招股说明书特质信息含量、注册制改革与IPO抑价

全面注册制改革助推资本市场更好服务实体经济,高质量信息披露是注册制的核心。招股说明书是股票发行阶段信息披露的主要载体,能减少公司与投资者间的信息不对称,是注册制改革下提高公司信息披露质量的主要途径。首先选取2016年至2021年A股全部首次公开发行的上市公司作为研究样本,利用文本数据挖掘技术,构建招股说明书特质信息含量指标,接着通过回归分析研究招股说明书特质信息含量对于IPO抑价的影响,再基于公司信息透明度水平进行异质性分析,最后分别从注册制改革和外部监督的视角分析招股说明书特质信息含量对IPO抑价的调节机制。研究发现:招股说明书特质信息含量显著降低IPO抑价率,招股说明书特质信息含量对IPO抑价率的负向作用在无独立董事及发行费用高的企业样本中更强;注册制改革促进了企业的信息披露,会减弱特质信息含量对IPO抑价率的负向作用;风险投资和国有企业会减弱特质信息含量对IPO抑价率的负向作用。基于研究结果,提出增设文本特质信息评估制度,提高特质信息披露增量的政策建议,鼓励企业主动进行特质信息披露;提高市场定价效率,提升资本市场在整体资源配置中的作用。

压电锥形流管无阀泵的研究——受流体温度及物质含量影响的流量特性

对一种新形式的容积型往复式压电锥形流管无阀泵 ,进行了流体中物质含量与泵流量特性关系的实验研究。在此基础上 ,把这种泵与其他泵的流体温度影响特性进行了比较 ,发现这种泵的温度影响特性与分类相同的活塞泵相异 ,与分类不同的叶轮泵相似。

会计信息可比性、资本市场信息效率与企业股价同步性

本文选取沪深两市2012—2017年工业上市企业财务数据为样本,分析了资本市场信息效率在股价同步性中的治理效应进行检验,并进一步对会计信息可比性在两者关系中的调节效应进行揭示。研究发现:资本市场信息效率与企业股价同步性显著负相关;会计信息可比性能显著抑制企业的股价同步性;会计信息可比性显著增强资本市场信息效率与企业股价同步性之间的相关性。

Experimental research on drying characteristics of PVC powder in a normal fluidized-bed dryer

For obtaining the drying curve of powder under fluidized drying, a normal fluidized-bed dryer is designed to study the drying kinetics of PVC （polyvinyl chloride） powder in the experiment. A new measure system is derived for drying dynamics testing. In the small fluidized-bed dryer, fluidization parameter of PVC powder is tested, and the operating air velocity can be chosen in the range of 0. 41 to 0. 55 m/s. Accordingly, the fluidized number Ua/Umf is from 1.24 to 1.67. A promising drying model is used to describe the drying process, and then the characteristic drying curve of PVC powder derived from a suspension method can be expressed as f = [-0. 622 6 ＋ 1. 254 6exp（2. 561 5Φ -0. 707 2） /[1 ＋ exp（2. 561 5Φ -0. 707 2）] Based on the experiments, the critical moisture content xc and the mass transfer coefficient K are determined to be 0. 02 kg/kg and 6. 0 × 10^-4 kg/（ m2 · s）, respectively. The experimental results in the small fluidized-bed dryer are similar to those of the real fluidized drying process, so the descried method can also be used in determining drying kinetics of powder materials such as PVC powder.

互动式交流质量与股价特质信息含量——来自交易所线上互动平台的证据

中小股东信息不对称一直是困扰中国资本市场的难题,而成立投资者线上互动平台则是具有创新性的监管尝试。本文利用2009年~2020年中国上市公司与投资者的593万余次线上互动文本数据,构建投资者线上互动质量综合指数,研究了中国资本市场上市公司与投资者线上互动的特质信息含量。研究显示,中国上市公司与投资者的线上互动质量呈上升趋势,年均复合增长率达到了8.06%,但互动质量较高的上市公司较少、整体互动质量偏低。上市公司与投资者的线上互动式交流质量越高,股价对公司特质信息的融合效率越高;线上互动质量对公司股价特质信息含量的正向影响持续3个季度。机制分析表明,线上互动质量通过降低财务信息披露和股价信息反应时滞、吸引分析师关注等方式促进股价特质信息含量的提升;并且,在散户投资者多、投资者情绪低迷等外部环境下,互动质量的提升能产生更强的特质信息效果。本文的研究为完善投资者线上互动平台、实现高质量互动以助推资本市场信息效率提升提供了有益的借鉴。

Characteristics of extracellular fluorescent substances of aerobic granular sludge in pilot-scale sequencing batch reactor

