To develop a suitable production process for fiber reinforced investment casting shell mold,three methods were studied:the traditional method(M_(1)),the method of adding fiber into silica sol with mechanical stirring ...To develop a suitable production process for fiber reinforced investment casting shell mold,three methods were studied:the traditional method(M_(1)),the method of adding fiber into silica sol with mechanical stirring and ultrasonic agitation(M_(2)),and the method of adding fiber into slurry with mechanical stirring and ultrasonic agitation for durations of 3,15,30,and 45 min(M_(3)).The bending strength,high-temperature self-load deformation,and thermal conductivity of the shell molds were investigated.The results reveal that the enhancement of fiber dispersion through ultrasonic agitation improves the comprehensive performance of the shell molds.The maximum green bending strength of the shell mold by M_(2) reaches 3.29 MPa,which is 29% higher than that of the shell mold prepared by M_(1).Moreover,the high-temperature self-load deformation of the shell mold is reduced from 0.62% to 0.44%.In addition,simultaneous ultrasonic agitation and mechanical stirring effectively shorten the slurry preparation time while maintaining comparable levels of fiber dispersion.With the process M_(3)-45 min,the fillers are uniformly dispersed in the slurry,and the fired bending strength and the high-temperature self-load deformation reach 6.25 MPa and 0.41%,respectively.Therefore,the proposed ultrasonic agitation route is promising for the fabrication of fiber-reinforced shell molds with excellent fibers dispersion.展开更多
ln order to improve the level of investment promotion and redouble effortsto enhance services,on February l9th,the 2025 Action Plan for StabilizingForeign lnvestment was released,proposing 20 measures in four aspects....ln order to improve the level of investment promotion and redouble effortsto enhance services,on February l9th,the 2025 Action Plan for StabilizingForeign lnvestment was released,proposing 20 measures in four aspects.Cur-rently,with increasing uncertainties in the external environment,China facesmultple difficulties and challenges in attracting foreign investment.展开更多
On July 9,the launch conference of World Energy Investment Report 2025 was held at Peking University.This conference was co-hosted by the International Energy Agency(IEA)and the Institute of Energy,Peking University a...On July 9,the launch conference of World Energy Investment Report 2025 was held at Peking University.This conference was co-hosted by the International Energy Agency(IEA)and the Institute of Energy,Peking University and the Energy Foundation.Xu Li,First-level Researcher at the Second Division of International Financial Organizations under the Department of International Financial Cooperation of the Ministry of Finance and direct leader of the Ministry of Finance International Financial Research Expert Workshop,Tim Gould,Chief Energy Economist of the International Energy Agency(IEA),and Mr.Zhang Huiyong,Executive Director of International Cooperation at the Energy Foundation,attended the opening ceremony and delivered speeches.Yang Lei,Associate Dean of the Institute of Energy,Peking University,chaired the press conference.展开更多
Urban investment bonds are another financing method designed by local governments in China to avoid the legal restrictions of urban economic construction, especially urban infrastructure construction under specific ec...Urban investment bonds are another financing method designed by local governments in China to avoid the legal restrictions of urban economic construction, especially urban infrastructure construction under specific economic environment. Although the issuance of urban investment bonds has eased the financing difficulties of local governments to a certain extent, the credit risk of urban investment bonds has gradually emerged due to the rapid increase in the number of urban investment companies and the expansion of the debt scale. In the borrowing process, not only the local government has expanded the land finance, but also the financial transparency has decreased, which will affect the regional economic development level, the urbanization process and the financial and credit status of the city investment companies themselves. Therefore, first of all, the local government should promote the improvement of the tax system, reduce the government's reliance on land finance, actively enhance the government's financial transparency, reduce the information asymmetry between bond issuers and market investors, and reduce the debt risk. Secondly, for the sake of stable growth of local economy, over-investment and development of cities should be avoided. Finally, standardize enterprises to increase credit guarantee, avoid false credit guarantee, and improve the system of public disclosure of corporate financial risk information and the role of third-party market capital in strictly guarding the market, providing a more reliable capital guarantee for the issuance and operation of China's bond market.展开更多
This article is adapted from a speech delivered by Dato’Norman Muhamad,Ambassador of Malaysia to China,at the ASEAN-China(Beijing Municipal Administrative Center)Trade and Investment Promotion Conference.The text has...This article is adapted from a speech delivered by Dato’Norman Muhamad,Ambassador of Malaysia to China,at the ASEAN-China(Beijing Municipal Administrative Center)Trade and Investment Promotion Conference.The text has been edited for clarity and length.展开更多
Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment effi...Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.展开更多
From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing fu...From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing functions of time, and when the option equals the yield, the investment opportunity cost is the least, which is the appropriate time for the enterprise investment. Under the condition that the investment yield is an increasing function of time, the investment opportunity cost is also an increasing function of time after the time when the investment option equals the investment yield. So the investors should invest as soon as possible, otherwise they should stop investment forever in this project. It is impossible to acquire more investment yields by indefinitely delaying the investment. Meanwhile, the study also shows that the martingale method, used widely in financial investment theory, is a powerful tool for enterprise investment decision making.展开更多
In this work,the influences of surface layer slurry at different temperatures(10℃,14℃,18℃,22℃)on wax patterns deformation,shrinkage,slurry coating characteristics,and the surface quality of the casting were invest...In this work,the influences of surface layer slurry at different temperatures(10℃,14℃,18℃,22℃)on wax patterns deformation,shrinkage,slurry coating characteristics,and the surface quality of the casting were investigated by using a single factor variable method.The surface morphologies of the shell molds produced by different temperatures of the surface(first)layer slurries were observed via electron microscopy.Furthermore,the microscopic composition of these shell molds was obtained by EDS,and the osmotic effect of the slurry on the wax patterns at different temperatures was also assessed by the PZ-200 Contact Angle detector.The forming reasons for the surface cracks and holes of thick and large ZTC4 titanium alloy by investment casting were analyzed.The experimental results show that the surface of the shell molds prepared by the surface layer slurry with a low temperature exhibits noticeable damage,which is mainly due to the poor coating performance and the serious expansion and contraction of wax pattern at low temperatures.The second layer shell material(SiO_(2),Al_(2)O_(3))immerses into the crack area of the surface layer,contacts and reacts with the molten titanium to form surface cracks and holes in the castings.With the increase of the temperature of surface layer slurry,the damage to the shell surface tends to weaken,and the composition of the shell molds'surface becomes more uniform with less impurities.The results show that the surface layer slurry at 22℃is evenly coated on the surface of the wax patterns with appropriate thickness,and there is no surface shell mold rupture caused by sliding slurry after sand leaching.The surface layer slurry temperature is consistent with the wax pattern temperature and the workshop temperature,so there is no damage of the surface layer shell caused by expansion and contraction.Therefore,the shell mold prepared by the surface layer slurry at this temperature has good integrity,isolating the contact between the low inert shell material and the titanium liquid effectively,and the ZTC4 titanium alloy cylinder casting prepared by this shell mold is smooth,without cracks and holes.展开更多
In this paper,we study the optimal investment problem of an insurer whose surplus process follows the diffusion approximation of the classical Cramer-Lundberg model.Investment in the foreign markets is allowed,and the...In this paper,we study the optimal investment problem of an insurer whose surplus process follows the diffusion approximation of the classical Cramer-Lundberg model.Investment in the foreign markets is allowed,and therefore,the foreign exchange rate model is incorporated.Under the allowing of selling and borrowing,the problem of maximizing the expected exponential utility of terminal wealth is studied.By solving the corresponding Hamilton-Jacobi-Bellman equations,the optimal investment strategies and value functions are obtained.Finally,numerical analysis is presented.展开更多
Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to...Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to leverage financial resources in key areas such as financial support for biodiversity conservation,value conversion of ecological products,and green inclusive finance has become an increasingly concerned field and an actively explored direction.This article reviews the relevant policies that have been issued in Jilin Province regarding biodiversity conservation,providing guidance for the formulation of investment and financing policies.In practice,Jilin Province has explored investment and financing models through multiple channels.In terms of finance,it has strengthened the coordination of financial resources at all levels in accordance with the principle of matching fiscal powers and expenditure responsibilities,and increased support for biodiversity conservation through existing funding channels.At the same time,it has actively studied the establishment of market-oriented and socialized investment and financing mechanisms and encouraged the participation of social capital.Through the research on the investment and financing policies and practices for biodiversity in Jilin Province,this article analyzes the existing bottlenecks in green finance support for biodiversity,aiming to provide reference for further improving relevant policies,optimizing the allocation and use of funds,and enhancing the level of biodiversity conservation.展开更多
