Exploring the Relationship Between Patent Forward Citation and Stock Return Rate Using Empirical Data of China Stock Market

A novel indicator called price-citation was proposed.Based on the company integrated patent database of China listed companies of common stocks(A-shares)with the stock price and the stock return rate data,more than two thousand of A-shares from 2017 to 2020 were selected.The effect of the traditional patent forward citation and the price-citation for discriminating the stock return rate was thoroughly analyzed via ANOVA.The A-shares of forward citation counts above the average showed higher stock return rate means than the A-shares having patents but receiving no forward citations.The price-citation,combining both the financial and patent attributes,defined as the multiplication of the current stock price and the currently receiving forward citation count,showed its excellence in discriminating the stock return rate.The A-shares of higher price-citation showed significantly higher stock return rate means while the A-shares of lower price-citation showed significantly lowest stock return rate means.The price-citation effect had not been changed by COVID-19 though COVID-19 affected the social and economic environment to a considerable extent in 2020.

Effective Return Rate Prediction of Blockchain Financial Products Using Machine Learning

In recent times,financial globalization has drastically increased in different ways to improve the quality of services with advanced resources.The successful applications of bitcoin Blockchain(BC)techniques enable the stockholders to worry about the return and risk of financial products.The stockholders focused on the prediction of return rate and risk rate of financial products.Therefore,an automatic return rate bitcoin prediction model becomes essential for BC financial products.The newly designed machine learning(ML)and deep learning(DL)approaches pave the way for return rate predictive method.This study introduces a novel Jellyfish search optimization based extreme learning machine with autoencoder(JSO-ELMAE)for return rate prediction of BC financial products.The presented JSO-ELMAE model designs a new ELMAE model for predicting the return rate of financial products.Besides,the JSO algorithm is exploited to tune the parameters related to the ELMAE model which in turn boosts the classification results.The application of JSO technique assists in optimal parameter adjustment of the ELMAE model to predict the bitcoin return rates.The experimental validation of the JSO-ELMAE model was executed and the outcomes are inspected in many aspects.The experimental values demonstrated the enhanced performance of the JSO-ELMAE model over recent state of art approaches with minimal RMSE of 0.1562.

Exploring Patent Effects on Higher Stock Price and Stock Return Rate-A Study in China Stock Market

Based on the valid patent data and stock price data of China A-shares,the patent effects of four patent species including the invention publication,the invention grant,the utility model grant,and the design grant,on the stock price and the stock return rate were analyzed via analysis of variance(ANOVA).It was proved that the A-shares having new patents of any patent species shown the higher stock price mean and the higher stock return rate mean than those A-shares having no new patents did.The A-shares having new design grants were found to show the highest stock price mean among the A-shares having new patents of any patent species.The A-shares in the group of top 25%patent count of either the invention publication or the invention grant shown the highest stock return rates mean than those A-shares in other groups of less patent count did.The invention grant,following the general concept,showed its excellent patent effect.The design grant,beyond the expectation,also showed patent effects on the higher stock price and the higher stock return rate.The finding would improve the state of the art in the patent valuation and the listing company evaluation.

Optimization of Pension Asset Portfolio in Nigeria with Contributors’ Specified Return Rate

This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.

Does the Shanghai-Hong Kong Stock Connect Program Enhance the Abnormal Rate of Return and Transaction Volatility of the Underlying Stocks:A Quasi-Natural Experimental Design

Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can provide investors with time to invest in such policies,fluctuations in the underlying stocks of the Chinese stock market,and decision support for the formulation and revision of relevant policies.This paper studies whether there is significant abnormal rate of return in the selected stocks which are in the Shanghai Stock Connect Program within the specified period,the excess return gap between the stocks which are in the program and which are not in the program,and the impact of the Shanghai Stock Connect Program on the volatility of the relevant stocks.Based on the CAPM model and the Fama-French 3-factor model,this paper uses t test to study the significance of the abnormal rate of return.By establishing a difference-in-difference(DID)model,the regression of the abnormal rate of return is tested,and the sample volatility is analyzed according to the influence of the fund transaction.The study found that the stocks in the program have significant abnormal rate of returns during the window period.The Shanghai Stock Connect has brought about a huge change in transaction amount,and policy makers need to improve related and similar policies.

