The electrochemical reduction of C02 into liquid fuels especially coupling with the intermittent renewable electricity offers a promising means of storing electricity in chemical form, which reduces the dependence on ...The electrochemical reduction of C02 into liquid fuels especially coupling with the intermittent renewable electricity offers a promising means of storing electricity in chemical form, which reduces the dependence on fossil fuels and mitigates the negative impact of anthropogenic C02 emissions on the planet. Although converting CO2 to fuels is not in itself a new concept, the field has not sub- stantially advanced in the last 30 years primarily because of the challenge of discovery of structural electrocatalysts and the development of membrane architectures for efficient collection of reactants and separation of products. This overview summarizes recent advances in catalytic conversion of CO2 and presents the challenges and future directions in producing value-added fuels.展开更多
With the increasing demand for VAS from the subscribers, mobile operators are making efforts to create more services to promote the continuous development of the non-voice service application. The following three mobi...With the increasing demand for VAS from the subscribers, mobile operators are making efforts to create more services to promote the continuous development of the non-voice service application. The following three mobile VASes are becoming the development focus of operators.展开更多
The study examined the implication of a decentralized Value Added Tax system for states in Nigeria.It is a theoretical presentation that made is made of journals,articles,and data from the National Bureau of Statistic...The study examined the implication of a decentralized Value Added Tax system for states in Nigeria.It is a theoretical presentation that made is made of journals,articles,and data from the National Bureau of Statistics(NBS)accessed on Google Scholar Websites.A total of eighty(80)articles were accessed.Results from a theoretical review revealed that while few states in Nigeria are in favor of a decentralized VAT administration in the country,quite a number of them(States)are averse to the new VAT regime due to differences among the states in terms of volume of business activities and economic power as many of the states rely on federal allocation.The study,therefore,recommends Partial Decentralization(PD)of VAT administration in Nigeria as a measure of autonomy for states that will guarantee fairness in resource control in the Nigerian Society.展开更多
Objective To establish an economic value added(EVA)performance evaluation system to maintain the competitiveness of pharmaceutical company A under the environment of fierce competition in the pharmaceutical industry.M...Objective To establish an economic value added(EVA)performance evaluation system to maintain the competitiveness of pharmaceutical company A under the environment of fierce competition in the pharmaceutical industry.Methods An EVA performance evaluation model was established by adjusting the items of EVA performance evaluation index,such as after-tax profits,total invested capital and weighted average cost of capital rate.Results and Conclusion EVA values of pharmaceutical company A from 2014 to 2018 were calculated and compared with the traditional performance evaluation method,it was found that EVA performance evaluation model reflected the real performance of pharmaceutical company A.Therefore,pharmaceutical company A is doing well,but its growth rate is unstable.展开更多
With the deepening of international agricultural division of labor,trade methods have shifted from traditional bilateral trade to agricultural global value chain(AGVC)trade.Sanitary and Phytosanitary(SPS)measures are ...With the deepening of international agricultural division of labor,trade methods have shifted from traditional bilateral trade to agricultural global value chain(AGVC)trade.Sanitary and Phytosanitary(SPS)measures are a crucial factor affecting agricultural trade and a key variable in AGVC governance.This paper,based on the 2012-2020 University of International Business and Economics Global Value Chain Index(UIBE GVC Index)and the United Nations Conference on Trade and Development Non-Tariff Measures Database(UNCTAD NTMs Database),measures the structural heterogeneity and breadth heterogeneity of SPS measures.It also constructs mathematical models and fixed-effects models to explore the impact of SPS heterogeneity on AGVC upgrading.The findings reveal that the heterogeneity of SPS measures exerts a significant inhibitory effect on the upgrading of agricultural global value chains.Moreover,compared to developed countries,a reduction in SPS measures’heterogeneity demonstrates a more pronounced positive impact on AGVC upgrading in developing countries.展开更多
