With the goal of“carbon peaking and carbon neutralization”,it is an inevitable trend for investing smart grid to promote the large-scale grid connection of renewable energy.Smart grid investment has a significant dr...With the goal of“carbon peaking and carbon neutralization”,it is an inevitable trend for investing smart grid to promote the large-scale grid connection of renewable energy.Smart grid investment has a significant driving effect(derivative value),and evaluating this value can help to more accurately grasp the external effects of smart grid investment and support the realization of industrial linkage value with power grid investment as the core.Therefore,by analyzing the characterization of the derivative value of smart grid driven by investment,this paper constructs the evaluation index system of the derivative value of smart grid investment including 11 indicators.Then,the hybrid evaluation model of the derivative value of smart grid investment is developed based on anti-entropy weight(AEW),level based weight assessment(LBWA),and measurement alternatives and ranking according to the compromise solution(MARCOS)techniques.The results of case analysis show that for SG investment,the value of sustainable development can better reflect its derivative value,and when smart grid performs poorly in promoting renewable energy consumption,improving primary energy efficiency,and improving its own fault resistance,the driving force of its investment for future sustainable development will decline significantly,making the grid investment lack derivative value.In addition,smart grid investment needs to pay attention to the economy of investment,which is an important guarantee to ensure that the power grid has sufficient and stable sources of investment funds.Finally,compared with three comparison models,the proposed hybrid multi-criteria decision-making(MCDM)model can better improve the decision-making efficiency on the premise of ensuring robustness.展开更多
Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to...Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to negatively skewed ones,and their means are concave-down functions of time.When payments are set to zero or proportional to the firm value,EMM turns into the Geometric Brownian model(GBM).We show that risk-neutral probabilities(RNPs)and the no-arbitraging principle(NAP)follow from GBM.When firm’s payments are considered,RNPs and NAP hold for the entire market for short times only,but for long-term investments,RNPs and NAP just temporarily hold for individual stocks as far as mean year returns of the firms issuing those stocks remain constant,and fail when the mean year returns decline.The developed method is applied to firm valuation to derive continuous-time equations for the firm present value and project NPV.展开更多
The contents of dry matter, crude fat, crude protein, neutral detergent fiber, acid detergent fiber, crude ash, Ca and P in 43 Saccharum spontaneum L.germplasms during the vegetative period were determined. Among them...The contents of dry matter, crude fat, crude protein, neutral detergent fiber, acid detergent fiber, crude ash, Ca and P in 43 Saccharum spontaneum L.germplasms during the vegetative period were determined. Among them, the crude protein, crude fat, neutral detergent fiber, acid detergent fiber, P and Ca contents were treated as the judging indicators. The nutritional value evaluation was carried out with the analytic hierarchy process(AHP). The results showed A49(Guangxi)had the highest nutritional value. Its dry matter, crude protein, crude fat, crude ash,neutral detergent fiber, acid detergent fiber, Ca and P contents were 32.35%,7.20%, 4.06%, 8.07%, 75.81%, 50.72%, 0.23% and 0.16% respectively. While A3(Guangdong) had the lowest nutritional value. Its dry matter, crude protein, crude fat, crude ash, neutral detergent fiber, acid detergent fiber, Ca and P contents were32.24%, 4.62%, 0.51%, 6.38%, 46.40%, 40.02%, 0.15% and 0.09% respectively.The crude protein content differed significantly among different germplasms. A48 had the highest crude protein content(9.11%), and A14 had the lowest crude protein content(3.72%). Based on the evaluation results, the 43 Saccharum spontaneum L.germplasms were divided into 3 groups: high-nutritional value type, moderate-nutritional value type and low-nutritional value type. We hoped to provide a theoretical reference for the application of Saccharum spontaneum L. as a forage grass.展开更多
