This paper examines the environmental impact of green assets using machine learning and impulse responses by local projections.A series of 87 green assets from various classes are considered,namely firms providing ren...This paper examines the environmental impact of green assets using machine learning and impulse responses by local projections.A series of 87 green assets from various classes are considered,namely firms providing renewable energy and carbon offset solutions,carbon and sustainable investing ETFs and green cryptocurrencies.The dataset spans the period from 2015 to 2022 and comprises globally sourced environmental and financial data.The current study examines whether asset prices,returns and trading volumes have an impact on environmental indicators such as temperature(global mean and anomalies)and greenhouse gas concentration.The results indicate that adoption of these green assets does not have a significant environmental impact,suggesting that they should not be used as substitutes for real climate action.This work serves as a cautionary tale on the nexus between green assets and environmental indicators and the results can be used by governments and corporations when formulating climate and ESG strategies.展开更多
Xin'ao Co.,Ltd.(603889),Iocated in Jiaxing City,Zhejiang Province,is a wellestablished enterprise in the wool textile industry.It focuses on the entire wool textile supply chain,integrating wool procurement,wool t...Xin'ao Co.,Ltd.(603889),Iocated in Jiaxing City,Zhejiang Province,is a wellestablished enterprise in the wool textile industry.It focuses on the entire wool textile supply chain,integrating wool procurement,wool top production,wool top modification,dyeing and finishing,and spinning,After more than thirty years of development,it has gradually formed a large-scale,market-oriented textile eco-system with Xin'ao Co.,Ltd. as the core,with its subsidia ries specializing in different production and sales functions.展开更多
The COVID-19 pandemic precipitated a surge in the non-performing assets held by financial institutions,elevating systemic risk in financial networks.Therefore,developing strategies to alleviate this risk,with a focus ...The COVID-19 pandemic precipitated a surge in the non-performing assets held by financial institutions,elevating systemic risk in financial networks.Therefore,developing strategies to alleviate this risk,with a focus on non-performing assets,has become a research area of interest.Supported by policies related to the Chinese insurance market,this study proposes the establishment of a non-performing assets disposal fund backed by insurance capital.This fund will invest in the non-performing assets of financial institutions with the aim of mitigating systemic risk.Using a linear threshold model,we identify an asymptotically optimal scheme for disposing of nonperforming assets.Additionally,we construct a payment model integrated with nonperforming assets,from which we derive an optimal payment and clearing strategy.Our research also proposes a robust set of criteria to assist regulators in determining whether to use the non-performing assets disposal fund.To demonstrate the efficacy of the fund in reducing systemic risk,we conduct simulations and analyze data from the Chinese interbank financial network.Through this rigorous analysis,we confirm the role of the fund in enhancing the stability of the financial system.展开更多
The objective of this article is to delve into the digital financial asset(DFA)portfolio price of institutional investors,such as hedge funds.The aim is to make a significant contribution by providing methods(statisti...The objective of this article is to delve into the digital financial asset(DFA)portfolio price of institutional investors,such as hedge funds.The aim is to make a significant contribution by providing methods(statistical methods and fuzzy logic)for investors to identify and select the best long-term portfolio from the pool of 218 digital financial assets that are available in the Russian market.Importantly,companies listed as digital financial asset operators often offer multiple classes of these assets for trading,and as such,investors are only able to trade floating digital financial assets.By the time we reach the conclusion of the year 2024,it has been estimated that the total volume of the Russian DFA market that is currently in circulation will amount to a staggering 1.54 billion USD.Additionally,it is worth noting that 708 different issues are currently actively circulating in the market,showcasing a rather extensive array of options for potential investors.In December alone,an impressive total of 147 new DFAs were introduced and successfully placed,contributing a notable 0.7 billion USD to the market,which is certainly a remarkable feat.The sustainability of the price premium remains uncertain,a consequence of the digital asset market’s inherent volatility and relatively short history.When this volatility is considered,the observed premium lacks statistical significance for the sample period.Therefore,the novelty of this study is the creation of new effective tools for researching the effectiveness of portfolio management for time series,which includes 416 daily observations for the period March 2022–October 2023.展开更多
Against the backdrop of China’s“Dual Carbon”strategy,the rapid transformation of China’s energy structure is driving the need for structural adjustments in its carbon assets.Investigating the volatility spillovers...Against the backdrop of China’s“Dual Carbon”strategy,the rapid transformation of China’s energy structure is driving the need for structural adjustments in its carbon assets.Investigating the volatility spillovers between climate risks and carbon assets is therefore crucial for optimizing asset allocation,enhancing the green financial system,and mitigating cross-market risk contagion.Using a refined time-varying parameter vector autoregression(TVP-VAR)model,we analyze their time-varying spillover effects on high-carbon(WTI crude oil futures)and low-carbon(the NASDAQ Clean Edge Green Energy Index[CELS])assets.Our results reveal a significant bidirectional spillover relationship between climate risks and carbon assets.Statistically,the climate risks serve as the primary net transmitter of spillovers to both crude oil and the clean energy index.Dynamically,the influence of transition risk on low-carbon assets amplifies markedly during specific episodes,highlighting its acute sensitivity to policy and market signals.A key finding is the considerable hedging capacity of the CELS,which exhibits a 43.6%hedging efficiency against systemic risk in high-carbon assets,an effect that becomes particularly pronounced during periods of intensive policy implementation.This research provides a quantitative basis for investors to design“carbon quota and green bond”portfolios,and for regulators to develop a cross-market early warning mechanism for climate risks.展开更多
The rapid development of vocational colleges in China brings about the explosive growth of the number and category of state-owned assets that guarantees the development of vocational colleges. The special equipment an...The rapid development of vocational colleges in China brings about the explosive growth of the number and category of state-owned assets that guarantees the development of vocational colleges. The special equipment and the general equipment included in the state-owned assets of vocational colleges are increasing at the fastest rate. Based on the problems from equipment inventory, this paper analyzes the problems of state-owned management, and puts forward countermeasures to improve the management of state-owned assets from formulating regulations and rules, strengthening the unified institution, applying the information technologies in building the team of administrators.展开更多