The aerobic granular sludge was cultivated in a pilot-scale sequencing batch reactor （SBR）, and some of the granules were stored at 8 ℃ for 150 d. Extracellular polymeric substances （EPS） of sludge samples were extracted and analyzed during the granulation and storage process. The results show that the contents of protein and EPS increase along with the granulation process, while polysaccharides remain almost unchanged. The content of protein in EPS is almost two-fold larger than that of polysaccharides in granular sludge cultivated with municipal wastewater. Moreover, some of the granules disintegrate during storage, corresponding to the decrease of protein contents in EPS. Three peaks are identified in three-dimensional excitation emission matrix （EEM） fluorescence spectra of the EPS in the aerobic granules. Two peaks （A and B） are attributed to the protein-like fluorophores, and the third （peak C） is related to visible fulvic-like substances. Peak A gradually disappears during storage, while a new peak related to ultraviolet fulvic acid （peak D） is formed. The formation and the stability of aerobic granules are closely dependent on the quantity and composition of EPS proteins. Peak C has no obvious changes during granulation, while the fulvic-like substances present an increase in fluorescence intensities during storage, accompanied with an increase in structural complexity. The fulvie-like substances are also associated with the disintegration of the aerobic granules.

Effect of Cereal Brans Supplementation on Quality Characteristics of Various Indigenous Products

The effect of using different cereal brans （wheat, rice, oat and their combination） at different levels （0, 5, 10%） in different indigenous products （Balushahi, Mathi, Kulcha and Paratha） on color, texture and sensory quality was studied. The addition of cereal bran decreased the ＂L＂ values and increased the ＂a＂ value of all the developed indigenous products. Supplementation of different cereal bran had significant effect on texture of the developed indigenous products. Overall hardness of the products decreased with addition of cereal brans. Among various cereal bran levels used, 10% supplementation showed maximum hardness in all types of products. Cereal bran supplementation significantly improved the protein and fibre content of all indigenous products. On the basis of physical analysis and sensory attributes, it was concluded that cereal brans can be substituted upto 5% （rice bran and bran in combination） and 10% levels （wheat bran and oat bran） in whole wheat flour and maida for developing indigenous products without adversely affecting quality attributes.

Dietary Protein Requirement of Juvenile Turbot(Scophthalmus maximus Linnaeus)

The dietary protein requirement of juvenile turbot(initial average weight, 38.2 g ± 0.1 g) reared indoor in aerated aquaria was determined in this study. Five energy equal experimental diets were formulated with fish meal as protein source, which contained different concentrations of protein(47.2%, 51.0%, 54.6%, 59.3% and 63.6% of dry diet). Three groups of fish with 18 individuals in each, were cultured in 300-L tanks and fed twice a day for 8 weeks. During culture, temperature was controlled between 15.0 and 18.0℃, salinity was controlled between 28.5 and 32.0, acidity was controlled between p H7.8 and p H8.5, and ammonia nitrogen was maintained below 0.03 mg L-1 and dissolved oxygen was maintained about 7 mg L-1. Results showed that the growth of fish was significantly affected by dietary protein content(P < 0.05). Specific growth rate(SGR) of turbot increased when dietary protein content varied between 47.2% and 51.0%(P < 0.05), and then kept stable when dietary protein content was higher than 51.0%. Fish which were fed the diet containing 63.6% protein showed the highest SGR while those fed the diet containing 59.3% protein showed the highest feed efficiency rate. No significant difference of feed intake and protein efficiency ratio was found among experimental diets(P > 0.05). Broken-line regression analysis of SGR showed that the optimal dietary protein requirement of turbot was about 57.0%.

Nutritional Properties of Commercial Flavored Milk

Consumers are becoming increasingly health conscious, and food product choices have expanded. Flavored milk increases milk consumption in children and providing adequate calcium intake as well as associated nutrients. About 40% of the sugar in flavored milk is naturally occurring lactose beverages. The goal of this study was to test the truthfulness of the labeling concerning protein, fat and sugar content of the flavored milk. Moreover, the compliance with the Gulf standard was tested. Ten different brands of flavored milk were used in this study. As per labeled on the package, this study found that： one company did not mention clearly that their products are nonfat milk. We also found that there were variations in the percentage of fat between the ten types of flavored milk. For calcium content, all companies indicated clearly the calcium content except company eight. Concerning laboratory analysis, one company considered as mislabeled since they stated on the package that the percentage of fat 1.1-1.2 and the lab analysis showed it contained 3.1%. All companies were truthful about protein content. Moreover, for calcium, all companies have low calcium content than what has stated on the package except one company.

