A Review of Domestic and Foreign Research on Real Estate Financial Management

With the tightening of house purchase policies in recent years, the introduction of financial and land restriction policies, as well as the impact of the COVID-19 pandemic, real estate bombshells are common. Real estate is in the critical stage of transformation and upgrading, and industrial development is facing dire challenges and pressure for survival. As an important part of enterprise management, financial management is directly related to the success or failure of enterprise development. Facing the financial risks emerging in the financial management of the real estate industry at this stage, this review begins from financial management personnel training, investment calculation management, budget management, and asset management in the effort of optimizing the real estate financial management operating mechanism under the new situation and ensuring the healthy and stable development of real estate enterprises, while maintaining core competitiveness.

Motivation,Dilemma and Countermeasures of Foreign Bond Financing of Real Estate Enterprises:Based on Perspective of Financial Internationalization

Several real estate enterprises in China(hereinafter referred to as housing enterprises)rely on overseas financing to meet their financing needs,but it is fraught with challenges such as high financing costs.Premised on the internationalization of finance,combined with the background of“staying and not speculating”and establishing a long-term mechanism for real estate market,based on the investigation of the financing motives of real estate enterprises,combined with a large amount of data,the present study examines the current situation and predicament of overseas financing of housing enterprises.It proposes four feasible countermeasures to promote sustainable development of real estate enterprises overseas financing including building a special financing system to reduce the cost,expanding various financing channels,strengthening the supervision of overseas bond financing,and reducing the loss devaluation of RMB internally and externally.

Parallel Sensing in Metaverses: Virtual-Real Interactive Smart Systems for “6S” Sensing

In the construction of Metaverses,sensors that are referred to as the“bridge of information transmission”,play a key role.The functionality and efficiency of today’s sensors,which operate in a manner similar to physical sensing,are frequently constrained by their hardware and software.In this research,we proposed the Parallel Sensing framework,which includes background,concept,basic methods and typical application of parallel sensing.In our formulation,sensors are redefined as the integration of real physical sensors and virtual software-defined sensors based on parallel intelligence,in order to boost the performance of the sensors.Each sensor will have a parallel counterpart in the virtual world within the framework of parallel sensing.Digital sensors serve as the brain of sensors and maintain the same properties as physical sensors.Parallel sensing allows physical sensors to operate in discrete time periods to conserve energy,while cloud-based descriptive,predictive,and prescriptive sensors operate continuously to offer compensation data and serve as guardians.To better illustrate parallel sensing concept,we show some example applications of parallel sensing such as parallel vision,parallel point cloud and parallel light fields,both of which are designed by construct virtual sensors to extend small real data to virtual big data and then boost the performance of perception models.Experimental results demonstrate the effective of parallel sensing framework.The interaction between the real and virtual worlds enables sensors to operate actively,allowing them to intelligently adapt to various scenarios and ultimately attain the goal of“Cognitive,Parallel,Crypto,Federated,Social and Ecologic”6S sensing.

Novel 3-dimensional virtual hepatectomy simulation combined with real-time deformation