This paper focuses on the optimization of the evaluation index system for the value of transportation infrastructure assets.It analyzes the shortcomings of the current system and explores the directions for optimizing...This paper focuses on the optimization of the evaluation index system for the value of transportation infrastructure assets.It analyzes the shortcomings of the current system and explores the directions for optimizing the index system from the perspectives of functionality,economy,social impact,environmental impact,and sustainability.The paper also discusses the application of the optimized index system in practical evaluation and the measures to ensure its effectiveness.The research aims to enhance the evaluation mechanism for the value of transportation infrastructure assets,providing a more scientific basis for decision-making,addressing challenges in asset management,improving the level of asset management in transportation infrastructure,and meeting the demands of high-quality development in the transportation sector in the new era.展开更多
It is a common belief, for the last two decades, that we can observe the transformation of the intemational economy, from industrial to knowledge economy. In a continuous changing economy, the main advantage the compa...It is a common belief, for the last two decades, that we can observe the transformation of the intemational economy, from industrial to knowledge economy. In a continuous changing economy, the main advantage the companies have is not the buildings, the machines, the trucks, or the total equipment. The strategic key of a company today is the capital that cannot be copied easily, that is not disclosed and is not tangible, the intellectual capital of the company. The intangible assets can be characterized as those without physical appearance and the value of which is limited by the rights and anticipative benefits that possession confers upon the owner. The expansion of companies into foreign markets presupposes the aggregation of financial information that includes non-homogeneous elements. The purpose of this paper is to examine the framework of identification, as well as the disclosure requirements of brand names as they have been set by several articles of Commercial Law and recognized by professional accounting institutions. Emphasis will be given to analyzing existing accounting recognition and measurement, and proposals worldwide. In conclusion, this study indicates the accounting problems of definition, measurement, and disclosure of the majority of these intangible assets to users of financial statements of the company. Despite all the difficulties, this property of the company must in some way be measured and disclosed to lead to more reliable financial statements. The proposals of this paper, will help the accounting community to solve this major problem.展开更多
A Fast Fourier transform approach has been presented by Carr & Madan (2009) on a single underlying asset. In this current research paper, we present fast Fourier transform algorithm for the valuation of Multi-asse...A Fast Fourier transform approach has been presented by Carr & Madan (2009) on a single underlying asset. In this current research paper, we present fast Fourier transform algorithm for the valuation of Multi-asset Options under Economic Recession Induced Uncertainties. The issue of multi-dimension in both finite and infinite case of Options is part of the focus of this research. The notion of economic recession was incorporated. An intuition behind the introduction of recession induced volatility uncertainty is revealed by huge volatility variation during the period of economic recession compared to the period of recession-free. Nigeria economic recession outbreak in 2016 and its effects on the uncertainty of the payoffs of Nigeria Stocks Exchange (NSE) among other investments was among the motivating factors for proposing economic recession induced volatility in options pricing. The application of the proposed Fast Fourier Transform algorithm in handling multi-assets options was shown. A new result on options pricing was achieved and capable of yielding efficient option prices during and out of recession. Numerical results were presented on assets in 3-dimensions as an illustration taking Black Scholes prices as a bench mark for method effectiveness comparison. The key findings of this research paper among other crucial contributions could be seen in computational procedure of options valuation in multi-dimensions and uncertainties in options payoffs under the exposure of economic recession.展开更多
With rapid urbanization and the socio-economic transformation, cultivated land protection has gradually become a major concern in China. The economic compensation plays a crucial role in promoting cultivated land prot...With rapid urbanization and the socio-economic transformation, cultivated land protection has gradually become a major concern in China. The economic compensation plays a crucial role in promoting cultivated land protection and improving the utilization ratio of cultivated land. Farmer household＇s satisfaction has a great influence on the effectiveness of compensation. Therefore, households＇ willingness to select the economic compensation pattern for cultivated land protection has been considered and re-examined. By employing Participatory Rural Appraisal method （PRA）, 3 villages and 392 households were investigated and sampled in mesa and hilly areas of Chongqing. Then a quantitative analysis framework of household livelihood hexagon has been developed to quantify the livelihood assets of differ- ent farmer households. Finally, the Gray Relation Model and Probit Regression Model have been employed to explore the coupling relationship between the household livelihood assets and their compensation pattern options. The results show that there are both qualitative and spatial heterogeneity in household livelihood assets. We found that the inequality of livelihood assets is evident for five household types. There is a spatial trend that the higher the eleva- tion, the less livelihood assets are. In addition, their options of economic compensation pat- tern vary from Chengdu Pattern to Foshan Pattern due to their difference in livelihood assets and difference in location. In detail, there is a coupling relationship between household live- lihood assets and their compensation pattern; negative correlation is observed between natural assets value and household pattern options, while the other livelihood assets have positive impacts on compensation pattern in varying degrees, which from the top are psy- chological assets, human assets, physical assets, financial assets, and social assets respec- tively. A conceptual compensation pattern system has been designed to meet the demands for farmer households mainly according to their shortage in livelihood assets. In addition, compensation method, compensation standard, the basis of compensation and the source of compensation funds have been proposed accordingly.展开更多
