关于经济增加值和净资产收益率指标的应用思考

国资委持续推进经济增加值(EVA)指标考核近10年,目前企业对该指标的认知仍旧停留在指标考核结果的计算层面,尚未为企业真正理解和有效应用,反而回归到对净资产收益率(ROE)指标的关注,文章分别从两个指标的含义、计算方法、考核体系建设及运用方面阐述了导致这种情况的原因,并提出了相应的建议,供大家探讨。

国有和民营上市公司并购绩效差异性分析

公司并购是资本市场的热点之一。国有资本和民营资本的效率差异之争一直是我国资本市场上的一个谜团。通过国有和民营上市公司并购绩效的差异性的分析可以从一个侧面揭示出国有资本和民营资本的效率之争。公司并购绩效一般受到期末总资产、净利润增长率、资产负债率和第一大股东持股比例的影响。本文基于沪深股市公司并购的调查数据,借助于多元回归分析模型,经验性的研究发现民营上市公司的短期并购绩效明显高于国有上市公司,但是在长期范围内存在着均衡的趋势,从而为资本市场的有关资本决策提供理论借鉴。

Development of process energy intensity formula under different state variables

In a production process, the actual energy consumption is greatly affected by the production state. Certain processing operations are classified into six states, including normal production, abnormal production, planned overhaul, unplanned overhaul, transitional period from unplanned overhaul to normal production (referred for short as unplanned transition) and transitional period from planned overhaul to normal production (referred for short as planned transition). The article takes the analysis of relationship between different states of a certain processing operation and corresponding energy consumptions as a startup point to develop a process energy intensity formula with variables of operating rate, yielding rate and operating frequency, etc. This process energy intensity formula can be used to analyze effectively the pattern of impact exerted by different state variables on energy consumption.

Recycling of automotive aluminum

With the global warming of concern,the secondary aluminum stream is becoming an even more important component of aluminum production and is attractive because of its economic and environmental benefits.In this work,recycling of automotive aluminum is reviewed to highlight environmental benefits of aluminum recycling,use of aluminum alloys in automotive applications,automotive recycling process,and new technologies in aluminum scrap process.Literature survey shows that newly developed techniques such as laser induced breakdown spectroscopy(LIBS) and solid state recycling provide promising alternatives in aluminum scrap process.Compared with conventional remelting and subsequent refinement,solid state recycling utilizing compression and extrusion at room or moderate temperature can result in significant energy savings and higher metal yield.

Influence of Pressure to the Hydrocracking Process of Goudron in the Presence of a Modificated Suspended Halloysite

The main results of hydrocracking of goudron under reduced pressure in the presence of a suspended catalyst have been analyzed. It was investigated the influence of pressure to hydrocracking process of goudron. It was determined that with increasing from 0.5 to 4.0 MPa, the yield of light oil products increased from 47% to 58% mass.

Executive remuneration and financial performance in Brazilian companies

The objective of this study is to investigate the existence of a relationship between executive remuneration and financial performance in 28 Brazilian companies from the industrial sector. These companies have been selected among those companies elected as ＂The Best Companies to Work for in Brazil＂. In order to operationalize the remuneration variable, the authors use the monthly salary, the variable salary and three indexes--of benefits, career and professional development--which have been created especially for this survey. To measure financial performance, the authors use three accounting measures： sales growth, return on equity （ROE） and return on sales （ROS）. The results point the existence of a relationship between executive remuneration and financial performance.

Effective Management of Own Funds in Polish Cooperative Banks

Today cooperative banks belong to the most significant financial institution in the world. Moreover, they can compete with commercial banks. The own funds of the cooperative bank are important in their activity. The main goal of this paper is to investigate how much the level of the own funds of the Polish cooperative banks influenced their efficiency. The research pertained to operating cooperative banks in Poland. The following measures of the efficiency were used in the research： return on Equity （ROE）, net profit, index C/I, and financial margin. The results of the study indicate that banks from the Quartile III （highest aggregate own funds）, had the highest net profits, the highest ROE, the lowest C/I value, the lowest ROE, and the lowest financial markups. On this basis, it remains to be recommended that banks of highest aggregate own funds continue expansion of own funds which will increase lending capacity and subsequently contribute to higher effectiveness.

Optimizing the drilled well patterns for CBM recovery via numerical simulations and data envelopment analysis

Coalbed methane(CBM) commercial development requires choosing the arrangement of the wells.This should be done by considering the corresponding input-output(investment-profit) efficiencies.Simulations were obtained from the computer modeling group(CMG) given the reservoir conditions of the Panzhuang block in the southern part of the Qinshui Basin.This is a demonstration region for CBM development located in Shanxi province of northern China.The sensitivity of gas production from a single vertical well to the primary reservoir parameters was estimated first.Then multi-well gas production from three different well patterns was simulated to estimate the most appropriate well spacing.Combining the investment requirements then gave investment-profit efficiencies for these well patterns.A data envelopment analysis(DEA) model was used to optimize the efficiency.The results show that the permeability,the reservoir pressure,and the gas content have an evident impact on single well gas production.The desorption time has little or no affect on production.The equilateral triangular well pattern(ETWP) in a 400 m well spacing is,for multi-well development,the optimal pattern.It has a better input-output ratio,a longer stable yield time,and provides for greater CBM recovery than does either the rectangular well pattern(RWP) or the five point well pattern(FPWP).

Atomically dispersed Au_1 catalyst towards efficient electrochemical synthesis of ammonia

Tremendous efforts have been devoted to explore energy-efficient strategies of ammonia synthesis to replace Haber-Bosch process which accounts for 1.4% of the annual energy consumption. In this study, atomically dispersed Au_1 catalyst is synthesized and applied in electrochemical synthesis of ammonia under ambient conditions. A high NH＋4 Faradaic efficiency of 11.1 % achieved by our Au_1 catalyst surpasses most of reported catalysts under comparable conditions. Benefiting from efficient atom utilization, an NH＋4 yield rate of 1,305 μg h-1 mg-1Au has been reached, which is roughly 22.5 times as high as that by sup- ported Au nanoparticles. We also demonstrate that by employing our Au_1 catalyst, NH＋4 can be electro- chemically produced directly from N_2 and H_2 with an energy utilization rate of 4.02 mmol kJ-1. Our study provides a possibility of replacing the Haber-Bosch process with environmentally benign and energy-efficient electrochemical strategies.