This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various...This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various stages of M&A,such as pre-merger valuation pricing difficulties,unreasonable financing structures,risks in payment method selection,obstacles to financial integration,and lack of risk management.Targeted management strategies are proposed to address these issues.This paper suggests strengthening due diligence and valuation management,optimizing financing structures,rationally selecting payment methods,deepening financial integration,and improving tax planning.These strategies aim to enhance the level of financial management in M&A,promote economic synergies and management effects,help companies quickly achieve M&A goals,and drive sustainable business development.展开更多
This paper solves the problem of model-free dual-arm space robot maneuvering after non-cooperative target capture under high control quality requirements.The explicit system model is unavailable,and the maneuvering mi...This paper solves the problem of model-free dual-arm space robot maneuvering after non-cooperative target capture under high control quality requirements.The explicit system model is unavailable,and the maneuvering mission is disturbed by the measurement noise and the target adversarial behavior.To address these problems,a model-free Combined Adaptive-length Datadriven Predictive Controller(CADPC)is proposed.It consists of a separated subsystem identification method and a combined predictive control strategy.The subsystem identification method is composed of an adaptive data length,thereby reducing sensitivity to undetermined measurement noises and disturbances.Based on the subsystem identification,the combined predictive controller is established,reducing calculating resource.The stability of the CADPC is rigorously proven using the Input-to-State Stable(ISS)theorem and the small-gain theorem.Simulations demonstrate that CADPC effectively handles the model-free space robot post operation in the presence of significant disturbances,state measurement noise,and control input errors.It achieves improved steady-state accuracy,reduced steady-state control consumption,and minimized control input chattering.展开更多
Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as ...Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.展开更多
Against the backdrop of increasingly prominent global environmental issues,heavily polluting enterprises(HPPs)urgently need to find a path to green transformation that achieves sustainable development and overcomes ef...Against the backdrop of increasingly prominent global environmental issues,heavily polluting enterprises(HPPs)urgently need to find a path to green transformation that achieves sustainable development and overcomes efficiency challenges.Based on data on mergers and acquisitions of HPPs from 2010 to 2023,this article explores the direct impact and mechanisms of green mergers and acquisitions(GMAs)on enterprises green transformation.Research findings are as follows:(1)GMAs significantly promote the green transformation of HPPs,a conclusion that is robust across various tests.(2)Internal control and green innovation quality serve as partial and chain mediators,respectively,in the relationship between GMAs and the green transformation of HPPs.(3)Media pressure negatively affects the impact of GMAs on internal control.(4)The heterogeneity analysis shows that the GMAs of enterprises in the eastern region,non-state-owned enterprises,large enterprises,and enterprises in the electricity,heat,gas,and water production and supply industries have a more obvious impact on green transformation.These findings elucidate the mechanisms through which GMAs drive the green transformation of HPPs and offer empirical insights into supporting the sustainable development of such enterprises in China.展开更多
This study integrates multiple sources of data(transaction data,policy text,public opinion data)with visualization techniques(such as heat maps,time-series trend charts,3D building brochures)to construct an analysis f...This study integrates multiple sources of data(transaction data,policy text,public opinion data)with visualization techniques(such as heat maps,time-series trend charts,3D building brochures)to construct an analysis framework for the Chengdu real estate market.By using the Adaptive Neuro-Fuzzy Inference System(ANFIS)prediction model,spatial GIS(Geographic Information System analysis)analysis,and interactive dashboards,this study reveals market differentiation,policy impacts,and changes in demand structure,thereby providing decision support for the government,enterprises,and homebuyers.展开更多