Evaluating the effectiveness of protecting nature assets is a vital component of responsive, pro-active management of protected areas. It is important to protect reserves of geological （including fossils） assets as ...Evaluating the effectiveness of protecting nature assets is a vital component of responsive, pro-active management of protected areas. It is important to protect reserves of geological （including fossils） assets as a means to also protect national and natural heritage. At the end of 2013, 2669 protected areas had been established in China and 123 of them are reserves for nature assets. This paper builds an evaluation framework for protection effectiveness of these assets. The current elements and characteristics for effective protection are analyzed, along with an analysis of existing problems so as to construct a scientific approach to protect these assets. The influencing elements and characteristics for effective protection of nature asset reserves are included in an index evaluation system for effective protection in such areas, which contains four parts-target layer, evaluation criteria, evaluation indexes, and evaluation parameters-based on related documents and files. For the target layer, it includes nature asset evaluation and management evaluation. In the end, it is discussed how to build a comprehensive evaluation model and achieve an effective quantitative evaluation.展开更多
The security and quality of the livelihood of farmers is of paramount concern in rural areas of China. Livelihood stability would force the related polity to act coordinately while eradicating poverty and promoting re...The security and quality of the livelihood of farmers is of paramount concern in rural areas of China. Livelihood stability would force the related polity to act coordinately while eradicating poverty and promoting resource sustainability. For this study, the livelihood approach was used as a framework of analysis that is based upon Sustainable Livelihoods Framework, the core of which is livelihood assets. Livelihood capitals provide substantial contributions to the well-being of numerous rural dwellers. However, the level and degree of reliance on livelihood capital differ across households. Factors that contribute to the economic reliance of households on a particular economic activity in general and on livelihood capital in particular may vary depending upon the type of resource endowment, household demographic, and economic characteristic as well as exoge- nous factors such as markets, prices, policies, and technologies. This study identifies factors that influence a household＇s live- lihood strategy choice with a particular focus on livelihood assets. The study applies a preliminary investigation concerning the relationship between livelihood assets and livelihood strategies, that is, the allocation of assets. Environmentally augmented household livelihood assets were collected from 300 sample households within the Heihe River Basin. Results show that physical assets possess a maximum value （0.609） for farmers and human assets possess a relatively high value （0.516） fol- lowed by social assets （0.354）. Besides, financial and natural assets possess relatively low values （0.286 and 0.241, respec- tively）. An increment of one unit should reduce the occurrence of choosing non-agricultural activities for natural capital while an increment of one unit should increase the occurrence of choosing non-agricultural activities for financial capital, while other variables remain constant. Governments, therefore, should enhance funding and technological support to achieve livelihood diversity and strengthen the facility of farmers by way of establishing relevant polity. It would enable farmers and provide themselves with the ability and asset reserves to transition from agricultural production to secondary and tertiary industries in order to improve the livelihood of farmers overall.展开更多
The chief production elements of an agricultural enterprise are its biological assets and the choice and practical application of the evaluation methods, as the assets directly affect many aspects： decision making of...The chief production elements of an agricultural enterprise are its biological assets and the choice and practical application of the evaluation methods, as the assets directly affect many aspects： decision making of economic character by the financial statement user, indicators of financial operation analysis, inter-comparison of sector enterprises, assessment of the company value and taxes on its economic activity, and statistical data of the agricultural sector. The authors have used the discounted cash flow （DCF） as an alternative method and a model of system dynamics. Such a system dynamics method has not been used for assessment of biological assets so far. In the operating process, the company acquires or loses possession of the resources. It is vital to analyze the resources to see whether they comply with the concept of the assets and the terms of recognition. It is necessary for the same company as well as for external users of financial statements to get true information about the business and the value of money. Biological assets may be recognized in the company＇s accounting only when it is predictable that future benefits associated with these assets will flow into the enterprise. It is also important that the fair value or the cost can be measured reliably.展开更多
In the field of statistical mechanics and system science, it is acknowledged that the financial crisis has a profound influence on stock market. However, the influence of total asset of enterprise on stock quote was n...In the field of statistical mechanics and system science, it is acknowledged that the financial crisis has a profound influence on stock market. However, the influence of total asset of enterprise on stock quote was not considered in the previous studies. In this work, a modified cross-correlation matrix that focuses on the influence of total asset on stock quote is introduced into the analysis of the stocks collected from Asian and American stock markets, which is different from the previous studies. The key results are obtained as follows. Firstly, stock is more greatly correlated with big asset than with small asset. Secondly, the higher the correlation coefficient among stocks, the larger the eigenvector is. Thirdly, in different periods, like the pre-subprime crisis period and the peak of subprime crisis period, Asian stock quotes show that the component of the third eigenvector of the cross-correlation matrix decreases with the asset of the enterprise decreasing.Fourthly, by simulating the threshold network, the small network constructed by 10 stocks with large assets can show the large network state constructed by 30 stocks. In this research we intend to fully explain the physical mechanism for understanding the historical correlation between stocks and provide risk control strategies in the future.展开更多
Using the classification results by the fuzzy clustering models as the basis for choosing the choosing patterns, a feed forward networks model for classification is given. Remarkable success was achieved in training t...Using the classification results by the fuzzy clustering models as the basis for choosing the choosing patterns, a feed forward networks model for classification is given. Remarkable success was achieved in training the networks to learn the patterns and in classifying the coal reserve assets. The results show that the neural network approach for classification has some advantages such as stability and reliability.展开更多