With the sustainable and rapid development of the national economy and the continuous advancement of industrialization,China has become increasingly dependent on imports of important minerals,including copper,iron,sil...With the sustainable and rapid development of the national economy and the continuous advancement of industrialization,China has become increasingly dependent on imports of important minerals,including copper,iron,silver and lithium.Compared with direct imports from abroad,“going global”for FDI can not only guarantee the stability of mineral supply but also improve the added value of products by extending the industrial chain and enhancing discourse power,including pricing power in the industry.Peru’s total mineral reserves rank seventh in the world,making it an important destination for Chinese mining enterprises to invest directly and operate.展开更多
The optimal allocation of foreign resources requires a minimum level of domestic development,including financial development to benefit from the potential benefits of foreign direct investment.This study discusses the...The optimal allocation of foreign resources requires a minimum level of domestic development,including financial development to benefit from the potential benefits of foreign direct investment.This study discusses the mediating role of financial development in the effect of foreign direct investment on economic growth and establishes the banking sector threshold for the 18 least developed African countries over the period 2000 to 2020.We used the generalized method of moments(GMM)and the threshold regression(TR)as part of the dynamic panel data model.The results show the non-significant contribution of foreign direct investment and the banking sector to economic growth.After interaction,the effect of foreign direct investment becomes positive but not significant.However,the coefficient of the interaction variable is significantly negative.This implies that the financial system is unable to allocate foreign resources efficiently.For this reason,this paper resorted to applying the threshold regression to determine the minimum threshold of the banking sector and established a threshold of 74.58%.It therefore becomes necessary for the 18 least developed African countries to develop the financial system in order to get full benefits of foreign direct investment.展开更多
This study examines the influence of land suitability and investment in facilities on tourism potential,with a particular focus on the mediating role of community engagement.While previous research has explored the im...This study examines the influence of land suitability and investment in facilities on tourism potential,with a particular focus on the mediating role of community engagement.While previous research has explored the impact of environmental and infrastructural factors on tourism development,few studies have examined the interactive effects of community engagement in maximizing these benefits.This study aims to fill this gap by providing empirical evidence from Huangma Village,Jiangxi Province,China.A quantitative research design was adopted,using Partial Least Squares-Structural Equation Modeling(PLS-SEM)in SmartPLS to test the hypothesized relationships.Data were collected from 231 respondents,including local residents,tourism business owners,government officials,and infrastructure developers,through a structured survey questionnaire.The results confirm that land suitability and infrastructure investment significantly enhance tourism potential,with community engagement playing a crucial mediating role.The findings suggest that tourism success depends not only on physical and economic factors but also on active local participation in tourism-related initiatives.This study contributes to the literature by integrating environmental,infrastructural,and social dimensions of tourism development.The findings offer practical insights for policymakers and tourism planners,emphasizing the need for sustainable land management,strategic infrastructure investment,and participatory tourism governance to maximize tourism potential.展开更多
This study contributes to renewable energy policy modeling by developing a dynamic decision-making framework that incorporates uncertainty,irreversibility,and the value of information.It responds to the growing need f...This study contributes to renewable energy policy modeling by developing a dynamic decision-making framework that incorporates uncertainty,irreversibility,and the value of information.It responds to the growing need for structured tools to guide investments amid climate volatility,technological change,and economic risk.Grounded in decision theory—especially the work of Von Neumann,Morgenstern,and Savage—the framework models renewable energy investments using subjective probabilities and quasi-option value under evolving climate conditions.The empirical component focuses on ARAMCO’s renewable energy strategy,a corporate case illustrating how fossil-fuel-dependent entities can pivot toward sustainability.The analysis