AIM:To develop a novel 3-dimensional(3D) virtual hepatectomy simulation software,Liversim,to visualize the real-time deformation of the liver.METHODS:We developed a novel real-time virtual hepatectomy simulation software program called Liversim. The software provides 4 basic functions:viewing 3D models from arbitrary directions,changing the colors and opacities of the models,deforming the models based on user interaction,and incising the liver parenchyma and intrahepatic vessels based on user operations. From April 2010 through 2013,99 patients underwent virtual hepatectomies that used the conventional software program SYNAPSE VINCENT preoperatively. Between April 2012 and October 2013,11 patients received virtual hepatectomies using the novel software program Liversim; these hepatectomies were performed both preoperatively and at the same that the actual hepatectomy was performed in an operating room. The perioperative outcomes were analyzed between the patients for whom SYNAPSE VINCENT was used and those for whom Liversim wasused. Furthermore,medical students and surgical residents were asked to complete questionnaires regarding the new software.RESULTS:There were no obvious discrepancies(i.e.,the emergence of branches in the portal vein or hepatic vein or the depth and direction of the resection line) between our simulation and the actual surgery during the resection process. The median operating time was 304 min(range,110 to 846) in the VINCENT group and 397 min(range,232 to 497) in the Liversim group(P = 0.30). The median amount of intraoperative bleeding was 510 m L(range,18 to 5120) in the VINCENT group and 470 m L(range,130 to 1600) in the Liversim group(P = 0.44). The median postoperative stay was 12 d(range,6 to 100) in the VINCENT group and 13 d(range,9 to 21) in the Liversim group(P = 0.36). There were no significant differences in the preoperative outcomes between the two groups. Liversim was not found to be clinically inferior to SYNAPSE VINCENT. Both students and surgical residents reported that the Liversim image was almost the same as the actual hepatectomy.CONCLUSION:Virtual hepatectomy with real-time deformation of the liver using Liversim is useful for the safe performance of hepatectomies and for surgical education.

Real-time virtual sonography visualization and its clinical application in biliopancreatic disease

AIM:To evaluate the usefulness of real-time virtual sonography(RVS)in biliary and pancreatic diseases.METHODS:This study included 15 patients with biliary and pancreatic diseases.RVS can be used to observe an ultrasound image in real time by merging the ultrasound image with a multiplanar reconstruction computed tomography(CT)image,using pre-scanned CT volume data.The ultrasound used was EUB-8500with a convex probe EUP-C514.The RVS images were evaluated based on 3 levels,namely,excellent,good and poor,by the displacement in position.RESULTS:By combining the objectivity of CT with free scanning using RVS,it was possible to easily interpret the relationship between lesions and the surrounding organs as well as the position of vascular structures.The resulting evaluation levels of the RVS images were12 excellent(pancreatic cancer,bile duct cancer,cholecystolithiasis and cholangiocellular carcinoma)and 3 good(pancreatic cancer and gallbladder cancer).Compared with conventional B-mode ultrasonography and CT,RVS images achieved a rate of 80%superior visualization and 20%better visualization.CONCLUSION:RVS has potential usefulness in objective visualization and diagnosis in the field of biliary and pancreatic diseases.

Optimizing Real-Time Performance of 3D Virtual Mining Environment with MultiGen Creator

System optimization plays a crucial role in developing VR system after 3D modeling, affecting the system's Immersion and Interaction performance enormously. In this article, several key techniques of optimizing a virtual mining system were discussed: optimizing 3D models to keep the polygon number in VR system within target hardware's processing ability; optimizing texture database to save texture memory with perfect visual effect; optimizing database hierarchy structure to accelerate model retrieval; and optimizing LOD hierarchy structure to speed up rendering.

A State-of-the-Art Survey on Real-Time Issues in Embedded Systems Virtualization

Virtualization has gained great acceptance in the server and cloud computing arena. In recent years, it has also been widely applied to real-time embedded systems with stringent timing constraints. We present a comprehensive survey on real-time issues in virtualization for embedded systems, covering popular virtualization systems including KVM, Xen, L4 and others.

PONDERING OVER THE ASIAN FINANCIAL TURMOIL

The financial turmoil originated from Sountheast Asiastill spreading through Asia, putting to the severe testthe newly emerged Asian market which is thought tobe an economic miracle in the world, affecting Europe,America, Latin America and Australia. It brings about im-pact and influence on the global economy to varying degress,therefore giving deep lessons and asking for profound con-siderations.Attack on Thai bahttriggered Asian stock crisisIn February, international speculators stirred up a tur-moil of selling Thai baht, making Thai baht flucuate againstUS dollar by a wide margin, giving rise to domestic

Taming grey rhinoceros:China needs to release financial risks urgently

At present,the“grey rhinoceros”in China’s financial sector mainly exists in the real estate bubble and enterprise debt accumulation.In order to release the financial risks accumulated in the past,on the one hand,we should weaken the economic growth indicators,resolve to eliminate the zombie enterprises,neutralize the monetary policy and change the incentive mechanism of the officials’assessment.On the other hand,we should also encourage the ideological emancipation to stabilize the expectation and further promote streamlining government and delegating authorities.

