In recent years, the Shanghai Institute of Organic Chemistry under the CAS has freed itself from the stereotyped rut of conventional forms in its external intercourse while still sticking fast to upholding its strateg...In recent years, the Shanghai Institute of Organic Chemistry under the CAS has freed itself from the stereotyped rut of conventional forms in its external intercourse while still sticking fast to upholding its strategic goal of disciplinary development. Our stress in this aspect has shifted to the pursuit of real effects and diversified forms in international S&T exchange. Our exploration features the following four characteristics:展开更多
Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of ...Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of moments regression framework. Our results show that REER depreciation, in general, promotes regional economic growth, through increasing net exports and lowering FDI costs. After dividing the full sample into coastal and inland subsamples, we find that REER depreciation influences economic growth in inland areas but not in coastal areas. This is due to the fact that the inland areas have more surplus labor or other resources to expand their production capacity when REER depreciation leads to increased worm demand. Furthermore, compared to inland areas, processing-and-assembly trade comprises a larger share of trade in the coastal areas, where traders import more raw materials and intermediate goods to process and assemble goods. When the exchange rate depreciates, the costs of imported materials and immediate goods increase. In this case, the benefits from REER depreciation in coastal areas are offset to some extent and are thus lower than in inland areas.展开更多
This paper measures the industry-specific real effective exchange rate （REER） for China by matching domestic and foreign industry-level price and trade data series. We find that after 2005 the REER appreciates more ...This paper measures the industry-specific real effective exchange rate （REER） for China by matching domestic and foreign industry-level price and trade data series. We find that after 2005 the REER appreciates more in the ＂chemical, plastics, rubber and fuels industry＂ and the ＂＇machinery and equipment industry,＂ but remains roughly constant or even depreciates in other industries. The nominal exchange rate generally accounts for over 50 percent of the aggregate real effective exchange rate JTuetuations, but this conclusion does not apply to three of nine industries. We apply the industry-specific REER to re-examine the relationship between the exchange rate and trade, and find that the industry-specific REER index performs better than the traditional aggregate REER index. We recommend that the Chinese Government officially adopt industry-specific exchange rates instead of using the aggregate effective exchange rates to evaluate the competitiveness of Chinese industries in the international market.展开更多
This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production f...This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.展开更多
The high pressure pneumatic system has been applied to special industries. It may cause errors when we analyze high pressure pneumatics under ideal gas assumption. However, the real gas effect on the performances of h...The high pressure pneumatic system has been applied to special industries. It may cause errors when we analyze high pressure pneumatics under ideal gas assumption. However, the real gas effect on the performances of high pressure pneumatics is seldom investigated. In this paper, the real gas effects on air enthalpy and internal energy are estimated firstly to study the real gas effect on the energy conversion. Under ideal gas assumption, enthalpy and internal energy are solely related to air temperature. The estimation result indicates that the pressure enthalpy and pressure internal energy of real pneumatic air obviously decrease the values of enthalpy and internal energy for high pressure pneumatics, and the values of pressure enthalpy and pressure internal energy are close. Based on the relationship among pressure, enthalpy and internal energy, the real gas effects on charging and discharging processes of high pressure pneumatics are estimated, which indicates that the real gas effect accelerates the temperature and pressure decreasing rates during discharging process, and decelerates their increasing rates during charging process. According to the above analysis, and for the inconvenience in building the simulation model for real gas and the difficulty of measuring the detail thermal capacities of pneumatics, a method to compensate the real gas effect under ideal gas assumption is proposed by modulating the thermal capacity of the pneumatic container in simulation. The experiments of switching expansion reduction （SER） for high pressure pneumatics are used to verify this compensating method. SER includes the discharging process of supply tanks and the charging process of expansion tank. The simulated and experimental results of SER are highly consistent. The proposed compensation method provides a convenient way to obtain more realistic simulation results for high pressure pneumatics.展开更多
