This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi...This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.展开更多
利用GIS所提供的三维可视化功能,建立起矿山治理恢复后的具有真实感的三维景观模型,对评价规划方案、展示规划效果、通过三维可视化的形式反映矿山环境治理恢复前后的景观变化具有重要意义。ArcView 3D Analyst是ArcView GIS的扩充模块,...利用GIS所提供的三维可视化功能,建立起矿山治理恢复后的具有真实感的三维景观模型,对评价规划方案、展示规划效果、通过三维可视化的形式反映矿山环境治理恢复前后的景观变化具有重要意义。ArcView 3D Analyst是ArcView GIS的扩充模块,在ArcView 3D Analyst基础上建立了采空塌陷区的回填、削坡设计及其治理后矿山绿化等矿山治理恢复设计的三维景观模拟。展开更多
以湛江金沙湾海滩养护前后不同时期沉积物粒度监测数据、海底高程扫描数据和遥感影像为依据,运用Arc GIS 3D Analyst进行沉积物和海底地形分析,得出湛江市金沙湾海滩养护工程实施前后不同时期海底沉积物、地形表面和动态剖面变化情况。...以湛江金沙湾海滩养护前后不同时期沉积物粒度监测数据、海底高程扫描数据和遥感影像为依据,运用Arc GIS 3D Analyst进行沉积物和海底地形分析,得出湛江市金沙湾海滩养护工程实施前后不同时期海底沉积物、地形表面和动态剖面变化情况。结果表明,湛江金沙湾海滩侵蚀区域集中在风车广场对出海域和原红嘴鸥码头附近,后期应重点考虑对此区域进行修复重建。展开更多
采用减压蒸馏加精馏工艺从环己醇精馏塔塔底料液中回收环己醇.设计了单因素试验、正交试验,通过直观分析法和Analyst模块对试验结果进行分析计算,确定了最佳工艺条件;利用方差分析,讨论了各因素与试验值之间的关系以及对试验值的影响程...采用减压蒸馏加精馏工艺从环己醇精馏塔塔底料液中回收环己醇.设计了单因素试验、正交试验,通过直观分析法和Analyst模块对试验结果进行分析计算,确定了最佳工艺条件;利用方差分析,讨论了各因素与试验值之间的关系以及对试验值的影响程度.结果表明,负压强为26.3 k Pa、蒸馏温度为150℃、采出时间为55 min时,产物中环己醇的纯度和回收率最大,分别为96%和92%;在负压强为16.3~26.3 k Pa、蒸馏温度140~150℃、采出时间45~55 min的范围内,纯度和回收率波动很小,表明该分离工艺具有很好的操作稳定性.展开更多
基金supports from the National Natural Science Foundation of China(under Grants No.72073105,71903002,and 71774122)the Natural Science Foundation of Anhui Province,China(under Grant No.1908085QG309)are greatly acknowledged.
文摘This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk.
文摘利用GIS所提供的三维可视化功能,建立起矿山治理恢复后的具有真实感的三维景观模型,对评价规划方案、展示规划效果、通过三维可视化的形式反映矿山环境治理恢复前后的景观变化具有重要意义。ArcView 3D Analyst是ArcView GIS的扩充模块,在ArcView 3D Analyst基础上建立了采空塌陷区的回填、削坡设计及其治理后矿山绿化等矿山治理恢复设计的三维景观模拟。
文摘以湛江金沙湾海滩养护前后不同时期沉积物粒度监测数据、海底高程扫描数据和遥感影像为依据,运用Arc GIS 3D Analyst进行沉积物和海底地形分析,得出湛江市金沙湾海滩养护工程实施前后不同时期海底沉积物、地形表面和动态剖面变化情况。结果表明,湛江金沙湾海滩侵蚀区域集中在风车广场对出海域和原红嘴鸥码头附近,后期应重点考虑对此区域进行修复重建。
文摘采用减压蒸馏加精馏工艺从环己醇精馏塔塔底料液中回收环己醇.设计了单因素试验、正交试验,通过直观分析法和Analyst模块对试验结果进行分析计算,确定了最佳工艺条件;利用方差分析,讨论了各因素与试验值之间的关系以及对试验值的影响程度.结果表明,负压强为26.3 k Pa、蒸馏温度为150℃、采出时间为55 min时,产物中环己醇的纯度和回收率最大,分别为96%和92%;在负压强为16.3~26.3 k Pa、蒸馏温度140~150℃、采出时间45~55 min的范围内,纯度和回收率波动很小,表明该分离工艺具有很好的操作稳定性.
