Limitations exist in applying discounted cash flow and analogy sales methods to evaluate mining titles. In order to find a more appropriate way of evaluating mining titles, the Black-Scholes model is discussed in this...Limitations exist in applying discounted cash flow and analogy sales methods to evaluate mining titles. In order to find a more appropriate way of evaluating mining titles, the Black-Scholes model is discussed in this paper. The authors pay particular attention to the determination of the time to maturity of the option on the basis of characteristics of the mining industry, pointing out that a reasonable time to maturity of the option should be the remaining time after deducting the essential time, needed by exploitation of the mineral resources within the mining property, from the life of the mining title. Several conclusions, related to the exercise of mineral resource management, are drawn from a case study analysis; extending the life of a mining title within a certain range could increase the revenue to the seller of the mining title. Application of the Black-Scholes model to evaluate mining titles would encourage an expansion of the scale of production.展开更多
[Objective] The aim was to better reveal the type of ecosystem service function of wetlands in Chao Lake and provide references for protection and man- agement, restoration and rebuilding of local wetland ecosystem. [...[Objective] The aim was to better reveal the type of ecosystem service function of wetlands in Chao Lake and provide references for protection and man- agement, restoration and rebuilding of local wetland ecosystem. [Method] The val- ues of ecosystem function was estimated by market value method, opportunity cost approach, replacement cost method, shadow engineering approach, travel cost method, hedonic pricing method and contingent value method. [Result] With wetland ecosystem service function value totals 4.968 billion yuan, the value of eco-environ- ment regulation and maintenance was the highest, followed by the value of cultural and social function. The value of material production was the least. The values of sub-functions can be concluded by comparison of service function va}ue and pro- portions, as follows： flood mitigation 〉water purification 〉water conservation 〉 tourism＆leisure〉material production〉scientific research and education〉water supply〉 biodiversity maintenance〉regulation on atmosphere constituents. [Conclusion] The re- search performed quantitative evaluations on ecosystem service function values of wetlands in Chao Lake and is of significance for specific development and protec- tion of local wetlands.展开更多
Intangible assets are parts of the companies＇ balance sheet, but given their intangible nature, they cannot be qualified as financial assets as other incomes can be. Therefore, the valuation, even if reflected in acc...Intangible assets are parts of the companies＇ balance sheet, but given their intangible nature, they cannot be qualified as financial assets as other incomes can be. Therefore, the valuation, even if reflected in accounting reports, is far from objective, and each company considers it in accordance with their sectors or auditors. Auditors, consultants, and business schools are developing alternative tools for measuring these assets, but there is not a consensus formula that quantifies the business value of intangibles. In recent years, communication analysts and consultants have developed brand valuation and reputation methodologies, which are starting to have a relative weight in business management. The proposed research work is a review of the current methodologies of reputation valuation as a starting point for creating a reference model formula for the valuation of intangibles that provide professionals and experts in the field with a worldwide recognized tool.展开更多
The present paper investigates the pupal development times ofLucilia sericata which were studied in the laboratory at six different constant temperatures （20, 22, 24, 26, 28 ℃ each ± ℃）. Lower thresholds （tL...The present paper investigates the pupal development times ofLucilia sericata which were studied in the laboratory at six different constant temperatures （20, 22, 24, 26, 28 ℃ each ± ℃）. Lower thresholds （tL） for development were estimated from the linear regression of the developmental rates on each temperature. These data have made it possible to calculate the ADD （Accumulated Degree-Days） necessary for L. sericata to complete the larval stage and to achieve adult emergence. The minimal duration of development from oviposition to adult emergence was found to be inversely related to temperature. Additionally, six landmarks in pupal development are showed and for each of the landmarks the ADD value was calculated for every rearing temperature involved. These data assist in calculating the duration of the pupal stage based on morphological characteristics and would be of great value for future forensic entomological casework.展开更多