To address the issue of instability or even imbalance in the orientation and attitude control of quadrotor unmanned aerial vehicles(QUAVs)under random disturbances,this paper proposes a distributed antidisturbance dat...To address the issue of instability or even imbalance in the orientation and attitude control of quadrotor unmanned aerial vehicles(QUAVs)under random disturbances,this paper proposes a distributed antidisturbance data-driven event-triggered fusion control method,which achieves efficient fault diagnosis while suppressing random disturbances and mitigating communication conflicts within the QUAV swarm.First,the impact of random disturbances on the UAV swarm is analyzed,and a model for orientation and attitude control of QUAVs under stochastic perturbations is established,with the disturbance gain threshold determined.Second,a fault diagnosis system based on a high-gain observer is designed,constructing a fault gain criterion by integrating orientation and attitude information from QUAVs.Subsequently,a model-free dynamic linearization-based data modeling(MFDLDM)framework is developed using model-free adaptive control,which efficiently fits the nonlinear control model of the QUAV swarm while reducing temporal constraints on control data.On this basis,this paper constructs a distributed data-driven event-triggered controller based on the staggered communication mechanism,which consists of an equivalent QUAV controller and an event-triggered controller,and is able to reduce the communication conflicts while suppressing the influence of random interference.Finally,by incorporating random disturbances into the controller,comparative experiments and physical validations are conducted on the QUAV platforms,fully demonstrating the strong adaptability and robustness of the proposed distributed event-triggered fault-tolerant control system.展开更多
Wetting deformation in earth-rockfill dams is a critical factor influencingdam safety.Although numerous mathematical models have been developed to describe this phenomenon,most of them rely on empirical formulations a...Wetting deformation in earth-rockfill dams is a critical factor influencingdam safety.Although numerous mathematical models have been developed to describe this phenomenon,most of them rely on empirical formulations and lack prior knowledge of model parameters,which is essential for Bayesian parameter inversion to enhance accuracy and reduce uncertainty.This study introduces a datadriven approach to establishing prior knowledge of earth-rockfill dams.Driving factors are utilized to determine the potential range of model parameters,and settlement changes within this range are calculated.The results are iteratively compared with actual monitoring data until the calculated range encompasses the observed data,thereby providing prior knowledge of the model parameters.The proposed method is applied to the right-bank earth-rockfilldam of Danjiangkou.Employing a Gibbs sample size of 30,000,the proposed method effectively calibrates the prior knowledge of the wetting model parameters,achieving a root mean square error(RMSE)of 5.18 mm for the settlement predictions.By comparison,the use of non-informative priors with sample sizes of 30,000 and 50,000 results in significantly larger RMSE values of 11.97 mm and 16.07 mm,respectively.Furthermore,the computational efficiencyof the proposed method is demonstrated by an inversion computation time of 902 s for 30,000 samples,which is notably shorter than the 1026 s and 1558 s required for noninformative priors with 30,000 and 50,000 samples,respectively.These findingsunderscore the superior performance of the proposed approach in terms of both prediction accuracy and computational efficiency.These results demonstrate that the proposed method not only improves the predictive accuracy but also enhances the computational efficiency,enabling optimal parameter identificationwith reduced computational effort.This approach provides a robust and efficientframework for advancing dam safety assessments.展开更多
Storm-enhanced density(SED)and the tongue of ionization(TOI)are key ionospheric storm-time structures whose rapid evolution and fine-scale variability remain challenging to capture with conventional empirical high-lat...Storm-enhanced density(SED)and the tongue of ionization(TOI)are key ionospheric storm-time structures whose rapid evolution and fine-scale variability remain challenging to capture with conventional empirical high-latitude drivers.In this study,we examine the May 10–11,2024,superstorm using the Thermosphere–Ionosphere–Electrodynamics General Circulation Model(TIEGCM)with observation-constrained high-latitude forcing.Auroral precipitation parameters(energy flux and mean energy)are assimilated from a Defense Meteorological Satellite Program(DMSP)Special Sensor Ultraviolet Spectrographic Imager(SSUSI)using a multi-resolution Gaussian process(Lattice Kriging)approach,whereas high-latitude convection potentials are derived by assimilating Super Dual Auroral Radar Network(SuperDARN)observations with the Thomas and Shepherd(2018)model(TS18).For comparison,an additional simulation is performed using empirical models for both convection and auroral forcing.The results show that during the main phase of the May 10 storm,the data-driven simulation provides a more realistic depiction of the SED source region than does the empirical model run by capturing its rapid intensification more clearly and reproducing its spatial location and structural features with higher fidelity.These