Return to sport following toe phalanx fractures:A systematic review

BACKGROUND Evidence-based guidance on return to sport following toe phalanx fractures is limited.AIM To systemically review all studies recording return to sport following toe phalanx fractures(both acute fractures and stress fractures),and to collate information on return rates to sport(RRS)and mean return times(RTS)to the sport.METHODS A systematic search of PubMed,MEDLINE,EMBASE,CINAHL,Cochrane Library,Physiotherapy Evidence Database,and Google Scholar was performed in December 2022 using the keywords‘Toe’,‘Phalanx’,‘Fracture’,‘injury’,‘athletes’,‘sports’,‘non-operative’,‘conservative’,‘operative’,‘return to sport’.All studies which recorded RRS and RTS following toe phalanx fractures were included.RESULTS Thirteen studies were included:one retrospective cohort study and twelve case series.Seven studies reported on acute fractures.Six studies reported on stress fractures.For the acute fractures(n=156),63 were treated with primary conservative management(PCM),6 with primary surgical management(PSM)(all displaced intra-articular(physeal)fractures of the great toe base of the proximal phalanx),1 with secondary surgical management(SSM)and 87 did not specify treatment modality.For the stress fractures(n=26),23 were treated with PCM,3 with PSM,and 6 with SSM.For acute fractures,RRS with PCM ranged from 0 to 100%,and RTS with PCM ranged from 1.2 to 24 wk.For acute fractures,RRS with PSM were all 100%,and RTS with PSM ranged from 12 to 24 wk.One case of an undisplaced intra-articular(physeal)fracture treated conservatively required conversion to SSM on refracture with a return to sport.For stress fractures,RRS with PCM ranged from 0%to 100%,and RTS with PCM ranged from 5 to 10 wk.For stress fractures,RRS with PSM were all 100%,and RTS with surgical management ranged from 10 to 16 wk.Six cases of conservatively-managed stress fractures required conversion to SSM.Two of these cases were associated with a prolonged delay to diagnosis(1 year,2 years)and four cases with an underlying deformity[hallux valgus(n=3),claw toe(n=1)].All six cases returned to the sport after SSM.CONCLUSION The majority of sport-related toe phalanx fractures(acute and stress)are managed conservatively with overall satisfactory RRS and RTS.For acute fractures,surgical management is indicated for displaced,intra-articular(physeal)fractures,which offers satisfactory RRS and RTS.For stress fractures,surgical management is indicated for cases with delayed diagnosis and established nonunion at presentation,or with significant underlying deformity:both can expect satisfactory RRS and RTS.

国有大型油气企业新能源发电项目经济评价探讨

国有大型油气企业基于减排降碳和可持续健康发展考量,积极探索新能源发电业务,投资项目经济评价方法和参数,成为影响新能源发电业务投资决策和高质量发展的决定性因素。基于经济评价基本原理,根据新能源发电项目技术经济特征,构建新能源发电项目经济评价方法和参数体系。折现现金流法仍然是新能源发电项目经济评价的主要方法,内部收益率和平准化度电成本是衡量项目盈利能力的重要指标。不同类型新能源发电项目经济评价方法具有较高的一致性,但应在投资构成、成本费用估算、收入与税金估算等方面体现差异,重点在营业收入估算中体现项目真正价值。在规制性配置储能要求以及储能收益政策有待落实的情况下,新能源发电项目效益有待提高,建议现阶段适当降低投资回报要求,尤其是出于市场拓展和协同发展目的的战略性新能源发电项目。项目电价和有效利用小时数对新能源发电项目的影响至关重要,应视情况合理选取参数。风光气电融合项目应分业务估算成本。国有大型油气企业应积极开展宏观配套政策和商业模式创新研究,以支撑新能源发电业务的高质量发展。

苏里格致密砂岩气田效益开发技术对策研究

苏里格气田致密砂岩气藏的天然气储量规模和年产气量目前都位居中国第一。随着开发不断深入,气田储量品质劣质化及未动用储量碎片化趋势明显,增加了未来效益开发的不确定性。为确保气田致密砂岩气藏的可持续效益开发,基于深化气田开发过程中所获得的地质与气藏工程认识的基础上,梳理了影响气田效益开发的影响因素,建立了该气田效益开发的技术对策。研究结果表明:①基于以经济产量为中心的评价模型对气田各区块经济效益进行实证分析,可以评价气田目前整体效益开发现状,指导未来整体开发方向;②为了支持气田致密气产业进一步发展,根据气田各区块效益评价,从地质和气藏工程的角度去寻求有效开发的配套措施,分类治理,分类施策,进而形成苏里格气田效益开发技术对策,实现气田持续经济有效开发。