One of the most important issues relating to the economic activity of an enterprise is a reliable valuation of assets. It is also one of the key elements in the condition of bankruptcy risk. The aim of this paper is t...One of the most important issues relating to the economic activity of an enterprise is a reliable valuation of assets. It is also one of the key elements in the condition of bankruptcy risk. The aim of this paper is to present the results of the author＇s empirical research concerning the usefulness of the estimates in the valuation of fixed assets held by the enterprises facing bankruptcy. The empirical research was carried out on a group of 100 companies on which courts declared bankruptcy in 2011 in Poland. The study sample constitutes 14% of the population and is a significant representation of the phenomenon. For comparisons of the carrying amounts and the estimated values, the assets recognized in the balance sheet under ＂property, plant, and equipment （PPE）＂ were selected. During the first stage of the research, the significance of PPE in bankruptcy proceedings was confirmed by comparing the share of their value within the estate with the costs of the proceedings recorded as a percentage of the value of the debtor＇s estate. In the next stage of the research, comparisons between the carrying amounts and the estimated values were made. Simple regression models were constructed. The research results confirm that in the case of a substantial doubt about an entity＇s ability to continue as a going concern, the informative value of financial statements is limited and the estimates of the fixed assets value are of fundamental importance.展开更多
“重新估定一切价值”(Transvaluation of all Values),在1919年被胡适用以概括“新思潮的根本意义”,成为新文化运动的重要口号。该口号的提出本有特殊语境。一战后的中国思想界有了新的趋向,尊西趋新、反传统已不再具有类似“政治正...“重新估定一切价值”(Transvaluation of all Values),在1919年被胡适用以概括“新思潮的根本意义”,成为新文化运动的重要口号。该口号的提出本有特殊语境。一战后的中国思想界有了新的趋向,尊西趋新、反传统已不再具有类似“政治正确”的独尊地位,原本被尊崇的“欧化”、被否定的“国故”都面临重估。在此背景下,《新青年》派与《时事新报》同人关于“外国偶像”与“固有文化”的争论,成为傅斯年、胡适调整表述的契机,促使他们使用更折中、开放的口号——“重新估定一切价值”“整理国故”来回应对方质疑,并容纳多元的新派。在这一情境中提出及流行的“重新估定一切价值”具有多重属性:胡适在表述上统合种种不一致的新思潮,又暗藏其对中西文化的主张,并针对新兴的“主义”;因其开放性,它在流传中更被不同地理解与使用。这一口号的多重性体现出历史上的五四新文化运动比以往认知的更为丰富。展开更多
In the past thirty years, various hydropower projects, some with a dam height of over 300 m, have been planned and constructed within China. It is inevitable that these will have sizable effects on the environment, an...In the past thirty years, various hydropower projects, some with a dam height of over 300 m, have been planned and constructed within China. It is inevitable that these will have sizable effects on the environment, and it is crucial therefore to reasonably evaluate and control adverse effects. In this paper, the transformities of various items for hydropower projects were systematically analyzed, and an emergy footprint model for the projects was developed based on ecological footprint analyses and emergy theory, so that it can quantitatively evaluate the effects on the environment, both positive and negative, resulting from the whole process of planning, constructing and operating the projects. As an example, the effects of a large-scale hydropower project, the 'LP project', were investigated. The results showed that the hydropower projects have strong positive effects on the environment and can even in the short term balance the emergy footprint appropriation resulting from the construction and operation of the hydropower projects. Finally, suggestions were presented for the design of hydropower projects.展开更多
基金Project 50074031 supported by National Natural Science Foundation of China
文摘Limitations exist in applying discounted cash flow and analogy sales methods to evaluate mining titles. In order to find a more appropriate way of evaluating mining titles, the Black-Scholes model is discussed in this paper. The authors pay particular attention to the determination of the time to maturity of the option on the basis of characteristics of the mining industry, pointing out that a reasonable time to maturity of the option should be the remaining time after deducting the essential time, needed by exploitation of the mineral resources within the mining property, from the life of the mining title. Several conclusions, related to the exercise of mineral resource management, are drawn from a case study analysis; extending the life of a mining title within a certain range could increase the revenue to the seller of the mining title. Application of the Black-Scholes model to evaluate mining titles would encourage an expansion of the scale of production.
基金Supported by Anhui Environment Protection Scientific Research Program in 2014(201404)~~
文摘[Objective] The aim was to better reveal the type of ecosystem service function of wetlands in Chao Lake and provide references for protection and man- agement, restoration and rebuilding of local wetland ecosystem. [Method] The val- ues of ecosystem function was estimated by market value method, opportunity cost approach, replacement cost method, shadow engineering approach, travel cost method, hedonic pricing method and contingent value method. [Result] With wetland ecosystem service function value totals 4.968 billion yuan, the value of eco-environ- ment regulation and maintenance was the highest, followed by the value of cultural and social function. The value of material production was the least. The values of sub-functions can be concluded by comparison of service function va}ue and pro- portions, as follows： flood mitigation 〉water purification 〉water conservation 〉 tourism＆leisure〉material production〉scientific research and education〉water supply〉 biodiversity maintenance〉regulation on atmosphere constituents. [Conclusion] The re- search performed quantitative evaluations on ecosystem service function values of wetlands in Chao Lake and is of significance for specific development and protec- tion of local wetlands.