improvements lead to a more accurate representation of its poleward extension into the polar cap that develops into the TOI.Above the ionospheric F2 peak over the SED source region,SuperDARN-constrained potentials generate stronger and more localized E×B drifts that dominate plasma uplift and drive its transport into the polar cap,although neutral winds and downward ambipolar diffusion partially offset these effects.Below the F2 peak,neutral winds and photochemical processes play a major role in shaping the spatial extent and intensity of the SED and TOI.These results highlight the role of observation-constrained high-latitude drivers in representing ionosphere–thermosphere responses during extreme storms and suggest their relevance for improving physical interpretation and model performance.展开更多
The Wufeng–Longmaxi Formation derives its name from the Upper Ordovician Wufeng Formation and the Lower Silurian Longmaxi Formation,found in sequence in the Sichuan Basin.This formation hosts rich shale gas reservoir...The Wufeng–Longmaxi Formation derives its name from the Upper Ordovician Wufeng Formation and the Lower Silurian Longmaxi Formation,found in sequence in the Sichuan Basin.This formation hosts rich shale gas reservoirs,and its shale gas enrichment patterns are examined in this study using data from 1197 shale samples collected from 14 wells.Five basic and three key parameters,eight in all,are assessed for each sample.The five basic parameters include burial depth and the contents of four mineral types—quartz,clay,carbonate,and other minerals;the three key parameters,representing shale gas enrichment,are total organic carbon(TOC)content,porosity,and gas content.The SHapley Additive exPlanations(SHAP)analysis originated in game theory is used here in an interpretable machine learning framework,to address issues of heterogeneous data structure,noisy relationships,and multi-objective optimization.An evaluation of the ranking,contribution values,and conditions of changes for these parameters offers new quantitative insights into shale gas enrichment patterns.A quantitative analysis of the relationship between data-sets identifies the primary factors controlling TOC,porosity,and gas content of shale gas reservoirs.The results show that TOC and porosity jointly influence gas content;mineral content has a significant impact on both,TOC and porosity;and the burial depth governs porosity which,in turn,affects the conditions under which shale gas is preserved.Input parameter thresholds are also determined and provide a basis for the establishment of quantitative criteria to evaluate shale gas enrichment.The predictive accuracy of the model used in this study is significantly improved by the step-wise addition of two input parameters,namely TOC and porosity,separately and together.Thus,the game theory method in big data-driven analysis uses a combination of TOC and porosity to evaluate the gas content with encouraging results—suggesting that these are the key parameters that indicate source rock and reservoir properties.展开更多
The key challenge in the preparation of perovskite solar cells is to enhance the reproducibility of PSC manufacturing,particularly by better controlling multiple high-dimensional process parameters.This study proposes...The key challenge in the preparation of perovskite solar cells is to enhance the reproducibility of PSC manufacturing,particularly by better controlling multiple high-dimensional process parameters.This study proposes a machine learning(ML)approach to efficiently predict and analyze perovskite film fabrication processes.By evaluating five classic ML algorithms on 130 experimental data sets from blade-coating parameters,the Random Forest(RF)model was identified as the most effective,enabling rapid prediction of over 100,000 parameter sets in just 10 min-equivalent to 3 years of manual experimentation.The RF model demonstrated strong predictive accuracy,with an R^(2) close to 0.8.This approach led to the identification of optimal process parameter combinations,significantly improving the reproducibility of PSCs and reducing performance variance by approximately threefold,thereby advancing the development of scalable manufacturing processes.展开更多
Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power chan...Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power change in Central Asia from the perspective of cross-border mergers and acquisitions(M&A)by using the social network method.The main results are as follows:(1)The complexity of the energy M&A network has significantly decreased after the financial crisis in 2008.In the meantime,energy M&A became an important way to enhance energy power for buyer countries.Betweenness centrality is becoming the most significant factor affecting energy power,yet the effect of out-degree is weakening.(2)The community underwent multifaceted restructuring,which reflected the shift of energy power in Central Asia.Kazakhstan is the most powerful country in the energy sector in Central Asia.In addition,East Asian countries/regions,represented by China,are actively enhancing their energy power.(3)Different M&A modes reflect various M&A motivations of countries in the energy sector.In the future,more efforts should be made to promote the establishment of a pragmatic and efficient multilateral energy cooperation mechanism and strength the cooperation of the economy and energy finance when China participates in the energy market in Central Asia.展开更多