As the gap in income between urban and rural residents bigger and bigger,based on the data from 1978 to 2007,this paper makes an empirical study of the dynamic relation between the fixed assets investment and the diff...As the gap in income between urban and rural residents bigger and bigger,based on the data from 1978 to 2007,this paper makes an empirical study of the dynamic relation between the fixed assets investment and the difference in income between urban and rural residents. The outcome from the study indicates a long-term balance exists between the investment rate of the fixed assets and the difference in income between urban and rural residents. A short-term deviation from the balance can be adjusted through long time. To a certain extent,city-oriented fixed assets investment policy is the main cause of the big gap in income between urban and rural residents. The big gap in income between urban and rural residents in turn reinforces their social status,thus further strengthening the city-oriented instead of countryside-oriented fixed assets investment policy. Based on that,this paper puts forward some suggestions on adjusting the fixed assets investment policy so as to shorten the difference in income between urban and rural residents and realize the goal of harmonious development between city and countryside.展开更多
Background and Aims: Younger age at first sexual intercourse is associated with a variety of adverse health outcomes. We aimed to gain a clearer understanding of a wide range of individual, family and social factors t...Background and Aims: Younger age at first sexual intercourse is associated with a variety of adverse health outcomes. We aimed to gain a clearer understanding of a wide range of individual, family and social factors that may influence sexual behavior of children and adolescents. Specifically, we examined the relationships of developmental assets with age of first sexual intercourse among a large sample (n = 1061) of adolescent African American males living in low-income neighborhoods in Mobile, Alabama. Methods: Using the Developmental Asset Model as a theoretical guide, we selected variables from adolescent survey data and conducted logistic regression analysis to determine predictors of early age of first sexual intercourse. Results: Nearly one half (49%) of the male survey participants reported that they first had sexual intercourse at the age of 12 or younger. The total number of assets was the strongest predictor of later age (13 years old or later) of first sexual intercourse (OR 1.49, 95% CI = 1.09, 2.04), followed by decision-making skills (OR 1.40, 95% CI = 1.04, 1.86), and positive view of the future (OR 1.36, 95% CI = 1.02, 1.74). Conclusion: There are several developmental assets related to the age of first sexual intercourse. This study found support for the Developmental Asset Model as a framework for promoting sexual and overall adolescent health. Recommendations for asset-building among this population are discussed.展开更多
Research has identified factors (assets) that protect youth from engaging in risk behaviors including alcohol use. Very little research has examined asset/nonuse of alcohol associations by youth gender or determined i...Research has identified factors (assets) that protect youth from engaging in risk behaviors including alcohol use. Very little research has examined asset/nonuse of alcohol associations by youth gender or determined if asset/nonuse of alcohol associations are influenced by the neighborhood environment. The purpose of the study was to determine if multiple youth assets and neighborhood factors are differentially associated with youth nonuse of alcohol by gender. Method: Five waves of data were collected annually from households (N = 1111) randomly selected to participate in the Youth Asset Study. Seventeen assets and 6 neighborhood factors assessed at waves 1 - 4 were analyzed longitudinally using marginal logistic regression to predict nonuse of alcohol at waves 2 - 5. Results: Sample mean age was 14.3 years, 52% female;39% white, 28% Hispanic, 23% African-American, and 9% other. Numerous assets were prospec- tively associated with alcohol nonuse for females (12 assets) and males (16 assets). Three assets were significantly more protective from alcohol use for males compared to females. Final modeling indicated that three assets were protective from alcohol use for both genders and that one asset was protective only for males. There were no significant associations between the neighborhood variables and nonuse of alcohol, and the neighborhood variables did not influence the asset/nonuse of alcohol associations. Conclusions: Youth assets appear to protect both genders from future alcohol use but males may benefit even more from asset-building prevention programming. Youth alcohol use and alcohol nonuse/asset associations may not be influenced by the neighborhood environment.展开更多
We select 34 representative agricultural listed companies as the study object,to analyze the characteristics of quick assets in agricultural companies.The ratio between quick assets and total assets roughly displays n...We select 34 representative agricultural listed companies as the study object,to analyze the characteristics of quick assets in agricultural companies.The ratio between quick assets and total assets roughly displays normal distribution,with the peak value up to 40%;the distribution figure shape of the ratio between quick assets and liquid asset displays normal distribution,with the peak value up to 63%.Taking the case of typical agricultural company,Yuan Longping High-Tech Agriculture Co.,Ltd.,we analyze the factors influencing turnover of quick assets,and the main factors influencing the turnover of quick assets in agricultural companies are monetary funds and receivables.We establish the multiple linear regression model,and draw the conclusion that the turnover efficiency of quick assets is significantly affected by the ratio between cash assets and income,turnover rate of receivables,and quickness ratio.展开更多
In this paper,using the research method of grounded theory,with the competitive brand of home gardening—Hongyue Garden Maker as the specific object of study,we collect the data through interviews and surveys,conduct ...In this paper,using the research method of grounded theory,with the competitive brand of home gardening—Hongyue Garden Maker as the specific object of study,we collect the data through interviews and surveys,conduct coding analysis step by step on the data,establish the brand asset creation path model consisting of some main dimensions including " brand salience"," brand performance"," brand image"," brand judgment"," brand feeling",and " brand resonance",and reveal the interaction and logical relationship between the above dimensions,so as to provide theoretical support for the asset creation of many kinds of home gardening and other brands.展开更多
文摘This paper examines the environmental impact of green assets using machine learning and impulse responses by local projections.A series of 87 green assets from various classes are considered,namely firms providing renewable energy and carbon offset solutions,carbon and sustainable investing ETFs and green cryptocurrencies.The dataset spans the period from 2015 to 2022 and comprises globally sourced environmental and financial data.The current study examines whether asset prices,returns and trading volumes have an impact on environmental indicators such as temperature(global mean and anomalies)and greenhouse gas concentration.The results indicate that adoption of these green assets does not have a significant environmental impact,suggesting that they should not be used as substitutes for real climate action.This work serves as a cautionary tale on the nexus between green assets and environmental indicators and the results can be used by governments and corporations when formulating climate and ESG strategies.