uses Net Present Value(NPV)modeling and real options analysis under different discount rates and carbon pricing scenarios to assess financial feasibility.Results show that lower discount rates and moderate carbon prices improve investment attractiveness,while high carbon pricing significantly reduces project viability.The study also highlights the policy relevance of this framework.Government subsidies,adaptive regulation,and public-private partnerships emerge as critical enablers of resilient investments.It further suggests that aligning ESG reporting standards with carbon pricing policies can strengthen market signals and encourage private capital flow into renewables.By integrating theoretical modeling with corporate investment realities,this chapter offers a replicable tool for policymakers and investors.Future research should expand its application across sectors and geographies to validate generalizability and improve planning in the transition toward low-carbon economies.展开更多
Cleaner air,lower dependency on oil,and lower emissions are just a few reasons to move away from combustion cars.In the wake of the emergence of more environmentally friendly technology,some countries have decided to ...Cleaner air,lower dependency on oil,and lower emissions are just a few reasons to move away from combustion cars.In the wake of the emergence of more environmentally friendly technology,some countries have decided to move away from traditional cars towards electric vehicles (EVs).The rise of the EV industry has created a shift in energy demand from oil-based to battery-based.展开更多
Since 2000,China's investment in Africa has grown rapidly,following a steady upward trajectory.However,this influx of Chinese capital has sparked both economic and political controversies.By integrating multi-sour...Since 2000,China's investment in Africa has grown rapidly,following a steady upward trajectory.However,this influx of Chinese capital has sparked both economic and political controversies.By integrating multi-source data—from micro-level individual projects to national statistics—this study examines the impact of Chinese investment on African economic development between 2000 and 2022.The results reveal a significant positive correlation between Chinese investment and economic growth across different scales,with investment-intensive regions achieving stronger economic outcomes.The DID analysis indicates that the Belt and Road Initiative has contributed positively to Africa's economic development.Both static and dynamic panel models confirm that Chinese investment significantly stimulates growth,exhibiting notable lag effects.Furthermore,β-convergence models demonstrate that Chinese investment fosters economic convergence among African countries.Regarding regional inequality,the findings suggest that Chinese investment helps to narrow disparities across Africa,promoting a more balanced economic landscape.Overall,this research underscores the constructive role of China's investment in fostering economic growth and reducing inequality within the African context.展开更多
With intensifying market competition and growing financial complexity,strengthening risk control in corporate capital investment management has become imperative.This paper examines the critical role of risk managemen...With intensifying market competition and growing financial complexity,strengthening risk control in corporate capital investment management has become imperative.This paper examines the critical role of risk management in ensuring financial stability,optimizing resource allocation,and achieving strategic objectives.It identifies key risk categories including market volatility,liquidity challenges,operational risks,and strategic misalignment,while proposing targeted strategies such as dynamic monitoring,strategic planning,decision-making optimization,and focused risk management.展开更多
This paper discusses an experimental investigation into the fluidity of AZ91D-1 wt.%Ca O magnesium melt via induction for thin-section investment casting.Plaster molds with thin spiral cavities(0.5 to 1.5 mm square se...This paper discusses an experimental investigation into the fluidity of AZ91D-1 wt.%Ca O magnesium melt via induction for thin-section investment casting.Plaster molds with thin spiral cavities(0.5 to 1.5 mm square sections)were designed and manufactured to assess the impact of casting conditions on filling length,as magnesium alloys cause severe melting and melt-mold exothermic reactions,making investment casting challenging.Combinations of traditional Mg-mold reaction mitigation techniques,such as applying a protective mold coating(Yttria)and vacuum,were examined to determine their role in the filling process.The results suggest that when induction is employed to melt reactive alloys,these methods are not always beneficial,as initially thought.Particularly at higher melt temperatures,the combination of Yttria-coated molds with low-pressure vacuum induction significantly reduce fluidity:vacuum induced melt levitation which promotes oxidation with the residual atmosphere;and Yttria-coating cracking due to thermal stress during the mold fabrication slows filling and promotes significant melt-mold reaction.This study shows that best results to investment cast thin-sections are obtained by avoiding both vacuum and protective coatings,providing a viable route for the precision manufacturing of stent biomedical devices.展开更多