The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging busines...The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.展开更多
This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers be...This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.展开更多
This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear ...This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed.展开更多
Over the past 10 years, China＇s steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with ...Over the past 10 years, China＇s steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with the economic growth in China. Against this background, China＇ s steel industry will shift from a rapid development to a slow but sound development. In order to fulfill the second leap of China＇s steel industry, based on its current developing status and characteristics, and from the perspective of both national and corporate development, mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry, while technological innovation is the solid foundation for its second leap.展开更多
The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event stud...The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions （M＆As） are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all （or most of） the countries of the world. This work examines the long-run performance in M＆As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns （BHARs） methodology was used, with which it was possible to observe the returns for three years following the deal.展开更多
By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. M...By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways： to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.展开更多
This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing e...This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.展开更多
Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition...Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.展开更多
文摘This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various stages of M&A,such as pre-merger valuation pricing difficulties,unreasonable financing structures,risks in payment method selection,obstacles to financial integration,and lack of risk management.Targeted management strategies are proposed to address these issues.This paper suggests strengthening due diligence and valuation management,optimizing financing structures,rationally selecting payment methods,deepening financial integration,and improving tax planning.These strategies aim to enhance the level of financial management in M&A,promote economic synergies and management effects,help companies quickly achieve M&A goals,and drive sustainable business development.
基金supported by the National Natural Science Foundation of China(No.12372045)the National Key Research and the Development Program of China(Nos.2023YFC2205900,2023YFC2205901)。
文摘This paper solves the problem of model-free dual-arm space robot maneuvering after non-cooperative target capture under high control quality requirements.The explicit system model is unavailable,and the maneuvering mission is disturbed by the measurement noise and the target adversarial behavior.To address these problems,a model-free Combined Adaptive-length Datadriven Predictive Controller(CADPC)is proposed.It consists of a separated subsystem identification method and a combined predictive control strategy.The subsystem identification method is composed of an adaptive data length,thereby reducing sensitivity to undetermined measurement noises and disturbances.Based on the subsystem identification,the combined predictive controller is established,reducing calculating resource.The stability of the CADPC is rigorously proven using the Input-to-State Stable(ISS)theorem and the small-gain theorem.Simulations demonstrate that CADPC effectively handles the model-free space robot post operation in the presence of significant disturbances,state measurement noise,and control input errors.It achieves improved steady-state accuracy,reduced steady-state control consumption,and minimized control input chattering.
文摘Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.
基金supported by the National Natural Science Foundation of China“Reconstruction of Competitive Advantage of China's High-tech Industry from the Perspective of Dual Value Chain”(Grant No.71972063)Natural Science Foundation of Heilongjiang Province“Innovation Decision-making and Performance of Green Factories in Heilongjiang Province under the Dual Carbon Target:an Incentive Environmental Regulation Perspective”(Grant No.JJ2022LH0765)Key R&D Program(Soft Science Project)of Shandong Province,China“Research on the Development Status and Countermeasures of High-tech Enterprises in Shandong Province”(Grant No.2023RZB03024).