文摘Xin'ao Co.,Ltd.(603889),Iocated in Jiaxing City,Zhejiang Province,is a wellestablished enterprise in the wool textile industry.It focuses on the entire wool textile supply chain,integrating wool procurement,wool top production,wool top modification,dyeing and finishing,and spinning,After more than thirty years of development,it has gradually formed a large-scale,market-oriented textile eco-system with Xin'ao Co.,Ltd. as the core,with its subsidia ries specializing in different production and sales functions.
基金supported by the National Social Science Fund of China(No.22BTJ027).
文摘The COVID-19 pandemic precipitated a surge in the non-performing assets held by financial institutions,elevating systemic risk in financial networks.Therefore,developing strategies to alleviate this risk,with a focus on non-performing assets,has become a research area of interest.Supported by policies related to the Chinese insurance market,this study proposes the establishment of a non-performing assets disposal fund backed by insurance capital.This fund will invest in the non-performing assets of financial institutions with the aim of mitigating systemic risk.Using a linear threshold model,we identify an asymptotically optimal scheme for disposing of nonperforming assets.Additionally,we construct a payment model integrated with nonperforming assets,from which we derive an optimal payment and clearing strategy.Our research also proposes a robust set of criteria to assist regulators in determining whether to use the non-performing assets disposal fund.To demonstrate the efficacy of the fund in reducing systemic risk,we conduct simulations and analyze data from the Chinese interbank financial network.Through this rigorous analysis,we confirm the role of the fund in enhancing the stability of the financial system.
文摘The objective of this article is to delve into the digital financial asset(DFA)portfolio price of institutional investors,such as hedge funds.The aim is to make a significant contribution by providing methods(statistical methods and fuzzy logic)for investors to identify and select the best long-term portfolio from the pool of 218 digital financial assets that are available in the Russian market.Importantly,companies listed as digital financial asset operators often offer multiple classes of these assets for trading,and as such,investors are only able to trade floating digital financial assets.By the time we reach the conclusion of the year 2024,it has been estimated that the total volume of the Russian DFA market that is currently in circulation will amount to a staggering 1.54 billion USD.Additionally,it is worth noting that 708 different issues are currently actively circulating in the market,showcasing a rather extensive array of options for potential investors.In December alone,an impressive total of 147 new DFAs were introduced and successfully placed,contributing a notable 0.7 billion USD to the market,which is certainly a remarkable feat.The sustainability of the price premium remains uncertain,a consequence of the digital asset market’s inherent volatility and relatively short history.When this volatility is considered,the observed premium lacks statistical significance for the sample period.Therefore,the novelty of this study is the creation of new effective tools for researching the effectiveness of portfolio management for time series,which includes 416 daily observations for the period March 2022–October 2023.
基金financially supported by the National Natural Science Foundation of China(No.12501656)the National Social Science Foundation of China(No.22FGLB075).
文摘Against the backdrop of China’s“Dual Carbon”strategy,the rapid transformation of China’s energy structure is driving the need for structural adjustments in its carbon assets.Investigating the volatility spillovers between climate risks and carbon assets is therefore crucial for optimizing asset allocation,enhancing the green financial system,and mitigating cross-market risk contagion.Using a refined time-varying parameter vector autoregression(TVP-VAR)model,we analyze their time-varying spillover effects on high-carbon(WTI crude oil futures)and low-carbon(the NASDAQ Clean Edge Green Energy Index[CELS])assets.Our results reveal a significant bidirectional spillover relationship between climate risks and carbon assets.Statistically,the climate risks serve as the primary net transmitter of spillovers to both crude oil and the clean energy index.Dynamically,the influence of transition risk on low-carbon assets amplifies markedly during specific episodes,highlighting its acute sensitivity to policy and market signals.A key finding is the considerable hedging capacity of the CELS,which exhibits a 43.6%hedging efficiency against systemic risk in high-carbon assets,an effect that becomes particularly pronounced during periods of intensive policy implementation.This research provides a quantitative basis for investors to design“carbon quota and green bond”portfolios,and for regulators to develop a cross-market early warning mechanism for climate risks.