BACKGROUND The efficacy and safety of proprotein convertase subtilisin/kexin type 9(PCSK-9) inhibitors were confirmed by several clinical trials, but its effectiveness in routine clinical practice in China has not bee...BACKGROUND The efficacy and safety of proprotein convertase subtilisin/kexin type 9(PCSK-9) inhibitors were confirmed by several clinical trials, but its effectiveness in routine clinical practice in China has not been evaluated. This study aims to describe the real world effectiveness of PCSK-9 inhibitors combined with statins compared with statins-based therapy among patients with very high risk of atherosclerotic cardiovascular disease(ASCVD).METHODS This is a multi-center observational study, enrolled patients from 32 hospitals who underwent percutaneous coronary intervention(PCI) from January to June in 2019. There are 453 patients treated with PCSK-9 inhibitors combined with statins in PCSK-9 inhibitor group and 2,610 patients treated with statins-based lipid lowering therapies in statins-based group. The lipid control rate and incidence of major adverse cardiovascular events(MACE) over six months were compared between two groups.A propensity score-matched(PSM) analysis was used to balance two groups on confounding factors. Survival analysis using Kaplan-Meier methods was applied for MACE.RESULTS In a total of 3,063 patients, 89.91% of patients had received moderate or high-intensity statins-based therapy before PCI, but only 9.47% of patients had low-density lipoprotein cholesterol(LDL-C) levels below 1.4 mmol/L at baseline. In the PSM selected patients, LDL-C level was reduced by 42.57% in PCSK-9 inhibitor group and 30.81%(P < 0.001) in statins-based group after six months. The proportion of LDL-C ≤ 1.0 mmol/L increased from 5.29% to 29.26% in PCSK-9 inhibitor group and 0.23% to 6.11% in statins-based group, and the proportion of LDL-C ≤ 1.4 mmol/L increased from 10.36% to 47.69% in PCSK-9 inhibitor group and 2.99% to 18.43% in statins-based group(P < 0.001 for both). There was no significant difference between PCSK-9 inhibitor and statins-based treatment in reducing the risk of MACE(hazard ratio = 2.52, 95% CI: 0.49-12.97, P = 0.250).CONCLUSIONS In the real world, PCSK-9 inhibitors combined with statins could significantly reduce LDL-C levels among patients with very high risk of ASCVD in China. The long-term clinical benefits for patients received PCSK-9 inhibitor to reduce the risk of MACE is still unclear and requires further study.展开更多
Switching expansion reduction(SER)uses a switch valve instead of the throttle valve to realize electronically controlled pressure reduction for high pressure pneumatics.A comprehensive and interactive pneumatic simula...Switching expansion reduction(SER)uses a switch valve instead of the throttle valve to realize electronically controlled pressure reduction for high pressure pneumatics.A comprehensive and interactive pneumatic simulation model according to the experimental setup of SER has been built.The mathematical model considers heat exchanges,source air pressure and temperature,environmental temperatures and heat transfer coefficients variations.In addition,the compensation for real gas effect is used in the model building.The comparison between experiments and simulations of SER indicates that,to compensate the real gas effect in high pressure discharging process,the thermal capacity of air supply container in simulation should be less than the actual value.The higher the pressure range,the greater the deviation.Simulated and experimental results are highly consistent within pressure reduction ratios ranging from 1.4 to 20 and output air mass flow rates ranging from 3.5 to 132 g/s,which verifies the high adaptability of SER and the validity of the mathematic model and the compensation method.展开更多
Transitions within the boundary layer significantly affect the aerodynamic and aerothermodynamic dynamics of hypersonic vehicles.Accurately predicting these transitions poses a significant challenge in vehicle design....Transitions within the boundary layer significantly affect the aerodynamic and aerothermodynamic dynamics of hypersonic vehicles.Accurately predicting these transitions poses a significant challenge in vehicle design.At high speeds and altitudes,thermochemical processes within the hypersonic boundary layer lead to real gas effects that alter flow stability and further complicate transition prediction.Direct numerical simulation and linear stability theory are used to investigate the effects of chemical reaction-induced terms on the second and cross-flow modes,and to identify the main sources of species disturbances.Efficient stability analysis method for real gas is developed by applying multilevel assumptions to the linear stability equation.The results indicate that at lower wall temperatures,species disturbances primarily arise from convective terms,and there is a continuous contribution from chemical reaction source terms.The contributions of the diffusion and chemical source terms to species disturbances increase with the intensity of chemical reactions.When the nitrogen within the boundary layer is not dissociated or is only weakly dissociated,the assumption of complete freezing of the species disturbances can be employed to enhance the computational efficiency of the linear stability analysis.Chemical non-equilibrium linear stability theory based on the freezing assumption is suitable for most experimental and flight conditions,significantly reducing the computational time for real gas transition predictions,making it comparable to that for perfect gas.展开更多