基金supported by the National Natural Science Foundation of China (Grant No. 5186504)the University Science Foundation for Young Science and Technology Talents in Inner Mongolia Autonomous Region of China (Grant No. NJYT22078)+2 种基金the Basic Scientific Research Expenses Program of Universities directly under Inner Mongolia Autonomous Region (Grant No. JY20220059)the Inner Mongolia Autonomous Region ‘Grassland Talent’ project Young Innovative Talent Training Program Level ⅠBasic Research Expenses of Universities directly under the Inner Mongolia Autonomous Region (Grant No. ZTY2023040)。
文摘To develop a suitable production process for fiber reinforced investment casting shell mold,three methods were studied:the traditional method(M_(1)),the method of adding fiber into silica sol with mechanical stirring and ultrasonic agitation(M_(2)),and the method of adding fiber into slurry with mechanical stirring and ultrasonic agitation for durations of 3,15,30,and 45 min(M_(3)).The bending strength,high-temperature self-load deformation,and thermal conductivity of the shell molds were investigated.The results reveal that the enhancement of fiber dispersion through ultrasonic agitation improves the comprehensive performance of the shell molds.The maximum green bending strength of the shell mold by M_(2) reaches 3.29 MPa,which is 29% higher than that of the shell mold prepared by M_(1).Moreover,the high-temperature self-load deformation of the shell mold is reduced from 0.62% to 0.44%.In addition,simultaneous ultrasonic agitation and mechanical stirring effectively shorten the slurry preparation time while maintaining comparable levels of fiber dispersion.With the process M_(3)-45 min,the fillers are uniformly dispersed in the slurry,and the fired bending strength and the high-temperature self-load deformation reach 6.25 MPa and 0.41%,respectively.Therefore,the proposed ultrasonic agitation route is promising for the fabrication of fiber-reinforced shell molds with excellent fibers dispersion.
文摘ln order to improve the level of investment promotion and redouble effortsto enhance services,on February l9th,the 2025 Action Plan for StabilizingForeign lnvestment was released,proposing 20 measures in four aspects.Cur-rently,with increasing uncertainties in the external environment,China facesmultple difficulties and challenges in attracting foreign investment.
文摘On July 9,the launch conference of World Energy Investment Report 2025 was held at Peking University.This conference was co-hosted by the International Energy Agency(IEA)and the Institute of Energy,Peking University and the Energy Foundation.Xu Li,First-level Researcher at the Second Division of International Financial Organizations under the Department of International Financial Cooperation of the Ministry of Finance and direct leader of the Ministry of Finance International Financial Research Expert Workshop,Tim Gould,Chief Energy Economist of the International Energy Agency(IEA),and Mr.Zhang Huiyong,Executive Director of International Cooperation at the Energy Foundation,attended the opening ceremony and delivered speeches.Yang Lei,Associate Dean of the Institute of Energy,Peking University,chaired the press conference.
文摘Urban investment bonds are another financing method designed by local governments in China to avoid the legal restrictions of urban economic construction, especially urban infrastructure construction under specific economic environment. Although the issuance of urban investment bonds has eased the financing difficulties of local governments to a certain extent, the credit risk of urban investment bonds has gradually emerged due to the rapid increase in the number of urban investment companies and the expansion of the debt scale. In the borrowing process, not only the local government has expanded the land finance, but also the financial transparency has decreased, which will affect the regional economic development level, the urbanization process and the financial and credit status of the city investment companies themselves. Therefore, first of all, the local government should promote the improvement of the tax system, reduce the government's reliance on land finance, actively enhance the government's financial transparency, reduce the information asymmetry between bond issuers and market investors, and reduce the debt risk. Secondly, for the sake of stable growth of local economy, over-investment and development of cities should be avoided. Finally, standardize enterprises to increase credit guarantee, avoid false credit guarantee, and improve the system of public disclosure of corporate financial risk information and the role of third-party market capital in strictly guarding the market, providing a more reliable capital guarantee for the issuance and operation of China's bond market.
文摘This article is adapted from a speech delivered by Dato’Norman Muhamad,Ambassador of Malaysia to China,at the ASEAN-China(Beijing Municipal Administrative Center)Trade and Investment Promotion Conference.The text has been edited for clarity and length.
基金supported by the following grants:National Natural Science Foundation of China(Grant No.72271147)Natural Science Foundation of Guangdong Province(Grant No.2022A1515010573)+1 种基金STU Scientific Research Initiation(Grant No.STF21005,STF21004)the Philosophy and Social Science Planning Project of Guangdong Province(Grant No.GD21CGL12,GD23XYJ76).