Since 2001, the exports of foreign-invested enterprises （FIEs） have accounted for more than 50percent of China＇s total exports. As foreign capital occupies a high proportion of the total capital of FIEs, most FIEs ...Since 2001, the exports of foreign-invested enterprises （FIEs） have accounted for more than 50percent of China＇s total exports. As foreign capital occupies a high proportion of the total capital of FIEs, most FIEs ＇ capital gains are foreign factor income. Although these gains are calculated as apart of China＇s GDP, they do not belong to China＇s national income. To determine the real contribution of exports to China ＂s welfare, the present paper analyses the impact of exports on China ＂s national income using a non-competitive input output model capturing processing trade. The results show that every US$1000 of China＇s exports generates US$506.8 of national income. The real contribution of exports to China ＂s welfare is much smaller than what we expected. This suggests that China should endeavor to improve the gains from international markets orfind another engine to maintain its economic growth.展开更多
An increasing demand for energy and depleting petroleum sources has elevated the need for producing alternative renewable resources.Owing to the prominence of lignocellulosic biomass as bio-renewable and the most abun...An increasing demand for energy and depleting petroleum sources has elevated the need for producing alternative renewable resources.Owing to the prominence of lignocellulosic biomass as bio-renewable and the most abundant resource on Earth,this critical review provides perceptions into the potential of lignocellulosic biomass for production of second generation(2G)ethanol and value added products in a biorefinery manner.The efficient utilization of all three components of lignocellulosic biomass(i.e.,cellulose,hemicellulose and lignin)would play a significant role in the economic viability of cellulosic ethanol.The pretreatment method is the key to the success of bioconversion processes and greatly influences the economics of biorefinery process.Biotechnology tools and process engineering play pivotal roles in development of integrated processes for production of biofuels,biochemicals and biomaterials from lignocellulosic biomass.Although,lignocellulosic biorefinery has ample scopes,commercial production of biofuels and chemicals is still challenging.In this context,this review entails concept of lignocellulose biorefinery,latest developments in 2G ethanol production process,importance and market potential of 2G ethanol as renewable fuel and value added chemicals,integration of processes,challenges for integrated production of fuel together with value added chemicals and future directions.展开更多
This study examined the effect of natural hazards on manufacturing industry value added and the sensitivity of the results from changes to spatiotemporal resolution of the data.We measured the negative effects of haza...This study examined the effect of natural hazards on manufacturing industry value added and the sensitivity of the results from changes to spatiotemporal resolution of the data.We measured the negative effects of hazards,rather than the net effect.Three models were developed with varying spatio temporal units for the continental United States:annual/county units;annual/state units;and quarterly/state units.Three simulations were run using each model to estimate the negative effect of damage from all natural hazards on value added across spatiotemporal scales.Finally,an investment analysis was conducted to examine the return from public investments in hazard resilience.The results do not demonstrate that,locally,natural hazards reduce value added.However,the evidence suggests that natural hazards in the upstream supply chain have statistically significant impact when modeled at the annual/county scale and at the quarterly/state scale.Neither local nor supply chain hazards have a statistically significant effect when modeled at the annual/state scale,suggesting that broader spatiotemporal units may obscure the true downstream effects of natural hazards.The investment analysis,utilizing model results,suggests that an investment of USD 100 billion or less is economical if it results in a reduction in losses of 10% or more.展开更多
By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU ...By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU countries and analyze the determinant factors.The results show that the value added in trade between China and EU countries is running at a low level of efficiency,and the trade efficiency has an obvious imbalance between export and import.Our calculation of unexplored trade potential indicates that western EU countries,such as France,Germany,Italy,and Spain together are China 5 top trading partner with the highest unexploited trade potential.Based on the principal component analysis of 14 trading-related variables,trade efficiency determinant results show that the tangible trade infrastructures of both exporter and importer matters most,including airports,container shipping,Internet,and broadband infrastructures.Meanwhile,intangible trade infrastructures,including customs procedures and domestic business environments,has a significant,but smaller influence on trade efficiency.Our important findings shed light on practical trade policymaking to encourage Sino-EU trade collaboration.展开更多