职业教育促进共同富裕的现实路径:工资效应与分配效应

扎实推进共同富裕是攸关中华民族伟大复兴的重大课题。文章通过分析中国家庭收入调查数据,以教育回报率及工资收入差距的分解作为测量指标,对职业教育促进共同富裕的现实路径进行了实证研究。研究发现:(1)利用描述性统计发现城乡居民的工资水平对其所接受的职业教育层级具有依附性的特征;(2)进一步通过普通最小二乘法进行基准测量,发现高职教育回报率比中职教育高出21.3%,比本科教育低9.9%;(3)利用无条件分位数回归及其分解技术,发现职业教育在促进共同富裕时具有“提低”和“扩高”的异质性收益特征,仅考虑人力资本因素时,职业教育引致的工资收入差距具有“粘地板效应”的特征。文章在此基础上提出了以职业教育为抓手,扎实推进共同富裕的现实方案。

12种水生植物对农田退水氮磷的去除效果

【目的】探究不同水生植物对农田退水氮磷污染物的去除效果,为利用水生植物修复和防治水体污染提供科学依据。【方法】采用水培试验测定12种水生植物茎叶和根的生物量、氮磷含量、氮磷吸收量以及对水体氮磷的去除率,运用筛选指标的平均隶属函数值对12种水生植物去除氮磷能力进行聚类分析。【结果】挺水植物中,水葱、芦苇、香蒲净增生物量较高;芦苇氮吸收量最高达到201.22 mg·m^(-2),香蒲磷吸收量最高达到26.64 mg·m^(-2);芦苇对氨氮、硝氮、总氮、总磷去除率最高,分别达到98.56%、78.93%、80.22%、81.36%。浮水植物中,凤眼莲净增生物量最高;凤眼莲氮吸收量最高达到156.14 mg·m^(-2),睡莲磷吸收量最高达到23.48 mg·m^(-2);凤眼莲对氨氮、硝氮、总氮、总磷去除率最高,分别达到95.63%、76.01%、71.66%、80.58%。沉水植物中,狐尾藻净增生物量最高;狐尾藻氮吸收量最高达到230.75 mg·m^(-2),苦草磷吸收量最高达到26.11 mg·m^(-2);狐尾藻对氨氮、总氮去除率最高,分别达到97.94%、84.93%;苦草对硝氮、总磷去除率最高,分别达到76.32%、79.09%。芦苇、水葱、睡莲主要通过根吸收累积氮磷,其他9种水生植物主要通过茎叶吸收氮磷从而增加生物量去除水体氮磷。水体氮磷去除率与植物氮磷吸收量呈极显著正相关。芦苇、香蒲、狐尾藻为高效净化植物,苦草、水葱、凤眼莲、睡莲、千屈菜为较高效净化植物。【结论】挺水植物芦苇、香蒲、水葱、千屈菜,浮水植物睡莲和沉水植物狐尾藻、苦草对宁夏引黄灌区农田退水氮磷污染物去除效果较好。

马钢降低2×380 m^(2)烧结机返粉率生产实践

为了降低马钢2台380 m^(2)烧结系统返粉率,从焦粉粒度综合控制、烧结布料、烧结点火以及冷却速度控制等多个操作角度分析影响返矿率的因素,查找出返矿在烧结料层中的分布,并进行了料层中返矿产生因素分析。通过实施厚料层烧结,合理控制压入量,保持平整布料,优化烧结布料系统配置,合理布置平料板及压料板,增强表面烧结矿强度,降低边缘效应。实施点火炉均温保温技术,降低表面降温速率,延缓表面烧结矿收缩,消除表层烧结矿裂纹。并研发出带式冷却机预测模型,实现均速冷却烧结矿,有效降低了烧结返矿率。

WPS EXCEL在《化工技术经济》教学中的应用

《化工技术经济》课程具有综合性、实用性、实践性等主要特点,结合课程教学目标及毕业要求指标点,为了提高课堂教学效果,调动学生的学习积极性,针对决策上的数据处理、分析内容,改变教学方法,利用计算机的WPS EXCEL软件工具来解决复杂的财务数据处理,不仅能提高数据的处理速度和精度,而且也能吸引学生的学习兴趣,提升了学习质量。