An important limitation of the research literatures which study the effect on the export of the real effective exchange rates is the lack of application of interaction or moderator effect among the independent variabl...An important limitation of the research literatures which study the effect on the export of the real effective exchange rates is the lack of application of interaction or moderator effect among the independent variables. To remedy this lacuna, the authors developed a model in which real effective exchange rate moderated the effect of import and utilization of foreign capital on export. The sample comprised 11 years＇ data in Guangdong China. The result showed that real effective exchange rate of RMB affected the export by interacting with utilization of foreign capital. Moreover, to some degree, the real effective exchange rate can also act as moderator between import and export.展开更多
Most scholars believe that FDI inflow has a direct impact on China’s foreign exchange reserve,while others hold that FDI is mainly invested in the form of physical capital and technology,and therefore does not direct...Most scholars believe that FDI inflow has a direct impact on China’s foreign exchange reserve,while others hold that FDI is mainly invested in the form of physical capital and technology,and therefore does not directly contribute to China’s foreign exchanges reserve accumulation.This paper points out that both effects,direct and indirect,should be considered when assessing FDI’s contribution to foreign exchange reserves.Result shows that from 1986 to 2007,FDI contributed 50%to foreign exchange reserves and the direct effect dominant before 2003 was surpassed by indirect effect after 2001 as the major source of the contribution.展开更多
文摘In recent years, the Shanghai Institute of Organic Chemistry under the CAS has freed itself from the stereotyped rut of conventional forms in its external intercourse while still sticking fast to upholding its strategic goal of disciplinary development. Our stress in this aspect has shifted to the pursuit of real effects and diversified forms in international S&T exchange. Our exploration features the following four characteristics:
文摘Using data for the period 2000-2011, we construct province-level real effective exchange rate （REER） indices for China and test the effect of REER depreciation on regional economic growth in a generalized method of moments regression framework. Our results show that REER depreciation, in general, promotes regional economic growth, through increasing net exports and lowering FDI costs. After dividing the full sample into coastal and inland subsamples, we find that REER depreciation influences economic growth in inland areas but not in coastal areas. This is due to the fact that the inland areas have more surplus labor or other resources to expand their production capacity when REER depreciation leads to increased worm demand. Furthermore, compared to inland areas, processing-and-assembly trade comprises a larger share of trade in the coastal areas, where traders import more raw materials and intermediate goods to process and assemble goods. When the exchange rate depreciates, the costs of imported materials and immediate goods increase. In this case, the benefits from REER depreciation in coastal areas are offset to some extent and are thus lower than in inland areas.
基金supported by the Fundamental Research Funds for the Central Universities(No.2012WYB34)from Beijing Normal University
文摘This paper measures the industry-specific real effective exchange rate （REER） for China by matching domestic and foreign industry-level price and trade data series. We find that after 2005 the REER appreciates more in the ＂chemical, plastics, rubber and fuels industry＂ and the ＂＇machinery and equipment industry,＂ but remains roughly constant or even depreciates in other industries. The nominal exchange rate generally accounts for over 50 percent of the aggregate real effective exchange rate JTuetuations, but this conclusion does not apply to three of nine industries. We apply the industry-specific REER to re-examine the relationship between the exchange rate and trade, and find that the industry-specific REER index performs better than the traditional aggregate REER index. We recommend that the Chinese Government officially adopt industry-specific exchange rates instead of using the aggregate effective exchange rates to evaluate the competitiveness of Chinese industries in the international market.