Based on heterogeneity in firm's sales destinations and trade patterns, this paper estimates China's ratio of value-added exports(RVAE) using value-added trade accounting, and discusses the evolution of China&...Based on heterogeneity in firm's sales destinations and trade patterns, this paper estimates China's ratio of value-added exports(RVAE) using value-added trade accounting, and discusses the evolution of China's comparative advantages from the perspective of value-added trade. Our research findings suggest that without taking into account heterogeneity in firm's sales destinations and trade patterns,China's RVAE will be overestimated. Conventional gross trade accounting underestimates the export competitiveness of China's labor-intensive and capital intensive sectors, but overestimates the export competitiveness of China's technology-intensive sectors,which leads to a significant reversal of comparative advantages. Conventional gross trade accounting method overestimates the trade surplus of China's manufacturing and technology-intensive sectors with the US by about 60% and 85% respectively.展开更多
Photoelectrocatalysis(PEC)is a promising approach that can convert renewable solar energy into chemical energy,while most concern is concentrated on PEC water splitting to obtain high‐value‐added fuel—hydrogen.In p...Photoelectrocatalysis(PEC)is a promising approach that can convert renewable solar energy into chemical energy,while most concern is concentrated on PEC water splitting to obtain high‐value‐added fuel—hydrogen.In practice,more economic benefits can be produced based on PEC technique,such as H_(2)O oxidative H_(2)O_(2) synthesis,organic selective oxidation,organic pollutants degradation and CO_(2) reduction.Although there are plenty of excellent reviews focusing on the PEC water splitting system,the production of various high‐value‐added chemicals in PEC systems has not been discussed synthetically.This Account will focus on the production process of various high‐value‐added chemicals through PEC technology.The photoelectrode design,reaction environment and working mechanisms of PEC systems are also discussed in detail.We believe that this comprehensive Account of the expanded application of photoelectrocatalysis can add an inestimable impetus to the follow‐up development of this technology.展开更多
In the process of financial management and operation, a firm should not only aim to maximize its shareholders' benefits, but also consider the interests of all stakeholders. Bearing social responsibility to each s...In the process of financial management and operation, a firm should not only aim to maximize its shareholders' benefits, but also consider the interests of all stakeholders. Bearing social responsibility to each stakeholder to a certain extent and pursuing harmonious social development are fully consistent with the concept of China's building a harmonious socialist society. Furthermore, added value also reflects the idea of social responsibility Based on the relational contract theory, the paper divides stakeholders into staff and shareholders under relational contracts, creditors, suppliers and consumers under transactional contracts and governments and communities under special contracts. The paper details the effect mechanism of a firm's bearing social responsibilities to each stakeholder on the creation of added value respectively, and considers that corporate social responsibilities should be included in the system for creating added value to theoretically support firm managers to fulfill social responsibilities.展开更多
China's equipment manufacturing surges 9%in may as industrial output grows 5.8%.China's value-added industrial output of major enterprises,whose annual primary business revenue reaches or exceeds 20 million yu...China's equipment manufacturing surges 9%in may as industrial output grows 5.8%.China's value-added industrial output of major enterprises,whose annual primary business revenue reaches or exceeds 20 million yuan($2.79 million),rose by 5.8 per cent year-on-year and 0.61 per cent compared to April,according to the National Bureau of Statistics(NBS).Within key sectors,manufacturing output increased by 6.2 per cent,while mining expanded by 5.7 percent.展开更多
Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