秸秆全量还田下施氮量对秸秆降解及相关胞外酶活性的影响

该试验采用尼龙网袋原位培养法,研究了冷凉区稻田秸秆全量还田下不同施氮水平(110、120、130、140、150 kg·hm^(-2))的水稻秸秆降解特征以及相关胞外酶活性变化特征。结果表明:在秸秆全量还田但施氮量不同的条件下,水稻秸秆在还田前期(0~20 d)和中后期(71~104 d)的降解率较快,此时秸秆残余物中可溶物质的占比大幅度减少,木质素等物质含量在秸秆残余物中的占比增加;在东北冷凉区水稻生育期内,0~15㎝还田秸秆平均降解率约为55%,15~30㎝还田秸秆平均降解率约为50%;与碳相关胞外酶(αG、βG、CBH、βX)活性普遍高于其他功能胞外酶,且秸秆降解胞外酶活性普遍在中后期(71~104 d)升高。研究表明东北冷凉区水稻秸秆全量条件下,施氮量140kg·hm^(-2)时秸秆降解率的综合效应最好,最佳秸秆还田深度为0~15 cm。

战略合作框架协议对股票收益率的影响——基于沪深A股市场的实证分析

战略合作框架协议近些年愈发受到上市公司的关注,但对其市场的影响尚未有明确结论。本文以2004~2022年沪深股市发布的2948份战略合作框架协议为研究样本,采用事件研究方法构建计量模型估计协议对发布公司股票市场表现的影响。结果表明:(1)在协议发布的不同事件窗口期,发布公司股票总体取得显著为正的累积特异收益率,且随与协议发布时点的间隔呈倒U形状;(2)协议的影响具有公司规模和交易对象差异性,小市值公司、交易对象同为企业的公司获得更高累积特异收益率;(3)协议内容与行业类型产生交互影响,从事公用事业的公司获得更高累积特异收益率,产业链协调、项目建设开发、股权投融资领域的协议因行业不同带来差异化的累积特异收益率。研究结论揭示了战略合作框架协议对发布公司股票市场表现的规律性特征,为投资者和上市公司提供借鉴。

公共教育扩张政策与教育收益率的城乡差异

基于2019年中国家庭收入调查数据,通过教育收益率的因果性和异质性测量,实证评估了公共教育扩张政策的个体增收效应和收入分配效应。研究结果如下:(1)利用描述性统计法分析发现,公共教育扩张政策对城镇劳动力受教育程度的提升作用高于农村,因而教育功能具有“城市偏向型”的特征;(2)利用工具变量法纠正内生性问题后,发现公共教育扩张政策对非农户籍具有更强的个体增收效应,农村劳动力的教育收益率高于城镇,大学教育收益率高于义务教育阶段,揭示了公共教育扩张政策的个体增收效应具有“农村导向型”的特征;(3)利用无条件分位数回归及其处理效应模型发现,义务教育改革和高校扩招具有缩小城乡劳动力组内工资收入差距的收入分配功能。

长期秸秆还田下施氮量对棉花产量和氮素利用的影响

施氮能够增加土壤中氮的有效性,提高植株光合作用,促进植株对氮的吸收和干物质的积累,最终增加作物产量。但是在长期高氮秸秆还田条件下,是否应调整施氮量尚不清楚。为探究长期秸秆还田条件下施氮量对棉花光合速率、干物质和养分积累分配、产量、氮素利用和土壤氮素变化的影响,本研究设置0(N0)、150(N150)、180(N180)、210(N210)、240(N240)、270(N270)和300(N300)kg hm^(–2)共7个施氮量处理。与常规施氮量(N300)相比,2020—2021年,减氮30%(N210)处理2年均获得了较高产量,分别为1853.62 kg hm^(–2)和1872.43 kg hm^(–2),减氮40%(N180)仅在第1年保持了较高产量,为1743.68 kg hm^(–2)。2021年,N210的净光合速率、干物质和养分积累量均高于N180,两者间生殖器官的干物质和养分分配系数、氮肥利用效率未有显著差异,但N180的土壤表观氮盈余量显著降低了39.15%。综上,长期秸秆还田条件下,鲁西北棉区应适量减少施氮量。

考虑库存风险的服装行业新产品预售策略博弈研究

电子商务时代,服装行业线上销售的退货率居高不下。为缓解高退货率连带的库存风险,部分服装企业采用超长预售策略,在相对较长的预售期内次第发货满足顾客订单。在此现实背景下,文章基于报童模型,探讨商家在正常预售和超长预售中的策略选择,并求解两种策略的最优定价、产量、利润和可行条件。结果表明:当需求不确定性较大且产品残值较小,预售时长在合理的范围内且顾客更愿意等待时,应选择超长预售策略,反之选择正常预售策略;并且,超长预售策略能够显著降低库存剩余风险。研究结论对服装企业的预售决策和库存管理具有一定的现实参考价值。