文摘This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.
基金supported by National Natural Science Foundation of China (Grant No. 50575202)
文摘The high pressure pneumatic system has been applied to special industries. It may cause errors when we analyze high pressure pneumatics under ideal gas assumption. However, the real gas effect on the performances of high pressure pneumatics is seldom investigated. In this paper, the real gas effects on air enthalpy and internal energy are estimated firstly to study the real gas effect on the energy conversion. Under ideal gas assumption, enthalpy and internal energy are solely related to air temperature. The estimation result indicates that the pressure enthalpy and pressure internal energy of real pneumatic air obviously decrease the values of enthalpy and internal energy for high pressure pneumatics, and the values of pressure enthalpy and pressure internal energy are close. Based on the relationship among pressure, enthalpy and internal energy, the real gas effects on charging and discharging processes of high pressure pneumatics are estimated, which indicates that the real gas effect accelerates the temperature and pressure decreasing rates during discharging process, and decelerates their increasing rates during charging process. According to the above analysis, and for the inconvenience in building the simulation model for real gas and the difficulty of measuring the detail thermal capacities of pneumatics, a method to compensate the real gas effect under ideal gas assumption is proposed by modulating the thermal capacity of the pneumatic container in simulation. The experiments of switching expansion reduction （SER） for high pressure pneumatics are used to verify this compensating method. SER includes the discharging process of supply tanks and the charging process of expansion tank. The simulated and experimental results of SER are highly consistent. The proposed compensation method provides a convenient way to obtain more realistic simulation results for high pressure pneumatics.
基金supported by the China Cardiovascular Health Alliance-Advanced Fund (2019CCA-ACCESS-054)the Beijing Lisheng Cardiovascular Health Foundation Pilot Fund Key Projects。
文摘BACKGROUND The efficacy and safety of proprotein convertase subtilisin/kexin type 9(PCSK-9) inhibitors were confirmed by several clinical trials, but its effectiveness in routine clinical practice in China has not been evaluated. This study aims to describe the real world effectiveness of PCSK-9 inhibitors combined with statins compared with statins-based therapy among patients with very high risk of atherosclerotic cardiovascular disease(ASCVD).METHODS This is a multi-center observational study, enrolled patients from 32 hospitals who underwent percutaneous coronary intervention(PCI) from January to June in 2019. There are 453 patients treated with PCSK-9 inhibitors combined with statins in PCSK-9 inhibitor group and 2,610 patients treated with statins-based lipid lowering therapies in statins-based group. The lipid control rate and incidence of major adverse cardiovascular events(MACE) over six months were compared between two groups.A propensity score-matched(PSM) analysis was used to balance two groups on confounding factors. Survival analysis using Kaplan-Meier methods was applied for MACE.RESULTS In a total of 3,063 patients, 89.91% of patients had received moderate or high-intensity statins-based therapy before PCI, but only 9.47% of patients had low-density lipoprotein cholesterol(LDL-C) levels below 1.4 mmol/L at baseline. In the PSM selected patients, LDL-C level was reduced by 42.57% in PCSK-9 inhibitor group and 30.81%(P < 0.001) in statins-based group after six months. The proportion of LDL-C ≤ 1.0 mmol/L increased from 5.29% to 29.26% in PCSK-9 inhibitor group and 0.23% to 6.11% in statins-based group, and the proportion of LDL-C ≤ 1.4 mmol/L increased from 10.36% to 47.69% in PCSK-9 inhibitor group and 2.99% to 18.43% in statins-based group(P < 0.001 for both). There was no significant difference between PCSK-9 inhibitor and statins-based treatment in reducing the risk of MACE(hazard ratio = 2.52, 95% CI: 0.49-12.97, P = 0.250).CONCLUSIONS In the real world, PCSK-9 inhibitors combined with statins could significantly reduce LDL-C levels among patients with very high risk of ASCVD in China. The long-term clinical benefits for patients received PCSK-9 inhibitor to reduce the risk of MACE is still unclear and requires further study.