This study contributes a number of innovative and interesting empirical findings with a view of four audit committee characteristics to predict overall value creation efficiency and capital employed efficiency using v...This study contributes a number of innovative and interesting empirical findings with a view of four audit committee characteristics to predict overall value creation efficiency and capital employed efficiency using value added intellectual coefficient （VAICTM） method. Using purposive sampling, 34 property, real estate, and building construction firms listed on Indonesia Stock Exchange in 2011 were selected. Empirical findings could not provide a significant relationship between audit committee characteristics and the overall value creation efficiency as well as capital employed efficiency. This implies that currently, the number of members, number of meetings, number of independent commissioners, and accounting or finance expertise in audit committee cannot be expected as drivers of business value creation in Indonesian context, more specifically for property, real estate, and building construction industry. The overall lack of significant relationships may potentially result from limited human capacity, lack of financial expertise, and inadequate knowledge about the role of audit committee to add value to the business.展开更多
The urgent need to mitigate global climate change and transition toward sustainable energy systems has brought carbon dioxide(CO_(2))reduction technologies into the global spotlight.Electrochemical CO_(2)reduction rea...The urgent need to mitigate global climate change and transition toward sustainable energy systems has brought carbon dioxide(CO_(2))reduction technologies into the global spotlight.Electrochemical CO_(2)reduction reaction(CO_(2)RR)stands out as a promising pathway to convert CO_(2),the most abundant greenhouse gas,into value-added fuels and chemicals,offering both environmental and economic benefits.At the same time,advances in material science,in-situ characterization,system-level design,and light-driven catalysis have opened new avenues for more efficient and sustainable CO_(2)utilization.Fundamental research on energy materials and engineering validation are also playing a crucial role in driving these technologies toward industrialization,with numerous encouraging advances being reported.展开更多
文摘The electrochemical reduction of C02 into liquid fuels especially coupling with the intermittent renewable electricity offers a promising means of storing electricity in chemical form, which reduces the dependence on fossil fuels and mitigates the negative impact of anthropogenic C02 emissions on the planet. Although converting CO2 to fuels is not in itself a new concept, the field has not sub- stantially advanced in the last 30 years primarily because of the challenge of discovery of structural electrocatalysts and the development of membrane architectures for efficient collection of reactants and separation of products. This overview summarizes recent advances in catalytic conversion of CO2 and presents the challenges and future directions in producing value-added fuels.
文摘With the increasing demand for VAS from the subscribers, mobile operators are making efforts to create more services to promote the continuous development of the non-voice service application. The following three mobile VASes are becoming the development focus of operators.
文摘The study examined the implication of a decentralized Value Added Tax system for states in Nigeria.It is a theoretical presentation that made is made of journals,articles,and data from the National Bureau of Statistics(NBS)accessed on Google Scholar Websites.A total of eighty(80)articles were accessed.Results from a theoretical review revealed that while few states in Nigeria are in favor of a decentralized VAT administration in the country,quite a number of them(States)are averse to the new VAT regime due to differences among the states in terms of volume of business activities and economic power as many of the states rely on federal allocation.The study,therefore,recommends Partial Decentralization(PD)of VAT administration in Nigeria as a measure of autonomy for states that will guarantee fairness in resource control in the Nigerian Society.
文摘Objective To establish an economic value added(EVA)performance evaluation system to maintain the competitiveness of pharmaceutical company A under the environment of fierce competition in the pharmaceutical industry.Methods An EVA performance evaluation model was established by adjusting the items of EVA performance evaluation index,such as after-tax profits,total invested capital and weighted average cost of capital rate.Results and Conclusion EVA values of pharmaceutical company A from 2014 to 2018 were calculated and compared with the traditional performance evaluation method,it was found that EVA performance evaluation model reflected the real performance of pharmaceutical company A.Therefore,pharmaceutical company A is doing well,but its growth rate is unstable.