文摘With the goal of“carbon peaking and carbon neutralization”,it is an inevitable trend for investing smart grid to promote the large-scale grid connection of renewable energy.Smart grid investment has a significant driving effect(derivative value),and evaluating this value can help to more accurately grasp the external effects of smart grid investment and support the realization of industrial linkage value with power grid investment as the core.Therefore,by analyzing the characterization of the derivative value of smart grid driven by investment,this paper constructs the evaluation index system of the derivative value of smart grid investment including 11 indicators.Then,the hybrid evaluation model of the derivative value of smart grid investment is developed based on anti-entropy weight(AEW),level based weight assessment(LBWA),and measurement alternatives and ranking according to the compromise solution(MARCOS)techniques.The results of case analysis show that for SG investment,the value of sustainable development can better reflect its derivative value,and when smart grid performs poorly in promoting renewable energy consumption,improving primary energy efficiency,and improving its own fault resistance,the driving force of its investment for future sustainable development will decline significantly,making the grid investment lack derivative value.In addition,smart grid investment needs to pay attention to the economy of investment,which is an important guarantee to ensure that the power grid has sufficient and stable sources of investment funds.Finally,compared with three comparison models,the proposed hybrid multi-criteria decision-making(MCDM)model can better improve the decision-making efficiency on the premise of ensuring robustness.
基金The author is infinitely thankful to his friend and colleague M.Rubinstein for valuable discussions and an invariable interest to his work.The author is also thankful to C.Miller for his high estimation of the author’s efforts.Of course,all errors are author’s full responsibility.
文摘Extensions of Merton’s model(EMM)considering the firm’s payments and generating new types of firm value distribution are suggested.In the open log-value/time space,these distributions evolve from initially normal to negatively skewed ones,and their means are concave-down functions of time.When payments are set to zero or proportional to the firm value,EMM turns into the Geometric Brownian model(GBM).We show that risk-neutral probabilities(RNPs)and the no-arbitraging principle(NAP)follow from GBM.When firm’s payments are considered,RNPs and NAP hold for the entire market for short times only,but for long-term investments,RNPs and NAP just temporarily hold for individual stocks as far as mean year returns of the firms issuing those stocks remain constant,and fail when the mean year returns decline.The developed method is applied to firm valuation to derive continuous-time equations for the firm present value and project NPV.
基金Supported by the Tropical Forage Grass Germplasm Conservation Project of Ministry of Agriculture(2011BAD17B01-01-5)Modern Agriculture Talent Support Program(No.PZS083)Tropical Crops Germplasm Conservation Project(12RZZY-09)
文摘The contents of dry matter, crude fat, crude protein, neutral detergent fiber, acid detergent fiber, crude ash, Ca and P in 43 Saccharum spontaneum L.germplasms during the vegetative period were determined. Among them, the crude protein, crude fat, neutral detergent fiber, acid detergent fiber, P and Ca contents were treated as the judging indicators. The nutritional value evaluation was carried out with the analytic hierarchy process(AHP). The results showed A49(Guangxi)had the highest nutritional value. Its dry matter, crude protein, crude fat, crude ash,neutral detergent fiber, acid detergent fiber, Ca and P contents were 32.35%,7.20%, 4.06%, 8.07%, 75.81%, 50.72%, 0.23% and 0.16% respectively. While A3(Guangdong) had the lowest nutritional value. Its dry matter, crude protein, crude fat, crude ash, neutral detergent fiber, acid detergent fiber, Ca and P contents were32.24%, 4.62%, 0.51%, 6.38%, 46.40%, 40.02%, 0.15% and 0.09% respectively.The crude protein content differed significantly among different germplasms. A48 had the highest crude protein content(9.11%), and A14 had the lowest crude protein content(3.72%). Based on the evaluation results, the 43 Saccharum spontaneum L.germplasms were divided into 3 groups: high-nutritional value type, moderate-nutritional value type and low-nutritional value type. We hoped to provide a theoretical reference for the application of Saccharum spontaneum L. as a forage grass.