Virtualization of Real Estate Industry and Housing Bubbles --Empirical Evidence from China

In the last twenty years, China has experienced a rapid development in the real estate industry. The continuous rising house price causes many social and economic problems and draws a lot of attentions from academia, business world and government. Many researchers shed light on this problem from different angles, but till today, it hasn’t been fully resolved. In this paper, we try to examine the real estate bubble from a virtual economic perspective. We think that the virtual feature of real estate alters its economic role from a purely living and working place to a financing instrument. We use the newest monthly data of China real estate market from 2006 to 2018 and estimate the relationship between the housing bubble and real estate industry virtualization. We identify a significant positive association between house price index and the purchase price of land in real estate investment. This result suggests that virtual feature of real estate has deepen the bubble problem in the industry and its virtualization degree appears to be closely related to the virtual feature of land and its price proportion to real estate investment.

Financial Reform Achieves Remarkable Success

The global financial supervision system reform has achieved remarkable success and China has played an important part in this reform.The outbreak of the global financial crisis in 2008 has showed the urgency and necessity of the enhancement of international financial regulation.For the past eight years,G20 economies

Facing Both Challenges and Opportunities:How Can Financial Service Firms Survive Under the Pandemic?SOAR Analysis of Three Leading Firms in the Financial Service Industry

After the breakout of COVID-19,many entity industries have to shut down.The rapid decline of money transaction caused by the shutdown of the entity industries has shocked the financial service industry while the increase in digital transactions also offers them opportunities.Facing both challenges and opportunities,financial services firms should change their target and compensation policy during the pandemic to survive.After analysing three major firms in this industry by using SOAR method,we conclude four keys for financial services firms to survive in COVID-19.

mRNA Dependent Virtual-Real Substitutions of Nucleotides in Codons: The Dynamics of Their Meanings in the Genome Language

This is an attempt to explain mRNA-dependent non-stationary semantic values of codons (triplets) and nucleotides (letters) in codon composition during protein biosynthesis. This explanation is realized by comparing the different protein codes of various biosystem taxa, and, comparing mitochondrial code with the standard code. An initial mRNA transcriptional virtuality (Virtual-Reality) is transformed into material reality at the level of translation of virtual triplets into real (material) amino acids or into a real stop command of protein biosynthesis. The transformation of virtuality into reality occurs de facto when the linguistic sign1 functions of the codon syhoms are realized in the 3’ nucleotide (wobbling nucleotide according to F. Crick) in the process of protein biosynthesis. This corresponds to the theoretical works of the authors of this article. Despite the illusory appearance of semantic arbitrariness during the operation of ribosomes in the mode of codon semantic non-stationarity, this phenomenon probably provides biosystems with an unusually high level of adaptability to changes in the external environment as well as to internal (mental) dynamics of neuron’s genome in the cerebral cortex. The genome’s non-stationarity properties at the nucleotide, codon, gene and mental levels have fractal structure and corresponding dimensions. The highest form of such fractality (with maximum dimension) is probably realized in the genomic continuum of neurons in the human cerebral cortex through this semantic Virtual-to-Real (VR) codon transcoding with the biosynthesis of short-living semantic proteins, as the equivalents of material thinking-consciousness. In fact, this is the language of the brain’s genome, that is, our own language. In this case, the same thing happens in natural, primarily mental (non-verbal) languages. Their materialization is recorded in vocables (sounding words) and in writing. Such writing is the amino acid sequence in the semantic proteins of the human cerebral cortex. Rapidly decaying, such proteins can leave a long-lasting “so-called” Schrödinger wave holographic memory in the cerebral cortex. The presented below study is purely theoretical and based on a logical approach. The topic of the study is very complex and is subject to further development.