文摘Against the backdrop of increasingly prominent global environmental issues,heavily polluting enterprises(HPPs)urgently need to find a path to green transformation that achieves sustainable development and overcomes efficiency challenges.Based on data on mergers and acquisitions of HPPs from 2010 to 2023,this article explores the direct impact and mechanisms of green mergers and acquisitions(GMAs)on enterprises green transformation.Research findings are as follows:(1)GMAs significantly promote the green transformation of HPPs,a conclusion that is robust across various tests.(2)Internal control and green innovation quality serve as partial and chain mediators,respectively,in the relationship between GMAs and the green transformation of HPPs.(3)Media pressure negatively affects the impact of GMAs on internal control.(4)The heterogeneity analysis shows that the GMAs of enterprises in the eastern region,non-state-owned enterprises,large enterprises,and enterprises in the electricity,heat,gas,and water production and supply industries have a more obvious impact on green transformation.These findings elucidate the mechanisms through which GMAs drive the green transformation of HPPs and offer empirical insights into supporting the sustainable development of such enterprises in China.
基金Chengdu City Philosophy and Social Sciences Research Center“artificial intelligence+urban communication”theory and Application Research Center Project“Chengdu real estate vertical market public opinion data visualization research”(Project No.RZCC2025017).
文摘This study integrates multiple sources of data(transaction data,policy text,public opinion data)with visualization techniques(such as heat maps,time-series trend charts,3D building brochures)to construct an analysis framework for the Chengdu real estate market.By using the Adaptive Neuro-Fuzzy Inference System(ANFIS)prediction model,spatial GIS(Geographic Information System analysis)analysis,and interactive dashboards,this study reveals market differentiation,policy impacts,and changes in demand structure,thereby providing decision support for the government,enterprises,and homebuyers.
基金supported in part by the National Natural Science Foundation of China,Grant/Award Number:62003267the Key Research and Development Program of Shaanxi Province,Grant/Award Number:2023-GHZD-33Open Project of the State Key Laboratory of Intelligent Game,Grant/Award Number:ZBKF-23-05。
文摘To address the issue of instability or even imbalance in the orientation and attitude control of quadrotor unmanned aerial vehicles(QUAVs)under random disturbances,this paper proposes a distributed antidisturbance data-driven event-triggered fusion control method,which achieves efficient fault diagnosis while suppressing random disturbances and mitigating communication conflicts within the QUAV swarm.First,the impact of random disturbances on the UAV swarm is analyzed,and a model for orientation and attitude control of QUAVs under stochastic perturbations is established,with the disturbance gain threshold determined.Second,a fault diagnosis system based on a high-gain observer is designed,constructing a fault gain criterion by integrating orientation and attitude information from QUAVs.Subsequently,a model-free dynamic linearization-based data modeling(MFDLDM)framework is developed using model-free adaptive control,which efficiently fits the nonlinear control model of the QUAV swarm while reducing temporal constraints on control data.On this basis,this paper constructs a distributed data-driven event-triggered controller based on the staggered communication mechanism,which consists of an equivalent QUAV controller and an event-triggered controller,and is able to reduce the communication conflicts while suppressing the influence of random interference.Finally,by incorporating random disturbances into the controller,comparative experiments and physical validations are conducted on the QUAV platforms,fully demonstrating the strong adaptability and robustness of the proposed distributed event-triggered fault-tolerant control system.
基金supported by the National Key R&D Program of China(Grant No.2023YFC3209504)Natural Science Foundation of Wuhan(Grant No.2024040801020271)the Fundamental Research Funds for Central Public Welfare Research Institutes(Grant No.CKSF2025718/YT).