基金Project(51205421)supported by the National Natural Science Foundation of ChinaProject(2012M521647)supported by the Postdoctoral Science Foundation of China
文摘Switching expansion reduction(SER)uses a switch valve instead of the throttle valve to realize electronically controlled pressure reduction for high pressure pneumatics.A comprehensive and interactive pneumatic simulation model according to the experimental setup of SER has been built.The mathematical model considers heat exchanges,source air pressure and temperature,environmental temperatures and heat transfer coefficients variations.In addition,the compensation for real gas effect is used in the model building.The comparison between experiments and simulations of SER indicates that,to compensate the real gas effect in high pressure discharging process,the thermal capacity of air supply container in simulation should be less than the actual value.The higher the pressure range,the greater the deviation.Simulated and experimental results are highly consistent within pressure reduction ratios ranging from 1.4 to 20 and output air mass flow rates ranging from 3.5 to 132 g/s,which verifies the high adaptability of SER and the validity of the mathematic model and the compensation method.
基金the National Natural Science Foundation of China(No.51205421)the Fund of the Key Laboratory of Sensing Technology and Biomedical Instruments of Guangdong Province(No.2011A060901013)
基金supported by the National Natural Science Foundation of China(No.92271102).
文摘Transitions within the boundary layer significantly affect the aerodynamic and aerothermodynamic dynamics of hypersonic vehicles.Accurately predicting these transitions poses a significant challenge in vehicle design.At high speeds and altitudes,thermochemical processes within the hypersonic boundary layer lead to real gas effects that alter flow stability and further complicate transition prediction.Direct numerical simulation and linear stability theory are used to investigate the effects of chemical reaction-induced terms on the second and cross-flow modes,and to identify the main sources of species disturbances.Efficient stability analysis method for real gas is developed by applying multilevel assumptions to the linear stability equation.The results indicate that at lower wall temperatures,species disturbances primarily arise from convective terms,and there is a continuous contribution from chemical reaction source terms.The contributions of the diffusion and chemical source terms to species disturbances increase with the intensity of chemical reactions.When the nitrogen within the boundary layer is not dissociated or is only weakly dissociated,the assumption of complete freezing of the species disturbances can be employed to enhance the computational efficiency of the linear stability analysis.Chemical non-equilibrium linear stability theory based on the freezing assumption is suitable for most experimental and flight conditions,significantly reducing the computational time for real gas transition predictions,making it comparable to that for perfect gas.
文摘An important limitation of the research literatures which study the effect on the export of the real effective exchange rates is the lack of application of interaction or moderator effect among the independent variables. To remedy this lacuna, the authors developed a model in which real effective exchange rate moderated the effect of import and utilization of foreign capital on export. The sample comprised 11 years＇ data in Guangdong China. The result showed that real effective exchange rate of RMB affected the export by interacting with utilization of foreign capital. Moreover, to some degree, the real effective exchange rate can also act as moderator between import and export.
文摘Most scholars believe that FDI inflow has a direct impact on China’s foreign exchange reserve,while others hold that FDI is mainly invested in the form of physical capital and technology,and therefore does not directly contribute to China’s foreign exchanges reserve accumulation.This paper points out that both effects,direct and indirect,should be considered when assessing FDI’s contribution to foreign exchange reserves.Result shows that from 1986 to 2007,FDI contributed 50%to foreign exchange reserves and the direct effect dominant before 2003 was surpassed by indirect effect after 2001 as the major source of the contribution.