不同腐熟剂对麦秸腐解率与稻田水环境的影响

为探明麦秸还田条件下施用腐熟剂对秸秆腐解效果、稻田水环境风险的影响,选用4种腐熟剂(标识为DA1、DA2、DA3和DA4)进行水稻季麦秸腐解试验。结果表明,施用4种腐熟剂均加快还田后4周内秸秆腐解速度,其中,还田后2周为麦秸快速腐解期,且腐熟剂DA3和DA4促进麦秸腐解的效果更佳,腐解率达36.5%~37.4%,较麦秸还田无腐熟剂处理(CFS)增加了5.1~6.0个百分点。与CFS处理相比,4种腐熟剂处理提高了麦秸还田后3周内田面水化学需氧量(COD)及氮磷含量,增加了水稻生长初期的水环境风险。其中,DA2、DA3和DA4这3种腐熟剂处理后3周内田面水环境风险相对较高,而DA1与CFS处理间水环境风险差异不显著。可见,稻田施用腐熟剂会加速麦秸腐解,同时会增加水稻生长初期的水环境风险,建议南方水网区水稻季谨慎施用腐熟剂。

长期秸秆还田下追氮量对冬小麦产量和氮素吸收利用的影响

在长期秸秆还田且基施足量氮肥(150 kg/hm^(2))条件下研究拔节期不同追氮量[0 kg/hm^(2)(N150)、37.5 kg/hm^(2)(N150+37.5)、75 kg/hm^(2)(N150+75)、112.5 kg/hm^(2)(N150+112.5)和150 kg/hm^(2)(N150+150)]对冬小麦群体动态、地上部干物质和氮素的积累转运、籽粒产量和氮肥利用效率的影响,明确协同实现较高籽粒产量和氮肥利用效率的追氮量,以期为秸秆还田下冬小麦氮肥高效管理提供理论依据和技术支撑。结果表明,随着施氮量的增加,冬小麦冬前分蘖数和有效穗数均呈先增加后降低的趋势,在N150+75和N150+112.5处理下较高。花前地上部干物质和氮素积累量均随施氮量的增加逐渐增加,花后地上部干物质和氮素积累量均呈先增加后降低的规律。不追氮(N150)和低追氮量(N150+37.5、N150+75)处理的花前干物质转运量与转运率总体上均显著高于高追氮量(N150+112.5、N150+150)和不施氮(N0)处理;花前氮素转运量随施氮量的增加逐渐增加,在N150+150处理达到最大值,但其花前氮素转运率显著低于其他处理。与仅基施氮150 kg/hm^(2)处理相比,拔节期追氮37.5~150 kg/hm^(2)增加籽粒产量10.45%~33.64%。随着追氮量的增加,籽粒产量呈先增加后降低的趋势,在N150+112.5处理下达到最大值,显著高于其他处理,分别较N150、N150+37.5、N150+75、N150+150处理提高30.85%~33.64%、15.04%~20.99%、6.62%~11.07%、7.35%~7.81%;氮肥偏生产力、氮肥农学效率和氮肥生理利用率直线下降,N150+75与N150+112.5处理间差异总体上不显著。综上,拔节期追施氮肥有利于增加冬小麦花前、花后干物质和氮素的积累转运,但过量追氮导致花前干物质和氮素转运率大幅降低,产量增加效应减小,氮肥利用效率大幅降低;在长期秸秆还田基施氮150 kg/hm^(2)条件下,拔节期追氮112.5 kg/hm^(2)有利于协调冬小麦花前、花后干物质和氮素的积累转运,同时拟合分析发现,拔节期追氮107.81~139.50 kg/hm^(2)可获得较高的籽粒产量和氮肥利用效率。

城市蔓延与教育回报率——基于市辖区与县域的异质性视角

城市蔓延作为影响集聚经济的重要因素,在城市化的高质量协调发展和促进收入分配公平的过程中有着不可忽视的影响。在研究设计上,以城市蔓延指数度量的城市空间结构作为核心解释变量,结合CHIPS中国家庭收入调查数据,考察城市蔓延在全市域、市辖区及县域区域内对劳动者教育回报率的影响。研究发现:高密度、低蔓延度的地级市空间结构对教育回报率在市辖区范围内有显著的提高作用,且更为显著地影响拥有城镇户口的劳动力,而这一效应在县域不明显;进一步的讨论表明,受教育水平越高的劳动者越容易缓解城市蔓延对教育回报率的负面作用。