Acoustic-electrical properties and rock physics models for shale-oil formations:prediction of reservoir properties of interbedded sandstone and shale layers

In recent years,the Yanchang shale-oil formations of the Ordos Basin are rich in reserves with complex lithology and structure characteristics,low porosity and low permeability,and weak anomalies for oil and water discriminations,have been the key targets of unconventional oil/gas resource exploration and development in the relevant areas.The joint acoustic-electrical(AE)properties can be used to interpret reservoir lithology,mineralogy,pore structure,and fluid saturation.To conduct tests of thin section analysis,X-ray diff raction,and ultrasonic and electrical experiments at diff erent pressures and saturation degrees,cores from the shale-oil formations in the Q area of the basin are collected.The variations in AE properties with respect to clay content,porosity,pressure(microfracture),and saturation are analyzed.The experimental results indicate that the rock physics behaviors of sandstones with diff erent clay contents vary significantly.The AE properties of clean sandstones are basically dependent on the microfractures(pressure),while for muddy sandstones,the clay content is an important factor affecting the responses.The target reservoir consists of interbedded sandstone and shale layers.The AE equivalent medium equations and the Gurevich theory are applied to establish the joint models for the diff erent lithologies and simulate the variations in AE properties with respect to fluid type,pore structure,and mineral components.The three-dimensional joint templates of clean and muddy sandstones,as well as shale,are developed based on the elastic and electrical attributes and then calibrated using the experimental and well-log data.The reservoir properties are estimated with the templates and validated by the log data.The results indicate that the joint templates based on lithology characteristics can eff ectively characterize the properties of interbedded sandstone and shale layers.Furthermore,the combined application of AE data provides more beneficial information for the assessment of rock properties,leading to precise estimates that conform with the actual formation conditions.

Study on Properties of Jute Fibres Spun on Ring Spinning System

Jute fibre properties,viz. linear density,mechanical properties,and fibre staple length were analyzed in this paper. Morphology,lignin content,and composition analysis for jute fibres were investigated in order to give further understanding of the fibre properties changing during the chemical treatment and yarn producing processes. The results show that jute properties are greatly changed during the processes of chemical treatment,breaking carding,and finisher carding,whereas slight changes can be found in the processes of drawing,roving,and spinning.

The effects of soil sand contents on characteristics of humic acids along soil profiles

It is generally accepted that the compositions and properties of soil organic matter （SOM） are influenced by many factors. In order to reveal the effects of soil texture on characteristics and dynamics of SOM and its sub-fraction, humic acid （HA）, along two soil profiles, a yellow soil profile and a purplish soil profile, under the same climate and vegetation conditions were determined. Results indi- cate that the decomposition and humification degrees of SOM and HA of the purplish soils are higher than those of the corresponding yellow soils indicated by A/O-A ratios of HAs, TOCs and HA yields of bulk soil samples, neverthe- less, the development degree of the purplish soil is lower than that of the yellow soil. The variations of E4/E6 ratios of HAs along the soil profiles indicate the overall molecular sizes of HAs decreased downward along the soil profiles. A/O-A ratios of HAs decreased downward along both the soil profiles indicate that humification processes decrease downward along both the soil profiles. Leaching of SOM shows significant effects on the distribution and character- istics of HAs in the yellow soil profile but the purplish soil profile, which is consistent with the higher hydrophobicity of HAs in purplish soils, shows that the distribution char- acteristics of SOM along the soil profiles are a complex result of the combination of soil texture and characteristics of SOM itself. The remarkably different sand contents are concluded tentatively as one of reasons to the differentdistributions and dynamics of HAs along the soil profiles, however, to profoundly understand the evolution and transport of SOM along soil profiles needs more researches.

Effect of Some Processing Variables on the Quality Attributes of Yam Flour

The effect of varied processing variables （yam slice thickness, drying temperatures and type of drying） were investigated to determine their effects on the proximate and some functional properties of yam flour. The yam flour was produced with different slice thickness of 1, 1.5, 2.0, 2.5 and 5 cm using both conventional sun drying method and oven drying at temperatures; 40 ~C, 50 ~C, 60 ~C and 70 ~C. The moisture content of all the yam flour samples increased with increasing yam slice thickness, with the samples sun dried having the lowest values （6.20%-6.87%） followed by those dried at 70 ~C and then 60 ~C. The protein content of the yam flour samples increased with increase in slice thickness and decreased with increase in drying temperatures while the fat and the crude fibre of all the yam flour samples decreased with increase in slice thickness. The water absorption capacity of the sun dried yam flour samples decreased with increase in slice thickness while the syneresis value, bulk density and the gel strength increased with increase in slice thickness for all drying temperatures and for sun dried yam flour samples but smaller slice thickness had higher swelling capacity.

