[ Objective] This study was to understend the optimized combination of planting density, duration of disclosing plastic film and nitrogen fertilization under no-tillage cultivation. [ Method] Quadratic polynomial regr...[ Objective] This study was to understend the optimized combination of planting density, duration of disclosing plastic film and nitrogen fertilization under no-tillage cultivation. [ Method] Quadratic polynomial regression and saturated D-optimal design were employed to investigate the effects of planting density, duration of disclosing plastic film and nitrogen fertilization on the dynamics growth of rapeseed under no-tillage cultivation.[ Result] Within the experimental range, the growth dynamics of no-tillage cultivated rapeseed assumed a rise-fall tend. For the effects to the growth dynamics of no-tillage cultivated rapeseed, nitrogen application amount was higher than planting density and duration of disclosing plastic film. The interaction effect between planting density and duration of disclosing plastic film was higher than that between nitrogen application amount and planting density, and between nitrogen application amount and duration of disclosing plastic film. [ Conclusion] The optimized combination of these factors for dynamic growth of rapeseed under no-tillage cultivation was determined to be： planting density of per hectare 154 925 individuals, duration of disclosing plastic film of 110 d, nitrogen application amount of 315 kg/hm^2.展开更多
The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how t...The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.展开更多
The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital...The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital Asset Pricing Model （CAPM） and nonlinear exchange rate exposure model to the Renminbi against US dollar. The results show that the currency exposure does vary in the oil-gas stock prices throughout the bull and bear market. The study suggests that the models of the equilibrium exchange rate exposure must be extended to considering the nonlinear exchange rate exposure, the regime periods of bull and bear market, and the industry types that is sensitive to the currency exposures. The nonlinear dynamic relationship between the exchange rate changes and the Chinese energy stock prices throughout the bull and bear market add to the recent empirical evidences that foreign exchange markets and stock markets are closely correlated.展开更多
We develop a descriptive framework of the components of intellectual capital (IC) in annual reports and investigate the effects of disclosure of IC on market capitalization.We use content analysis to analyze the annua...We develop a descriptive framework of the components of intellectual capital (IC) in annual reports and investigate the effects of disclosure of IC on market capitalization.We use content analysis to analyze the annual reports of a sample of Fortune 100 listed companies in 2006 announced by Chinese Academy of Social Sciences.We select the 49 listed companies for content analysis of their 226 annual reports over the five-year period of 2001-2005.There is a highly significant and positive correlation between IC disclosure and market capitalization.In china,some high quality listed companies have existed IC information and increased year after year.More and more listed companies disclose their IC information spontaneity in structure capital,customer capital,and human capital,although Ministry of Finance only give the criterion on structure.There exists significant difference between industries when using ICR to analyze the competitive power.展开更多
基金Supported by Key Agricultural R&D Program in Guizhou Province dur-ing the Eleventh Five-year Plan[NZ(2005)3001]~~
文摘[ Objective] This study was to understend the optimized combination of planting density, duration of disclosing plastic film and nitrogen fertilization under no-tillage cultivation. [ Method] Quadratic polynomial regression and saturated D-optimal design were employed to investigate the effects of planting density, duration of disclosing plastic film and nitrogen fertilization on the dynamics growth of rapeseed under no-tillage cultivation.[ Result] Within the experimental range, the growth dynamics of no-tillage cultivated rapeseed assumed a rise-fall tend. For the effects to the growth dynamics of no-tillage cultivated rapeseed, nitrogen application amount was higher than planting density and duration of disclosing plastic film. The interaction effect between planting density and duration of disclosing plastic film was higher than that between nitrogen application amount and planting density, and between nitrogen application amount and duration of disclosing plastic film. [ Conclusion] The optimized combination of these factors for dynamic growth of rapeseed under no-tillage cultivation was determined to be： planting density of per hectare 154 925 individuals, duration of disclosing plastic film of 110 d, nitrogen application amount of 315 kg/hm^2.
基金Under the auspices of International Centre for China Development Studies,the University of Hong Kong
文摘The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.
文摘The paper embarks to investigate the relationship between currency risk and stock prices of the oil and natural gas exploitation industry in the value-weighted Hushen-300 stock market, by applying the standard Capital Asset Pricing Model （CAPM） and nonlinear exchange rate exposure model to the Renminbi against US dollar. The results show that the currency exposure does vary in the oil-gas stock prices throughout the bull and bear market. The study suggests that the models of the equilibrium exchange rate exposure must be extended to considering the nonlinear exchange rate exposure, the regime periods of bull and bear market, and the industry types that is sensitive to the currency exposures. The nonlinear dynamic relationship between the exchange rate changes and the Chinese energy stock prices throughout the bull and bear market add to the recent empirical evidences that foreign exchange markets and stock markets are closely correlated.
文摘We develop a descriptive framework of the components of intellectual capital (IC) in annual reports and investigate the effects of disclosure of IC on market capitalization.We use content analysis to analyze the annual reports of a sample of Fortune 100 listed companies in 2006 announced by Chinese Academy of Social Sciences.We select the 49 listed companies for content analysis of their 226 annual reports over the five-year period of 2001-2005.There is a highly significant and positive correlation between IC disclosure and market capitalization.In china,some high quality listed companies have existed IC information and increased year after year.More and more listed companies disclose their IC information spontaneity in structure capital,customer capital,and human capital,although Ministry of Finance only give the criterion on structure.There exists significant difference between industries when using ICR to analyze the competitive power.