文摘Intangible assets are parts of the companies＇ balance sheet, but given their intangible nature, they cannot be qualified as financial assets as other incomes can be. Therefore, the valuation, even if reflected in accounting reports, is far from objective, and each company considers it in accordance with their sectors or auditors. Auditors, consultants, and business schools are developing alternative tools for measuring these assets, but there is not a consensus formula that quantifies the business value of intangibles. In recent years, communication analysts and consultants have developed brand valuation and reputation methodologies, which are starting to have a relative weight in business management. The proposed research work is a review of the current methodologies of reputation valuation as a starting point for creating a reference model formula for the valuation of intangibles that provide professionals and experts in the field with a worldwide recognized tool.
文摘The present paper investigates the pupal development times ofLucilia sericata which were studied in the laboratory at six different constant temperatures （20, 22, 24, 26, 28 ℃ each ± ℃）. Lower thresholds （tL） for development were estimated from the linear regression of the developmental rates on each temperature. These data have made it possible to calculate the ADD （Accumulated Degree-Days） necessary for L. sericata to complete the larval stage and to achieve adult emergence. The minimal duration of development from oviposition to adult emergence was found to be inversely related to temperature. Additionally, six landmarks in pupal development are showed and for each of the landmarks the ADD value was calculated for every rearing temperature involved. These data assist in calculating the duration of the pupal stage based on morphological characteristics and would be of great value for future forensic entomological casework.
文摘One of the most important issues relating to the economic activity of an enterprise is a reliable valuation of assets. It is also one of the key elements in the condition of bankruptcy risk. The aim of this paper is to present the results of the author＇s empirical research concerning the usefulness of the estimates in the valuation of fixed assets held by the enterprises facing bankruptcy. The empirical research was carried out on a group of 100 companies on which courts declared bankruptcy in 2011 in Poland. The study sample constitutes 14% of the population and is a significant representation of the phenomenon. For comparisons of the carrying amounts and the estimated values, the assets recognized in the balance sheet under ＂property, plant, and equipment （PPE）＂ were selected. During the first stage of the research, the significance of PPE in bankruptcy proceedings was confirmed by comparing the share of their value within the estate with the costs of the proceedings recorded as a percentage of the value of the debtor＇s estate. In the next stage of the research, comparisons between the carrying amounts and the estimated values were made. Simple regression models were constructed. The research results confirm that in the case of a substantial doubt about an entity＇s ability to continue as a going concern, the informative value of financial statements is limited and the estimates of the fixed assets value are of fundamental importance.
文摘“重新估定一切价值”(Transvaluation of all Values),在1919年被胡适用以概括“新思潮的根本意义”,成为新文化运动的重要口号。该口号的提出本有特殊语境。一战后的中国思想界有了新的趋向,尊西趋新、反传统已不再具有类似“政治正确”的独尊地位,原本被尊崇的“欧化”、被否定的“国故”都面临重估。在此背景下,《新青年》派与《时事新报》同人关于“外国偶像”与“固有文化”的争论,成为傅斯年、胡适调整表述的契机,促使他们使用更折中、开放的口号——“重新估定一切价值”“整理国故”来回应对方质疑,并容纳多元的新派。在这一情境中提出及流行的“重新估定一切价值”具有多重属性:胡适在表述上统合种种不一致的新思潮,又暗藏其对中西文化的主张,并针对新兴的“主义”;因其开放性,它在流传中更被不同地理解与使用。这一口号的多重性体现出历史上的五四新文化运动比以往认知的更为丰富。
基金supported by the Ministry of Education Foundation in China (Grant No. 108177)
文摘In the past thirty years, various hydropower projects, some with a dam height of over 300 m, have been planned and constructed within China. It is inevitable that these will have sizable effects on the environment, and it is crucial therefore to reasonably evaluate and control adverse effects. In this paper, the transformities of various items for hydropower projects were systematically analyzed, and an emergy footprint model for the projects was developed based on ecological footprint analyses and emergy theory, so that it can quantitatively evaluate the effects on the environment, both positive and negative, resulting from the whole process of planning, constructing and operating the projects. As an example, the effects of a large-scale hydropower project, the 'LP project', were investigated. The results showed that the hydropower projects have strong positive effects on the environment and can even in the short term balance the emergy footprint appropriation resulting from the construction and operation of the hydropower projects. Finally, suggestions were presented for the design of hydropower projects.