压力还是监督:机构投资者调研与企业金融化

基于2013—2021年深交所A股上市公司面板数据,从监督效应和压力效应两种竞争视角,考察机构投资者调研对企业金融化的影响。结果表明,机构投资者调研对企业金融化具有正向影响。划分金融资产配置结构后发现,机构投资者调研能够促进企业配置“蓄水池”类金融资产,抑制企业配置“投资替代”类金融资产,这说明机构投资者调研对企业金融资产配置具有监督效应。进一步研究发现,融资约束较低、代理成本较高的企业,机构投资者调研对其金融资产配置的监督效应更强;机构投资者调研对金融资产配置的监督效应有助于提高企业全要素生产率。研究结果对有关部门完善投资者关系管理,借助市场手段改善“脱实向虚”问题提供了可行依据。

元地球与数字孪生:思想突破、技术变革与范式转换

数字孪生在航天、工业制造领域已应用了20多年,但引入海洋科学还是首次。通过数字孪生技术,实现真实地球与虚拟地球的融合,构建一个真实地球与数字地球的虚实共同体,这里称为“元地球”。本文介绍了元地球与早期提出的数字地球、虚拟地球、玻璃地球、智慧地球的本质区别,进而突出元地球理念或思想上的巨大突破。基于现今元宇宙BIGANT技术体系,构架跨越地球各圈层的实时、全天候、立体观测感知系统,打通地球系统各圈层动力学模拟隔阂,实现超越现今地球,再现深时地球,实现时空穿越,从而集数字地球、虚拟地球、玻璃地球、智慧地球、现今地球、深时地球的特性于一个共同体,这个深时的虚实共同体就是元地球。这一理念必将催生新的技术范式变革,进而超越现实地球、虚拟地球,开启人类认识地球、探测地球、开发地球的全新方式。在实现研究范式转换的同时,推动元地球的多场景应用,这也必将催生未来的万亿新产业。

数字金融创新有助于促进实体经济高质量发展吗?——基于金融服务效率的机制分析与空间计量

中央金融工作会议强调,坚持把金融服务实体经济作为根本宗旨。数字金融作为数字技术与金融业态融合创新的产物,对提升金融服务效率,支持实体经济高质量发展具有重要意义。基于2011-2021年中国31个省级行政区的平衡面板数据,通过构建实体经济高质量发展指标体系和嵌套空间权重矩阵,运用空间计量模型、动态杜宾模型和中介效应检验方法,实证研究数字金融创新对实体经济高质量发展的直接影响、溢出效应和作用机制,得出:数字金融创新不仅能直接促进本地区实体经济的高质量发展,而且具有正向空间溢出效应,对邻近地区实体经济高质量发展呈现渐进、动态的长期影响。中介效应检验结果表明,提升金融服务效率是数字金融创新促进实体经济高质量发展的主要作用机制。在金融科技创新监管试点地区,数字金融创新对实体经济高质量发展的直接影响、溢出效应和中介效应均明显高于非试点地区。因此,要稳步推进金融科技创新监管试点,优化数字金融业态空间布局,畅通数字金融促进实体经济高质量发展的传导机制。

面向智能制造仿真实验的产线数字孪生建模

针对智能制造领域人才培养中,实践教学存在的成本高、安全保证难等问题,该研究构建了智能制造仿真实验系统。首先,以智能产线为基础、车间信息化平台为桥梁,融合产线数字孪生技术,构建了面向智能制造仿真实验的数字孪生系统框架;其次,对系统中包含的产线物理实体模型、数据采集及车间信息化平台、数字孪生产线的多维度模型及智能制造仿真实验平台展开了详细阐述;最后设计产线生产调度优化实验,验证了该数字孪生仿真实验系统的有效性。