Drying Characteristic of Anchovy Fish

This paper focuses on the drying characteristic of anchovy fish （Anchovia engraulidae）. It is necessary to understand the drying behavior, quality of the products and time required to optimize the energy consumption of the process. The optimum velocity and temperature of drying air for good quality dried anchovy fish was determined. In average, the fish are 7 cm in length and 3.0-3.5 g in mass. Although some research on fish drying has been done, the study of drying of anchovy fish and its characteristic has not been well reported. The fish to be dried were arranged on 15 × 15 cm2 tray in the drying chamber of 17 × 30 cm2. The hot air of 40 -70 ℃ was delivered parallel to the tray with the velocity of 0.6 and 0.9 m s-1. It is found that thermal conductivity （k） and specific heat （cp） of anchovy fish are function of the moisture content （MC）. The higher moisture content results in higher thermal conductivity and specific heat. Critical water content is also found in this experiment as well as the optimum drying condition. Drying rate period of anchovy fish will change from the constant drying rate period to the falling drying rate period when critical moisture content is about 48.8%-50.3% （wet basis）. At these experiments, there is no case-hardening, even at temperature of 70 ℃. To achieve the optimum result, the drying process should be implemented in three steps, drying process at 70 ℃ for 150 min followed by drying at 50℃ for 100 min, and finally drying at 40℃ till achieving equilibrium moisture content. This research will contribute to improvement of drying method to achieve good quality of dried fish.

融资约束、财务松弛与股价信息含量

上市公司的股价信息含量是测量资本市场效率的重要指标之一,已有研究发现上市公司具有足够的动机和操作空间干预信息披露,其中主动提高信息披露水平的主要动机是对外融资。近十几年来越来越多的国内外上市公司长期保持低负债或高现金持有,形成了财务松弛,优序融资理论认为当公司存在财务松弛时对外融资依赖下降,因此,逐渐被学界重视的财务松弛现象在理论上会影响上市公司信息披露,进而对股价信息含量产生重要影响。基于此,将财务松弛纳入已有理论模型进行拓展,在理论模型推导所得结论的基础上,利用2007年至2016年中国A股上市公司数据,采用固定效应模型对财务松弛与股价信息含量之间的关系进行实证检验。实证研究中采用股价同步性(r2)测量股价信息含量,根据财务松弛的定义和其他学者的研究成果构建财务松弛的测量指标,并且利用2007年底出台的《物权法》中应收账款可以抵押贷款这一规定构建双重差分模型,控制可能存在的内生性问题。研究结果表明,财务松弛确实是影响上市公司信息披露的重要因素,当公司面临融资约束时,公司内部财务松弛水平的增加会使上市公司减少信息披露,进而降低股价信息含量,在采用双重差分模型控制内生性之后这一结论仍然成立。这说明作为内部资本结构重要组成内容的财务松弛不仅影响公司的经营活动,也是影响上市公司股价特质性信息含量的重要因素。研究结果为研究和监管上市公司信息披露提供了一个新的内部视角,也将目前学界对财务松弛与公司投融资等经营活动关系的研究拓展到探究财务松弛对于资本市场的影响。

分析师能降低股价同步性吗——基于研究报告文本分析的实证研究

股价同步性是衡量股票市场资源配置效率的重要指标。党的十九大报告提出,要"增强金融服务实体经济能力"。在这一要求下,探索如何降低股价同步性,提升金融市场合理配置资源的能力具有重要意义。本文借助支持向量机的文本分类方法,通过机器学习度量了2009—2015年中国A股上市公司的分析师研究报告中公司特质信息,研究证券分析师报告内容对股价同步性的影响。研究发现,分析师报告中公司特质信息含量越高,所关注公司的股价同步性越低;当公司所面临的信息不对称问题更加严重、分析师报告影响力更大时,这一负向关系更加显著;进一步研究发现,分析师的能力越强,研究报告中公司特质信息含量越丰富,其盈余预测准确性也更高;分析师降低股价同步性的机制是因为公司特质信息含量高的报告更受投资者关注,能引起更强烈的市场反应,使得股价更多地吸收公司特质信息。以上主要发现在控制样本选择偏差、变更主要变量衡量方式、变换实证模型后依然稳健。本文首次在对分析师报告进行信息分类的基础上,研究分析师传递的具体信息对股价同步性的影响,不仅丰富了股价同步性影响因素的研究,同时从公司特质信息的角度丰富了分析师报告信息含量的研究,具有重要的理论与实践意义。