基金Supported by College-level Research Project of Hangzhou Vocational&Technical College(ky202514).
文摘The rapid development of vocational colleges in China brings about the explosive growth of the number and category of state-owned assets that guarantees the development of vocational colleges. The special equipment and the general equipment included in the state-owned assets of vocational colleges are increasing at the fastest rate. Based on the problems from equipment inventory, this paper analyzes the problems of state-owned management, and puts forward countermeasures to improve the management of state-owned assets from formulating regulations and rules, strengthening the unified institution, applying the information technologies in building the team of administrators.
文摘This paper focuses on the optimization of the evaluation index system for the value of transportation infrastructure assets.It analyzes the shortcomings of the current system and explores the directions for optimizing the index system from the perspectives of functionality,economy,social impact,environmental impact,and sustainability.The paper also discusses the application of the optimized index system in practical evaluation and the measures to ensure its effectiveness.The research aims to enhance the evaluation mechanism for the value of transportation infrastructure assets,providing a more scientific basis for decision-making,addressing challenges in asset management,improving the level of asset management in transportation infrastructure,and meeting the demands of high-quality development in the transportation sector in the new era.
文摘It is a common belief, for the last two decades, that we can observe the transformation of the intemational economy, from industrial to knowledge economy. In a continuous changing economy, the main advantage the companies have is not the buildings, the machines, the trucks, or the total equipment. The strategic key of a company today is the capital that cannot be copied easily, that is not disclosed and is not tangible, the intellectual capital of the company. The intangible assets can be characterized as those without physical appearance and the value of which is limited by the rights and anticipative benefits that possession confers upon the owner. The expansion of companies into foreign markets presupposes the aggregation of financial information that includes non-homogeneous elements. The purpose of this paper is to examine the framework of identification, as well as the disclosure requirements of brand names as they have been set by several articles of Commercial Law and recognized by professional accounting institutions. Emphasis will be given to analyzing existing accounting recognition and measurement, and proposals worldwide. In conclusion, this study indicates the accounting problems of definition, measurement, and disclosure of the majority of these intangible assets to users of financial statements of the company. Despite all the difficulties, this property of the company must in some way be measured and disclosed to lead to more reliable financial statements. The proposals of this paper, will help the accounting community to solve this major problem.
文摘A Fast Fourier transform approach has been presented by Carr & Madan (2009) on a single underlying asset. In this current research paper, we present fast Fourier transform algorithm for the valuation of Multi-asset Options under Economic Recession Induced Uncertainties. The issue of multi-dimension in both finite and infinite case of Options is part of the focus of this research. The notion of economic recession was incorporated. An intuition behind the introduction of recession induced volatility uncertainty is revealed by huge volatility variation during the period of economic recession compared to the period of recession-free. Nigeria economic recession outbreak in 2016 and its effects on the uncertainty of the payoffs of Nigeria Stocks Exchange (NSE) among other investments was among the motivating factors for proposing economic recession induced volatility in options pricing. The application of the proposed Fast Fourier Transform algorithm in handling multi-assets options was shown. A new result on options pricing was achieved and capable of yielding efficient option prices during and out of recession. Numerical results were presented on assets in 3-dimensions as an illustration taking Black Scholes prices as a bench mark for method effectiveness comparison. The key findings of this research paper among other crucial contributions could be seen in computational procedure of options valuation in multi-dimensions and uncertainties in options payoffs under the exposure of economic recession.
基金National Natural Science Foundation of China,No.41371177
文摘With rapid urbanization and the socio-economic transformation, cultivated land protection has gradually become a major concern in China. The economic compensation plays a crucial role in promoting cultivated land protection and improving the utilization ratio of cultivated land. Farmer household＇s satisfaction has a great influence on the effectiveness of compensation. Therefore, households＇ willingness to select the economic compensation pattern for cultivated land protection has been considered and re-examined. By employing Participatory Rural Appraisal method （PRA）, 3 villages and 392 households were investigated and sampled in mesa and hilly areas of Chongqing. Then a quantitative analysis framework of household livelihood hexagon has been developed to quantify the livelihood assets of differ- ent farmer households. Finally, the Gray Relation Model and Probit Regression Model have been employed to explore the coupling relationship between the household livelihood assets and their compensation pattern options. The results show that there are both qualitative and spatial heterogeneity in household livelihood assets. We found that the inequality of livelihood assets is evident for five household types. There is a spatial trend that the higher the eleva- tion, the less livelihood assets are. In addition, their options of economic compensation pat- tern vary from Chengdu Pattern to Foshan Pattern due to their difference in livelihood assets and difference in location. In detail, there is a coupling relationship between household live- lihood assets and their compensation pattern; negative correlation is observed between natural assets value and household pattern options, while the other livelihood assets have positive impacts on compensation pattern in varying degrees, which from the top are psy- chological assets, human assets, physical assets, financial assets, and social assets respec- tively. A conceptual compensation pattern system has been designed to meet the demands for farmer households mainly according to their shortage in livelihood assets. In addition, compensation method, compensation standard, the basis of compensation and the source of compensation funds have been proposed accordingly.
