Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of f...Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.展开更多
Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a ...Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.展开更多
In the present work,a 5-kW hybrid PV solar system was installed on the roof of a house in Diyala,Iraq(33.77°N,45.14°E elevation 44 m).The system consists of two strings,where each string consists of nine pol...In the present work,a 5-kW hybrid PV solar system was installed on the roof of a house in Diyala,Iraq(33.77°N,45.14°E elevation 44 m).The system consists of two strings,where each string consists of nine polycrystalline PV modules with 355 Wp in series,and the two strings are in parallel.The energy storage system(ESS)consists of two parallel strings,each with four 12 V and 150 Ah tubular deep cycle batteries in series.A hybrid inverter of 5 kW rated power was operated in different modes.The results showed that May’s monthly energy consumption was about 822.9 and 1085 kWh,respectively.The percentage distribution of the DC energy produced was about 1%system energy losses,27.9%was used to charge the ESS,34.3%was used to feed the grid,and the remaining 37.64%was used to share the load.The energy percentage sharing the load was 16.67%from ESS,33.33%from the PV system,and 50%purchased.The average daily reference,array,and final yields were 6.07,4.327,and 3.991 h/day,respectively.The average array and load efficiencies were 12.3%and 92.24%,with the performance ratio at 65.4%.展开更多
Compliant vertical access risers(CVAR)have broad application prospects in deep-water oil and gas transportation.However,the mechanical behaviors of the CVAR with a variable length during installation remains unclear.T...Compliant vertical access risers(CVAR)have broad application prospects in deep-water oil and gas transportation.However,the mechanical behaviors of the CVAR with a variable length during installation remains unclear.To address this issue,based on the flexible segment method,a model of CVAR with a variable length during installation is established in this study,which is verified by the comparison with commercial software.Then,the mechanical behaviors of CVAR during installation are investigated.The results reveal that the CVAR configuration is significantly affected by the buoyancy blocks.The streamwise displacement of CVAR increases with the increase of current velocity.When the BOP weight is insuffcient,obvious upbending is observed in the lower region and transition region,leading to local compression.When the platform moves in the opposite direction to the current,the maximum stress is larger than that of the scenario when the platform moves in the same direction as the current.展开更多
文摘Firm level empirical research on the impact of financing decisions on small business performance is scarce in the Australian context. This study adopts an instrument variable （IV） approach to analyze the impact of financing decisions, in particular, equity or debt are obtained, on the performance of small businesses by using the panel data from Australian Bureau of Statistics （ABS） Business Longitudinal Database （BLD） 2004-2005, 2005-2006, and 2006-2007. Performance variables, i.e., sales and expenditure, are used as dependent variables. Equity and debt obtained are used as independent variables （or known as treatments）. IV includes size of the business, age of the business, number of locations, and industry division etc.. The results from IV modeling outperformed those obtained from OLS （Ordinary Least Squares）. Findings include： （1） financing has significantly positive impacts on the performance of small businesses in Australia; （2） equity and debt financing are used as alternatives, comparatively, equity financing is preferred; （3） capital purchases are largely funded by debt financing, while non-capital purchases and salary expenses are funded by equity financing; and （4） equity financing is more often used by firms with increasing capital purchases and declining non-capital purchases, while debt financing is used by firms with the opposite trends. The paper concludes with a discussion of the limitations of this research and future research＇s directions.
文摘Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.
文摘In the present work,a 5-kW hybrid PV solar system was installed on the roof of a house in Diyala,Iraq(33.77°N,45.14°E elevation 44 m).The system consists of two strings,where each string consists of nine polycrystalline PV modules with 355 Wp in series,and the two strings are in parallel.The energy storage system(ESS)consists of two parallel strings,each with four 12 V and 150 Ah tubular deep cycle batteries in series.A hybrid inverter of 5 kW rated power was operated in different modes.The results showed that May’s monthly energy consumption was about 822.9 and 1085 kWh,respectively.The percentage distribution of the DC energy produced was about 1%system energy losses,27.9%was used to charge the ESS,34.3%was used to feed the grid,and the remaining 37.64%was used to share the load.The energy percentage sharing the load was 16.67%from ESS,33.33%from the PV system,and 50%purchased.The average daily reference,array,and final yields were 6.07,4.327,and 3.991 h/day,respectively.The average array and load efficiencies were 12.3%and 92.24%,with the performance ratio at 65.4%.
基金supported by the National Natural Science Foundation of China-Shandong Joint Fund(Grant No.U2006226).
文摘Compliant vertical access risers(CVAR)have broad application prospects in deep-water oil and gas transportation.However,the mechanical behaviors of the CVAR with a variable length during installation remains unclear.To address this issue,based on the flexible segment method,a model of CVAR with a variable length during installation is established in this study,which is verified by the comparison with commercial software.Then,the mechanical behaviors of CVAR during installation are investigated.The results reveal that the CVAR configuration is significantly affected by the buoyancy blocks.The streamwise displacement of CVAR increases with the increase of current velocity.When the BOP weight is insuffcient,obvious upbending is observed in the lower region and transition region,leading to local compression.When the platform moves in the opposite direction to the current,the maximum stress is larger than that of the scenario when the platform moves in the same direction as the current.