文摘Wetting deformation in earth-rockfill dams is a critical factor influencingdam safety.Although numerous mathematical models have been developed to describe this phenomenon,most of them rely on empirical formulations and lack prior knowledge of model parameters,which is essential for Bayesian parameter inversion to enhance accuracy and reduce uncertainty.This study introduces a datadriven approach to establishing prior knowledge of earth-rockfill dams.Driving factors are utilized to determine the potential range of model parameters,and settlement changes within this range are calculated.The results are iteratively compared with actual monitoring data until the calculated range encompasses the observed data,thereby providing prior knowledge of the model parameters.The proposed method is applied to the right-bank earth-rockfilldam of Danjiangkou.Employing a Gibbs sample size of 30,000,the proposed method effectively calibrates the prior knowledge of the wetting model parameters,achieving a root mean square error(RMSE)of 5.18 mm for the settlement predictions.By comparison,the use of non-informative priors with sample sizes of 30,000 and 50,000 results in significantly larger RMSE values of 11.97 mm and 16.07 mm,respectively.Furthermore,the computational efficiencyof the proposed method is demonstrated by an inversion computation time of 902 s for 30,000 samples,which is notably shorter than the 1026 s and 1558 s required for noninformative priors with 30,000 and 50,000 samples,respectively.These findingsunderscore the superior performance of the proposed approach in terms of both prediction accuracy and computational efficiency.These results demonstrate that the proposed method not only improves the predictive accuracy but also enhances the computational efficiency,enabling optimal parameter identificationwith reduced computational effort.This approach provides a robust and efficientframework for advancing dam safety assessments.
基金The Shandong Provincial Natural Science Foundation(Grant No.ZR2022JQ18)supported this worksupported by the National Natural Science Foundation of China(NNFSC)Youth Program(Grant No.42304168)+1 种基金supported by the National Key R&D Program of China(Grant No.2022YFF0504400)the NNSFC(Grant Nos.42188101 and 42174210)。
文摘Storm-enhanced density(SED)and the tongue of ionization(TOI)are key ionospheric storm-time structures whose rapid evolution and fine-scale variability remain challenging to capture with conventional empirical high-latitude drivers.In this study,we examine the May 10–11,2024,superstorm using the Thermosphere–Ionosphere–Electrodynamics General Circulation Model(TIEGCM)with observation-constrained high-latitude forcing.Auroral precipitation parameters(energy flux and mean energy)are assimilated from a Defense Meteorological Satellite Program(DMSP)Special Sensor Ultraviolet Spectrographic Imager(SSUSI)using a multi-resolution Gaussian process(Lattice Kriging)approach,whereas high-latitude convection potentials are derived by assimilating Super Dual Auroral Radar Network(SuperDARN)observations with the Thomas and Shepherd(2018)model(TS18).For comparison,an additional simulation is performed using empirical models for both convection and auroral forcing.The results show that during the main phase of the May 10 storm,the data-driven simulation provides a more realistic depiction of the SED source region than does the empirical model run by capturing its rapid intensification more clearly and reproducing its spatial location and structural features with higher fidelity.These improvements lead to a more accurate representation of its poleward extension into the polar cap that develops into the TOI.Above the ionospheric F2 peak over the SED source region,SuperDARN-constrained potentials generate stronger and more localized E×B drifts that dominate plasma uplift and drive its transport into the polar cap,although neutral winds and downward ambipolar diffusion partially offset these effects.Below the F2 peak,neutral winds and photochemical processes play a major role in shaping the spatial extent and intensity of the SED and TOI.These results highlight the role of observation-constrained high-latitude drivers in representing ionosphere–thermosphere responses during extreme storms and suggest their relevance for improving physical interpretation and model performance.
基金funded by the Technical Development(Entrusted)Project of Science and Department of SINOPEC(Grant No.P23240-4)the National Natural Science Foundation of China(Grant Nos.42172165,42272143 and 2025ZD1403901-05)。
文摘The Wufeng–Longmaxi Formation derives its name from the Upper Ordovician Wufeng Formation and the Lower Silurian Longmaxi Formation,found in sequence in the Sichuan Basin.This formation hosts rich shale gas reservoirs,and its shale gas enrichment patterns are examined in this study using data from 1197 shale samples collected from 14 wells.Five basic and three key parameters,eight in all,are assessed for each sample.The five basic parameters include burial depth and the contents of four mineral types—quartz,clay,carbonate,and other minerals;the three key parameters,representing shale gas enrichment,are total organic carbon(TOC)content,porosity,and gas content.The SHapley Additive exPlanations(SHAP)analysis originated in game theory is used here in an interpretable machine learning framework,to address issues of heterogeneous data structure,noisy relationships,and multi-objective optimization.An evaluation of the ranking,contribution values,and conditions of changes for these parameters offers new quantitative insights into shale gas enrichment patterns.A quantitative analysis of the relationship between data-sets identifies the primary factors controlling TOC,porosity,and gas content of shale gas reservoirs.The results show that TOC and porosity jointly influence gas content;mineral content has a significant impact on both,TOC and porosity;and the burial depth governs porosity which,in turn,affects the conditions under which shale gas is preserved.Input parameter thresholds are also determined and provide a basis for the establishment of quantitative criteria to evaluate shale gas enrichment.The predictive accuracy of the model used in this study is significantly improved by the step-wise addition of two input parameters,namely TOC and porosity,separately and together.Thus,the game theory method in big data-driven analysis uses a combination of TOC and porosity to evaluate the gas content with encouraging results—suggesting that these are the key parameters that indicate source rock and reservoir properties.