基金Public Projects of Environmental Protection, No.201209028 National Evaluation Standard of Environment Protection Program, No.2011-27 National Natural Science Foundation of China, No.41401632
文摘Evaluating the effectiveness of protecting nature assets is a vital component of responsive, pro-active management of protected areas. It is important to protect reserves of geological （including fossils） assets as a means to also protect national and natural heritage. At the end of 2013, 2669 protected areas had been established in China and 123 of them are reserves for nature assets. This paper builds an evaluation framework for protection effectiveness of these assets. The current elements and characteristics for effective protection are analyzed, along with an analysis of existing problems so as to construct a scientific approach to protect these assets. The influencing elements and characteristics for effective protection of nature asset reserves are included in an index evaluation system for effective protection in such areas, which contains four parts-target layer, evaluation criteria, evaluation indexes, and evaluation parameters-based on related documents and files. For the target layer, it includes nature asset evaluation and management evaluation. In the end, it is discussed how to build a comprehensive evaluation model and achieve an effective quantitative evaluation.
基金supported by General Research on Social Sciences of Ministry of Education of China (Granted No.12YJAZH110)Chinese Natural Science Foundation (No.41171116)the National Natural Science Foundation of China (No. 40971291)
文摘The security and quality of the livelihood of farmers is of paramount concern in rural areas of China. Livelihood stability would force the related polity to act coordinately while eradicating poverty and promoting resource sustainability. For this study, the livelihood approach was used as a framework of analysis that is based upon Sustainable Livelihoods Framework, the core of which is livelihood assets. Livelihood capitals provide substantial contributions to the well-being of numerous rural dwellers. However, the level and degree of reliance on livelihood capital differ across households. Factors that contribute to the economic reliance of households on a particular economic activity in general and on livelihood capital in particular may vary depending upon the type of resource endowment, household demographic, and economic characteristic as well as exoge- nous factors such as markets, prices, policies, and technologies. This study identifies factors that influence a household＇s live- lihood strategy choice with a particular focus on livelihood assets. The study applies a preliminary investigation concerning the relationship between livelihood assets and livelihood strategies, that is, the allocation of assets. Environmentally augmented household livelihood assets were collected from 300 sample households within the Heihe River Basin. Results show that physical assets possess a maximum value （0.609） for farmers and human assets possess a relatively high value （0.516） fol- lowed by social assets （0.354）. Besides, financial and natural assets possess relatively low values （0.286 and 0.241, respec- tively）. An increment of one unit should reduce the occurrence of choosing non-agricultural activities for natural capital while an increment of one unit should increase the occurrence of choosing non-agricultural activities for financial capital, while other variables remain constant. Governments, therefore, should enhance funding and technological support to achieve livelihood diversity and strengthen the facility of farmers by way of establishing relevant polity. It would enable farmers and provide themselves with the ability and asset reserves to transition from agricultural production to secondary and tertiary industries in order to improve the livelihood of farmers overall.
文摘The chief production elements of an agricultural enterprise are its biological assets and the choice and practical application of the evaluation methods, as the assets directly affect many aspects： decision making of economic character by the financial statement user, indicators of financial operation analysis, inter-comparison of sector enterprises, assessment of the company value and taxes on its economic activity, and statistical data of the agricultural sector. The authors have used the discounted cash flow （DCF） as an alternative method and a model of system dynamics. Such a system dynamics method has not been used for assessment of biological assets so far. In the operating process, the company acquires or loses possession of the resources. It is vital to analyze the resources to see whether they comply with the concept of the assets and the terms of recognition. It is necessary for the same company as well as for external users of financial statements to get true information about the business and the value of money. Biological assets may be recognized in the company＇s accounting only when it is predictable that future benefits associated with these assets will flow into the enterprise. It is also important that the fair value or the cost can be measured reliably.
基金Project supported by the National Natural Science Foundation of China(Grant Nos.11705042 and 71874172)the China Postdoctoral Science Foundation(Grant Nos.2018T110040 and 2016M590041)+2 种基金the Fundamental Research Funds for Central Universities,China(Grant No.JZ2018HGTB0238)Curriculum Planning and Design Research Project,China(Grant No.102-033119)the Teaching Quality and Teaching Reform Project,China(Grant No.JYQZ1815)
文摘In the field of statistical mechanics and system science, it is acknowledged that the financial crisis has a profound influence on stock market. However, the influence of total asset of enterprise on stock quote was not considered in the previous studies. In this work, a modified cross-correlation matrix that focuses on the influence of total asset on stock quote is introduced into the analysis of the stocks collected from Asian and American stock markets, which is different from the previous studies. The key results are obtained as follows. Firstly, stock is more greatly correlated with big asset than with small asset. Secondly, the higher the correlation coefficient among stocks, the larger the eigenvector is. Thirdly, in different periods, like the pre-subprime crisis period and the peak of subprime crisis period, Asian stock quotes show that the component of the third eigenvector of the cross-correlation matrix decreases with the asset of the enterprise decreasing.Fourthly, by simulating the threshold network, the small network constructed by 10 stocks with large assets can show the large network state constructed by 30 stocks. In this research we intend to fully explain the physical mechanism for understanding the historical correlation between stocks and provide risk control strategies in the future.