文摘Purpose:This research endeavors to investigate the impact of open government data on corporate investment,emphasizing the exploration of underlying mechanisms,heterogeneous effects,and implications for investment efficiency.Utilizing the implementation of government data open platforms as a quasi-natural experiment,this study aims to elucidate how public data transparency affects firms’investment decisions and resource allocation.Design/methodology/approach:This study employs a staggered Difference-in-Differences(DID)model as its principal methodological framework.This approach facilitates causal inference by examining the differential changes in corporate investment between firms influenced by the data openness policy and those that remain unaffected over time.Findings:The findings indicate that open government data substantially enhance corporate investment levels.A mechanistic analysis identifies three principal channels through which this effect is mediated:alleviation of overall financing constraints,reduction of financing costs,and expansion of the financing scale.A heterogeneity analysis suggests that the positive impact is more pronounced in state-owned enterprises,high-tech firms,and companies experiencing elevated levels of macroeconomic uncertainty.Moreover,the transparency of government data improves the responsiveness of corporate investment to emerging opportunities,thereby augmenting the overall efficiency of corporate investment.Research limitations:This study primarily examined the influence of government data transparency on corporate investment,while not accounting for the effects of macroeconomic variability,internal corporate governance frameworks,and industry-specific regulatory policies.Practical implications:Government open data platforms can effectively boost corporate investment and resource allocation.Policymakers should focus on improving the quality and accessibility of these data,especially in areas with high economic uncertainty,to support business investments.Firms,particularly high-tech and financially constrained firms,can use open data to ease capital limitations and find investment opportunities.Regulators should promote data transparency to enhance economic vitality through efficient corporate investments.Originality/value:This study enhances the existing literature by offering causal evidence of the impact of open government data on corporate investment,a subject that has been relatively underexplored empirically.By employing a quasi-natural experiment centered on the implementation of government data platforms,this study adopts a robust methodological approach to address endogeneity issues,thereby advancing methodological rigor in investigations of public data governance and corporate behavior.
文摘From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing functions of time, and when the option equals the yield, the investment opportunity cost is the least, which is the appropriate time for the enterprise investment. Under the condition that the investment yield is an increasing function of time, the investment opportunity cost is also an increasing function of time after the time when the investment option equals the investment yield. So the investors should invest as soon as possible, otherwise they should stop investment forever in this project. It is impossible to acquire more investment yields by indefinitely delaying the investment. Meanwhile, the study also shows that the martingale method, used widely in financial investment theory, is a powerful tool for enterprise investment decision making.
文摘In this work,the influences of surface layer slurry at different temperatures(10℃,14℃,18℃,22℃)on wax patterns deformation,shrinkage,slurry coating characteristics,and the surface quality of the casting were investigated by using a single factor variable method.The surface morphologies of the shell molds produced by different temperatures of the surface(first)layer slurries were observed via electron microscopy.Furthermore,the microscopic composition of these shell molds was obtained by EDS,and the osmotic effect of the slurry on the wax patterns at different temperatures was also assessed by the PZ-200 Contact Angle detector.The forming reasons for the surface cracks and holes of thick and large ZTC4 titanium alloy by investment casting were analyzed.The experimental results show that the surface of the shell molds prepared by the surface layer slurry with a low temperature exhibits noticeable damage,which is mainly due to the poor coating performance and the serious expansion and contraction of wax pattern at low temperatures.The second layer shell material(SiO_(2),Al_(2)O_(3))immerses into the crack area of the surface layer,contacts and reacts with the molten titanium to form surface cracks and holes in the castings.With the increase of the temperature of surface layer slurry,the damage to the shell surface tends to weaken,and the composition of the shell molds'surface becomes more uniform with less impurities.The results show that the surface layer slurry at 22℃is evenly coated on the surface of the wax patterns with appropriate thickness,and there is no surface shell mold rupture caused by sliding slurry after sand leaching.The surface layer slurry temperature is consistent with the wax pattern temperature and the workshop temperature,so there is no damage of the surface layer shell caused by expansion and contraction.Therefore,the shell mold prepared by the surface layer slurry at this temperature has good integrity,isolating the contact between the low inert shell material and the titanium liquid effectively,and the ZTC4 titanium alloy cylinder casting prepared by this shell mold is smooth,without cracks and holes.