基金Key Research and Development Program of Hubei Province,China(Grant No.2022BAA096)Zhejiang Provincial Natural Science Foundation of China(This material is based upon work funded by Zhejiang Provincial Natural Science Foundation of China under Grant No.LR25A020002)support of the Center for Materials Analysis and Characterization,Material Characterization Lab,and Nanofabrication Lab at Hubei University。
文摘The key challenge in the preparation of perovskite solar cells is to enhance the reproducibility of PSC manufacturing,particularly by better controlling multiple high-dimensional process parameters.This study proposes a machine learning(ML)approach to efficiently predict and analyze perovskite film fabrication processes.By evaluating five classic ML algorithms on 130 experimental data sets from blade-coating parameters,the Random Forest(RF)model was identified as the most effective,enabling rapid prediction of over 100,000 parameter sets in just 10 min-equivalent to 3 years of manual experimentation.The RF model demonstrated strong predictive accuracy,with an R^(2) close to 0.8.This approach led to the identification of optimal process parameter combinations,significantly improving the reproducibility of PSCs and reducing performance variance by approximately threefold,thereby advancing the development of scalable manufacturing processes.
基金The Strategic Priority Research of the CAS,No.XDA20040400National Natural Science Foundation of China,No.41871118,No.42022007China Scholarship Council,No.201904910633。
文摘Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power change in Central Asia from the perspective of cross-border mergers and acquisitions(M&A)by using the social network method.The main results are as follows:(1)The complexity of the energy M&A network has significantly decreased after the financial crisis in 2008.In the meantime,energy M&A became an important way to enhance energy power for buyer countries.Betweenness centrality is becoming the most significant factor affecting energy power,yet the effect of out-degree is weakening.(2)The community underwent multifaceted restructuring,which reflected the shift of energy power in Central Asia.Kazakhstan is the most powerful country in the energy sector in Central Asia.In addition,East Asian countries/regions,represented by China,are actively enhancing their energy power.(3)Different M&A modes reflect various M&A motivations of countries in the energy sector.In the future,more efforts should be made to promote the establishment of a pragmatic and efficient multilateral energy cooperation mechanism and strength the cooperation of the economy and energy finance when China participates in the energy market in Central Asia.
文摘The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant＇s studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information.
文摘This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy.
基金supported by the National Planning Office of Philosophy and Social Science(Grant No.07BTQ011)
文摘This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed.
文摘Over the past 10 years, China＇s steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with the economic growth in China. Against this background, China＇ s steel industry will shift from a rapid development to a slow but sound development. In order to fulfill the second leap of China＇s steel industry, based on its current developing status and characteristics, and from the perspective of both national and corporate development, mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry, while technological innovation is the solid foundation for its second leap.
文摘The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions （M＆As） are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all （or most of） the countries of the world. This work examines the long-run performance in M＆As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns （BHARs） methodology was used, with which it was possible to observe the returns for three years following the deal.
基金The National Natural Science Foundationof China (No.70372057)
文摘By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways： to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.
文摘This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A.
文摘Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.
