行构建,利用空间杜宾模型检验数字金融对实体经济高质量发展的影响。结果显示:第一,数字金融能显著促进实体经济高质量发展且存在正向空间溢出效应,发展数字金融对本省份和邻近省份实体经济高质量发展均有推动作用。第二,创业效应在数字金融助力实体经济高质量发展的过程中存在显著的传导作用,提升创业效应水平是数字金融赋能实体经济高质量发展的重要机制。第三,门槛模型检验发现,数字金融对实体经济高质量发展的积极影响呈现“边际效应递增”的非线性特点,且创业效应在其中发挥调节作用,能够增强数字金融对实体经济高质量发展的影响效果。据此提出全面建设中国数字金融体系,加强数字金融对企业创业创新活动的引导扶持,充分重视并利用数字金融的空间外溢效应,深度赋能实体经济高质量发展等政策建议。