文摘Using the classification results by the fuzzy clustering models as the basis for choosing the choosing patterns, a feed forward networks model for classification is given. Remarkable success was achieved in training the networks to learn the patterns and in classifying the coal reserve assets. The results show that the neural network approach for classification has some advantages such as stability and reliability.
基金Supported by Major Humanities and Social Sciences Project of Southwest University(12XDSK002)Key Humanities and Social Sciences Project in Chongqing City(13SKB002)Fundamental Research Funds for the Central Universities in 2014(SWU1409321)
文摘As the gap in income between urban and rural residents bigger and bigger,based on the data from 1978 to 2007,this paper makes an empirical study of the dynamic relation between the fixed assets investment and the difference in income between urban and rural residents. The outcome from the study indicates a long-term balance exists between the investment rate of the fixed assets and the difference in income between urban and rural residents. A short-term deviation from the balance can be adjusted through long time. To a certain extent,city-oriented fixed assets investment policy is the main cause of the big gap in income between urban and rural residents. The big gap in income between urban and rural residents in turn reinforces their social status,thus further strengthening the city-oriented instead of countryside-oriented fixed assets investment policy. Based on that,this paper puts forward some suggestions on adjusting the fixed assets investment policy so as to shorten the difference in income between urban and rural residents and realize the goal of harmonious development between city and countryside.
文摘Background and Aims: Younger age at first sexual intercourse is associated with a variety of adverse health outcomes. We aimed to gain a clearer understanding of a wide range of individual, family and social factors that may influence sexual behavior of children and adolescents. Specifically, we examined the relationships of developmental assets with age of first sexual intercourse among a large sample (n = 1061) of adolescent African American males living in low-income neighborhoods in Mobile, Alabama. Methods: Using the Developmental Asset Model as a theoretical guide, we selected variables from adolescent survey data and conducted logistic regression analysis to determine predictors of early age of first sexual intercourse. Results: Nearly one half (49%) of the male survey participants reported that they first had sexual intercourse at the age of 12 or younger. The total number of assets was the strongest predictor of later age (13 years old or later) of first sexual intercourse (OR 1.49, 95% CI = 1.09, 2.04), followed by decision-making skills (OR 1.40, 95% CI = 1.04, 1.86), and positive view of the future (OR 1.36, 95% CI = 1.02, 1.74). Conclusion: There are several developmental assets related to the age of first sexual intercourse. This study found support for the Developmental Asset Model as a framework for promoting sexual and overall adolescent health. Recommendations for asset-building among this population are discussed.
文摘Research has identified factors (assets) that protect youth from engaging in risk behaviors including alcohol use. Very little research has examined asset/nonuse of alcohol associations by youth gender or determined if asset/nonuse of alcohol associations are influenced by the neighborhood environment. The purpose of the study was to determine if multiple youth assets and neighborhood factors are differentially associated with youth nonuse of alcohol by gender. Method: Five waves of data were collected annually from households (N = 1111) randomly selected to participate in the Youth Asset Study. Seventeen assets and 6 neighborhood factors assessed at waves 1 - 4 were analyzed longitudinally using marginal logistic regression to predict nonuse of alcohol at waves 2 - 5. Results: Sample mean age was 14.3 years, 52% female;39% white, 28% Hispanic, 23% African-American, and 9% other. Numerous assets were prospec- tively associated with alcohol nonuse for females (12 assets) and males (16 assets). Three assets were significantly more protective from alcohol use for males compared to females. Final modeling indicated that three assets were protective from alcohol use for both genders and that one asset was protective only for males. There were no significant associations between the neighborhood variables and nonuse of alcohol, and the neighborhood variables did not influence the asset/nonuse of alcohol associations. Conclusions: Youth assets appear to protect both genders from future alcohol use but males may benefit even more from asset-building prevention programming. Youth alcohol use and alcohol nonuse/asset associations may not be influenced by the neighborhood environment.
文摘We select 34 representative agricultural listed companies as the study object,to analyze the characteristics of quick assets in agricultural companies.The ratio between quick assets and total assets roughly displays normal distribution,with the peak value up to 40%;the distribution figure shape of the ratio between quick assets and liquid asset displays normal distribution,with the peak value up to 63%.Taking the case of typical agricultural company,Yuan Longping High-Tech Agriculture Co.,Ltd.,we analyze the factors influencing turnover of quick assets,and the main factors influencing the turnover of quick assets in agricultural companies are monetary funds and receivables.We establish the multiple linear regression model,and draw the conclusion that the turnover efficiency of quick assets is significantly affected by the ratio between cash assets and income,turnover rate of receivables,and quickness ratio.
基金Supported by National College Students'Innovation and Entrepreneurship Training Program in 2017(103-2013200072)National Social Science Fund Project(15BGL088)Zhejiang Higher Education Reform Project in 2016(jg20160092)
文摘In this paper,using the research method of grounded theory,with the competitive brand of home gardening—Hongyue Garden Maker as the specific object of study,we collect the data through interviews and surveys,conduct coding analysis step by step on the data,establish the brand asset creation path model consisting of some main dimensions including " brand salience"," brand performance"," brand image"," brand judgment"," brand feeling",and " brand resonance",and reveal the interaction and logical relationship between the above dimensions,so as to provide theoretical support for the asset creation of many kinds of home gardening and other brands.