基金supported by the National Natural Science Foundation of China(Grant No.12301603).
文摘In this paper,we study the optimal investment problem of an insurer whose surplus process follows the diffusion approximation of the classical Cramer-Lundberg model.Investment in the foreign markets is allowed,and therefore,the foreign exchange rate model is incorporated.Under the allowing of selling and borrowing,the problem of maximizing the expected exponential utility of terminal wealth is studied.By solving the corresponding Hamilton-Jacobi-Bellman equations,the optimal investment strategies and value functions are obtained.Finally,numerical analysis is presented.
文摘Biodiversity is closely related to human well-being and is an important foundation for human survival and development.Currently,there is a significant funding gap in biodiversity conservation in various regions.How to leverage financial resources in key areas such as financial support for biodiversity conservation,value conversion of ecological products,and green inclusive finance has become an increasingly concerned field and an actively explored direction.This article reviews the relevant policies that have been issued in Jilin Province regarding biodiversity conservation,providing guidance for the formulation of investment and financing policies.In practice,Jilin Province has explored investment and financing models through multiple channels.In terms of finance,it has strengthened the coordination of financial resources at all levels in accordance with the principle of matching fiscal powers and expenditure responsibilities,and increased support for biodiversity conservation through existing funding channels.At the same time,it has actively studied the establishment of market-oriented and socialized investment and financing mechanisms and encouraged the participation of social capital.Through the research on the investment and financing policies and practices for biodiversity in Jilin Province,this article analyzes the existing bottlenecks in green finance support for biodiversity,aiming to provide reference for further improving relevant policies,optimizing the allocation and use of funds,and enhancing the level of biodiversity conservation.
文摘With the sustainable and rapid development of the national economy and the continuous advancement of industrialization,China has become increasingly dependent on imports of important minerals,including copper,iron,silver and lithium.Compared with direct imports from abroad,“going global”for FDI can not only guarantee the stability of mineral supply but also improve the added value of products by extending the industrial chain and enhancing discourse power,including pricing power in the industry.Peru’s total mineral reserves rank seventh in the world,making it an important destination for Chinese mining enterprises to invest directly and operate.
文摘The optimal allocation of foreign resources requires a minimum level of domestic development,including financial development to benefit from the potential benefits of foreign direct investment.This study discusses the mediating role of financial development in the effect of foreign direct investment on economic growth and establishes the banking sector threshold for the 18 least developed African countries over the period 2000 to 2020.We used the generalized method of moments(GMM)and the threshold regression(TR)as part of the dynamic panel data model.The results show the non-significant contribution of foreign direct investment and the banking sector to economic growth.After interaction,the effect of foreign direct investment becomes positive but not significant.However,the coefficient of the interaction variable is significantly negative.This implies that the financial system is unable to allocate foreign resources efficiently.For this reason,this paper resorted to applying the threshold regression to determine the minimum threshold of the banking sector and established a threshold of 74.58%.It therefore becomes necessary for the 18 least developed African countries to develop the financial system in order to get full benefits of foreign direct investment.
文摘This study examines the influence of land suitability and investment in facilities on tourism potential,with a particular focus on the mediating role of community engagement.While previous research has explored the impact of environmental and infrastructural factors on tourism development,few studies have examined the interactive effects of community engagement in maximizing these benefits.This study aims to fill this gap by providing empirical evidence from Huangma Village,Jiangxi Province,China.A quantitative research design was adopted,using Partial Least Squares-Structural Equation Modeling(PLS-SEM)in SmartPLS to test the hypothesized relationships.Data were collected from 231 respondents,including local residents,tourism business owners,government officials,and infrastructure developers,through a structured survey questionnaire.The results confirm that land suitability and infrastructure investment significantly enhance tourism potential,with community engagement playing a crucial mediating role.The findings suggest that tourism success depends not only on physical and economic factors but also on active local participation in tourism-related initiatives.This study contributes to the literature by integrating environmental,infrastructural,and social dimensions of tourism development.The findings offer practical insights for policymakers and tourism planners,emphasizing the need for sustainable land management,strategic infrastructure investment,and participatory tourism governance to maximize tourism potential.
