A major risk currently facing the Chinese economy is overcapacity,which affects the efficiency of social resource allocation(Xi et al.,2017;Huang et al.,2019).When a company is in crisis,the internal capital market of...A major risk currently facing the Chinese economy is overcapacity,which affects the efficiency of social resource allocation(Xi et al.,2017;Huang et al.,2019).When a company is in crisis,the internal capital market often plays a propping role.This study approached this issue from the perspective of the controlling shareholder and examined whether controlling shareholders provide financial support to enterprises in industries with excess capacity.According to the data for China’s A-share listed companies from 2007 to2019,companies in industries with excess capacity received more financial support from controlling shareholders compared with those in non-overcapacity industries.Analysis of the mechanism revealed that state-owned enterprises and companies with relatively poor financial status received more financial support from controlling shareholders.This study also examined the economic consequences of such support and found that it is conducive to enhancing enterprise value.This study enriches the literature on overcapacity and internal capital markets by demonstrating that internal capital markets play a propping role for companies facing industry-level crises.This finding has both theoretical value and practical implications related to supply-side reform and capacity reduction.展开更多
The understanding of unusual supercell outbreaks remains limited.This study examines the development and environmental conditions of a supercell outbreak event that occurred on 26 March 2022,when 19 supercells formed ...The understanding of unusual supercell outbreaks remains limited.This study examines the development and environmental conditions of a supercell outbreak event that occurred on 26 March 2022,when 19 supercells formed within just 6 h in the coastal region of southern China.The focus is on analyzing radar characteristics and highlighting the role of a surface cold front in driving the development of rotating storms.The cold front created significant variations in low-level vertical wind shear and conditional instability on its warm and cool sides.Most of the 19 supercells formed along the front or on its adjacent cool side.Both observations and simulations reveal that favorable dynamic conditions for supercell development appeared and concentrated in a relatively narrow area on the cool side of the front,influenced by directional wind shear near the surface,which drove the formation and positioning of supercells.Numerical simulations demonstrate that the supercells developed their rotating updrafts upon encountering the 2-4-km scale misocyclones located at the convergent boundary of the cold front.The rotating storms were enhanced when they traversed the intersection zone created by the cold front and convergent boundaries under the influence of the unique land-sea contrast of the Pearl River Delta.In sum,appropriate dynamic allocation of wind shear,cold front,and landform has facilitated development of the clustered supercell outbreak.These findings may offer valuable insights on improving severe weather forecasts in this tornado-prone area.展开更多
基金financial support from the Youth Program of the National Natural Science Foundation of China(Approval No.72002234)the Ministry of Education Humanities and Social Sciences Research Project(Approval No.19YJC790072)the Young Teacher Development Fund of Central University of Finance and Economics(QJJ1801)
文摘A major risk currently facing the Chinese economy is overcapacity,which affects the efficiency of social resource allocation(Xi et al.,2017;Huang et al.,2019).When a company is in crisis,the internal capital market often plays a propping role.This study approached this issue from the perspective of the controlling shareholder and examined whether controlling shareholders provide financial support to enterprises in industries with excess capacity.According to the data for China’s A-share listed companies from 2007 to2019,companies in industries with excess capacity received more financial support from controlling shareholders compared with those in non-overcapacity industries.Analysis of the mechanism revealed that state-owned enterprises and companies with relatively poor financial status received more financial support from controlling shareholders.This study also examined the economic consequences of such support and found that it is conducive to enhancing enterprise value.This study enriches the literature on overcapacity and internal capital markets by demonstrating that internal capital markets play a propping role for companies facing industry-level crises.This finding has both theoretical value and practical implications related to supply-side reform and capacity reduction.
基金Supported by the National Natural Science Foundation of China(42275006 and 42305002)Guangdong Basic and Applied Basic Research Foundation(2024A1515510006)+2 种基金China Meteorological Administration Tornado Key Laboratory(TKL202302)Guangdong-Hong Kong-Macao Greater Bay Area(GBA)Meteorological Science and Technology Collaborative Research Project(GHMA2024Z03)Guangdong Meteorological Administration Research Project(GRMC2023M47)。
文摘The understanding of unusual supercell outbreaks remains limited.This study examines the development and environmental conditions of a supercell outbreak event that occurred on 26 March 2022,when 19 supercells formed within just 6 h in the coastal region of southern China.The focus is on analyzing radar characteristics and highlighting the role of a surface cold front in driving the development of rotating storms.The cold front created significant variations in low-level vertical wind shear and conditional instability on its warm and cool sides.Most of the 19 supercells formed along the front or on its adjacent cool side.Both observations and simulations reveal that favorable dynamic conditions for supercell development appeared and concentrated in a relatively narrow area on the cool side of the front,influenced by directional wind shear near the surface,which drove the formation and positioning of supercells.Numerical simulations demonstrate that the supercells developed their rotating updrafts upon encountering the 2-4-km scale misocyclones located at the convergent boundary of the cold front.The rotating storms were enhanced when they traversed the intersection zone created by the cold front and convergent boundaries under the influence of the unique land-sea contrast of the Pearl River Delta.In sum,appropriate dynamic allocation of wind shear,cold front,and landform has facilitated development of the clustered supercell outbreak.These findings may offer valuable insights on improving severe weather forecasts in this tornado-prone area.
