The comprehensive benefit evaluation of the existing building energy efficient renovation project cannot be separated from the scientific and effective evaluation mechanism.Based on the value-added life perspective,th...The comprehensive benefit evaluation of the existing building energy efficient renovation project cannot be separated from the scientific and effective evaluation mechanism.Based on the value-added life perspective,this paper analyzes the implementation subject,standard,system and principle of the comprehensive benefit evaluation of the existing building energy efficient renovation project.It plans the process of comprehensive benefit evaluation,and builds a scientific and reasonable operation platform of evaluation system,with a view to promoting the effective implementation of the comprehensive benefit evaluation of existing building energy-saving retrofits.展开更多
Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), ...This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.展开更多
The geochemical analysis and experimental simulation are comprehensively used to systematically study the hydrocarbon generation material,organic matter enrichment and hydrocarbon generation model of Paleogene source ...The geochemical analysis and experimental simulation are comprehensively used to systematically study the hydrocarbon generation material,organic matter enrichment and hydrocarbon generation model of Paleogene source rock in the Western Qaidam Depression,Qaidam Basin,NW China.Three main factors result in low TOC values of saline lacustrine source rock of the Qaidam Basin:relatively poor nutrient supply inhibits the algal bloom,too fast deposition rate causes the dilution of organic matter,and high organic matter conversion efficiency causes the low residual organic carbon.For this type of hydrogen-rich organic matter,due to the reduction of organic carbon during hydrocarbon generation,TOC needs to be restored based on maturity before evaluating organic matter abundance.The hydrocarbon generation of saline lacustrine source rocks of the Qaidam Basin is from two parts:soluble organic matter and insoluble organic matter.The soluble organic matter is inherited from organisms and preserved in saline lacustrine basins.It generates hydrocarbons during low-maturity stage,and the formed hydrocarbons are rich in complex compounds such as NOS,and undergo secondary cracking to form light components in the later stage;the hydrocarbon generation model of insoluble organic matter conforms to the traditional“Tissot”model,with an oil generation peak corresponding to Ro of 1.0%.展开更多
By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU ...By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU countries and analyze the determinant factors.The results show that the value added in trade between China and EU countries is running at a low level of efficiency,and the trade efficiency has an obvious imbalance between export and import.Our calculation of unexplored trade potential indicates that western EU countries,such as France,Germany,Italy,and Spain together are China 5 top trading partner with the highest unexploited trade potential.Based on the principal component analysis of 14 trading-related variables,trade efficiency determinant results show that the tangible trade infrastructures of both exporter and importer matters most,including airports,container shipping,Internet,and broadband infrastructures.Meanwhile,intangible trade infrastructures,including customs procedures and domestic business environments,has a significant,but smaller influence on trade efficiency.Our important findings shed light on practical trade policymaking to encourage Sino-EU trade collaboration.展开更多
文摘The comprehensive benefit evaluation of the existing building energy efficient renovation project cannot be separated from the scientific and effective evaluation mechanism.Based on the value-added life perspective,this paper analyzes the implementation subject,standard,system and principle of the comprehensive benefit evaluation of the existing building energy efficient renovation project.It plans the process of comprehensive benefit evaluation,and builds a scientific and reasonable operation platform of evaluation system,with a view to promoting the effective implementation of the comprehensive benefit evaluation of existing building energy-saving retrofits.
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
文摘This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.
基金Supported by the PetroChina Science and Technology Project(2021DJ1808).
文摘The geochemical analysis and experimental simulation are comprehensively used to systematically study the hydrocarbon generation material,organic matter enrichment and hydrocarbon generation model of Paleogene source rock in the Western Qaidam Depression,Qaidam Basin,NW China.Three main factors result in low TOC values of saline lacustrine source rock of the Qaidam Basin:relatively poor nutrient supply inhibits the algal bloom,too fast deposition rate causes the dilution of organic matter,and high organic matter conversion efficiency causes the low residual organic carbon.For this type of hydrogen-rich organic matter,due to the reduction of organic carbon during hydrocarbon generation,TOC needs to be restored based on maturity before evaluating organic matter abundance.The hydrocarbon generation of saline lacustrine source rocks of the Qaidam Basin is from two parts:soluble organic matter and insoluble organic matter.The soluble organic matter is inherited from organisms and preserved in saline lacustrine basins.It generates hydrocarbons during low-maturity stage,and the formed hydrocarbons are rich in complex compounds such as NOS,and undergo secondary cracking to form light components in the later stage;the hydrocarbon generation model of insoluble organic matter conforms to the traditional“Tissot”model,with an oil generation peak corresponding to Ro of 1.0%.
基金This research was supported financially by the National and Regional Research Projects of Chinese Education Ministry(No.2020-G56)the Humanities and Social Sciences Funding of Wuhan University(No.2020SK033)+1 种基金the Youth Academic Team Project in Humanities and Social Sciences of Wuhan University(No.4103-413100001)the Fundamental Research Funds for the Central Universities(No.2662021JGQD007).
文摘By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU countries and analyze the determinant factors.The results show that the value added in trade between China and EU countries is running at a low level of efficiency,and the trade efficiency has an obvious imbalance between export and import.Our calculation of unexplored trade potential indicates that western EU countries,such as France,Germany,Italy,and Spain together are China 5 top trading partner with the highest unexploited trade potential.Based on the principal component analysis of 14 trading-related variables,trade efficiency determinant results show that the tangible trade infrastructures of both exporter and importer matters most,including airports,container shipping,Internet,and broadband infrastructures.Meanwhile,intangible trade infrastructures,including customs procedures and domestic business environments,has a significant,but smaller influence on trade efficiency.Our important findings shed light on practical trade policymaking to encourage Sino-EU trade collaboration.