文摘This study contributes to renewable energy policy modeling by developing a dynamic decision-making framework that incorporates uncertainty,irreversibility,and the value of information.It responds to the growing need for structured tools to guide investments amid climate volatility,technological change,and economic risk.Grounded in decision theory—especially the work of Von Neumann,Morgenstern,and Savage—the framework models renewable energy investments using subjective probabilities and quasi-option value under evolving climate conditions.The empirical component focuses on ARAMCO’s renewable energy strategy,a corporate case illustrating how fossil-fuel-dependent entities can pivot toward sustainability.The analysis uses Net Present Value(NPV)modeling and real options analysis under different discount rates and carbon pricing scenarios to assess financial feasibility.Results show that lower discount rates and moderate carbon prices improve investment attractiveness,while high carbon pricing significantly reduces project viability.The study also highlights the policy relevance of this framework.Government subsidies,adaptive regulation,and public-private partnerships emerge as critical enablers of resilient investments.It further suggests that aligning ESG reporting standards with carbon pricing policies can strengthen market signals and encourage private capital flow into renewables.By integrating theoretical modeling with corporate investment realities,this chapter offers a replicable tool for policymakers and investors.Future research should expand its application across sectors and geographies to validate generalizability and improve planning in the transition toward low-carbon economies.
文摘Cleaner air,lower dependency on oil,and lower emissions are just a few reasons to move away from combustion cars.In the wake of the emergence of more environmentally friendly technology,some countries have decided to move away from traditional cars towards electric vehicles (EVs).The rise of the EV industry has created a shift in energy demand from oil-based to battery-based.
基金National Natural Science Foundation of China,No.42101424,No.42001115。
文摘Since 2000,China's investment in Africa has grown rapidly,following a steady upward trajectory.However,this influx of Chinese capital has sparked both economic and political controversies.By integrating multi-source data—from micro-level individual projects to national statistics—this study examines the impact of Chinese investment on African economic development between 2000 and 2022.The results reveal a significant positive correlation between Chinese investment and economic growth across different scales,with investment-intensive regions achieving stronger economic outcomes.The DID analysis indicates that the Belt and Road Initiative has contributed positively to Africa's economic development.Both static and dynamic panel models confirm that Chinese investment significantly stimulates growth,exhibiting notable lag effects.Furthermore,β-convergence models demonstrate that Chinese investment fosters economic convergence among African countries.Regarding regional inequality,the findings suggest that Chinese investment helps to narrow disparities across Africa,promoting a more balanced economic landscape.Overall,this research underscores the constructive role of China's investment in fostering economic growth and reducing inequality within the African context.
文摘With intensifying market competition and growing financial complexity,strengthening risk control in corporate capital investment management has become imperative.This paper examines the critical role of risk management in ensuring financial stability,optimizing resource allocation,and achieving strategic objectives.It identifies key risk categories including market volatility,liquidity challenges,operational risks,and strategic misalignment,while proposing targeted strategies such as dynamic monitoring,strategic planning,decision-making optimization,and focused risk management.
基金financed by National Funds through the Portuguese funding agency,FCT–Funda??o para a Ciência e a Tecnologia,within the strategic projects UIDB/04436/2020,UIDB/00481/2020 and LA/P/0063/2020(DOI 10.54499/LA/P/0063/2020)。
文摘This paper discusses an experimental investigation into the fluidity of AZ91D-1 wt.%Ca O magnesium melt via induction for thin-section investment casting.Plaster molds with thin spiral cavities(0.5 to 1.5 mm square sections)were designed and manufactured to assess the impact of casting conditions on filling length,as magnesium alloys cause severe melting and melt-mold exothermic reactions,making investment casting challenging.Combinations of traditional Mg-mold reaction mitigation techniques,such as applying a protective mold coating(Yttria)and vacuum,were examined to determine their role in the filling process.The results suggest that when induction is employed to melt reactive alloys,these methods are not always beneficial,as initially thought.Particularly at higher melt temperatures,the combination of Yttria-coated molds with low-pressure vacuum induction significantly reduce fluidity:vacuum induced melt levitation which promotes oxidation with the residual atmosphere;and Yttria-coating cracking due to thermal stress during the mold fabrication slows filling and promotes significant melt-mold reaction.This study shows that best results to investment cast thin-sections are obtained by avoiding both vacuum and protective coatings,providing a viable route for the precision manufacturing of stent biomedical devices.