文摘With the deepening of international agricultural division of labor,trade methods have shifted from traditional bilateral trade to agricultural global value chain(AGVC)trade.Sanitary and Phytosanitary(SPS)measures are a crucial factor affecting agricultural trade and a key variable in AGVC governance.This paper,based on the 2012-2020 University of International Business and Economics Global Value Chain Index(UIBE GVC Index)and the United Nations Conference on Trade and Development Non-Tariff Measures Database(UNCTAD NTMs Database),measures the structural heterogeneity and breadth heterogeneity of SPS measures.It also constructs mathematical models and fixed-effects models to explore the impact of SPS heterogeneity on AGVC upgrading.The findings reveal that the heterogeneity of SPS measures exerts a significant inhibitory effect on the upgrading of agricultural global value chains.Moreover,compared to developed countries,a reduction in SPS measures’heterogeneity demonstrates a more pronounced positive impact on AGVC upgrading in developing countries.
基金supported by the National Natural Science Foundation of China(Grant Nos.71003093, 70871108 and 70810107020)
文摘Since 2001, the exports of foreign-invested enterprises （FIEs） have accounted for more than 50percent of China＇s total exports. As foreign capital occupies a high proportion of the total capital of FIEs, most FIEs ＇ capital gains are foreign factor income. Although these gains are calculated as apart of China＇s GDP, they do not belong to China＇s national income. To determine the real contribution of exports to China ＂s welfare, the present paper analyses the impact of exports on China ＂s national income using a non-competitive input output model capturing processing trade. The results show that every US$1000 of China＇s exports generates US$506.8 of national income. The real contribution of exports to China ＂s welfare is much smaller than what we expected. This suggests that China should endeavor to improve the gains from international markets orfind another engine to maintain its economic growth.
文摘An increasing demand for energy and depleting petroleum sources has elevated the need for producing alternative renewable resources.Owing to the prominence of lignocellulosic biomass as bio-renewable and the most abundant resource on Earth,this critical review provides perceptions into the potential of lignocellulosic biomass for production of second generation(2G)ethanol and value added products in a biorefinery manner.The efficient utilization of all three components of lignocellulosic biomass(i.e.,cellulose,hemicellulose and lignin)would play a significant role in the economic viability of cellulosic ethanol.The pretreatment method is the key to the success of bioconversion processes and greatly influences the economics of biorefinery process.Biotechnology tools and process engineering play pivotal roles in development of integrated processes for production of biofuels,biochemicals and biomaterials from lignocellulosic biomass.Although,lignocellulosic biorefinery has ample scopes,commercial production of biofuels and chemicals is still challenging.In this context,this review entails concept of lignocellulose biorefinery,latest developments in 2G ethanol production process,importance and market potential of 2G ethanol as renewable fuel and value added chemicals,integration of processes,challenges for integrated production of fuel together with value added chemicals and future directions.
文摘This study examined the effect of natural hazards on manufacturing industry value added and the sensitivity of the results from changes to spatiotemporal resolution of the data.We measured the negative effects of hazards,rather than the net effect.Three models were developed with varying spatio temporal units for the continental United States:annual/county units;annual/state units;and quarterly/state units.Three simulations were run using each model to estimate the negative effect of damage from all natural hazards on value added across spatiotemporal scales.Finally,an investment analysis was conducted to examine the return from public investments in hazard resilience.The results do not demonstrate that,locally,natural hazards reduce value added.However,the evidence suggests that natural hazards in the upstream supply chain have statistically significant impact when modeled at the annual/county scale and at the quarterly/state scale.Neither local nor supply chain hazards have a statistically significant effect when modeled at the annual/state scale,suggesting that broader spatiotemporal units may obscure the true downstream effects of natural hazards.The investment analysis,utilizing model results,suggests that an investment of USD 100 billion or less is economical if it results in a reduction in losses of 10% or more.
基金This research was supported financially by the National and Regional Research Projects of Chinese Education Ministry(No.2020-G56)the Humanities and Social Sciences Funding of Wuhan University(No.2020SK033)+1 种基金the Youth Academic Team Project in Humanities and Social Sciences of Wuhan University(No.4103-413100001)the Fundamental Research Funds for the Central Universities(No.2662021JGQD007).
文摘By applying stochastic frontier analysis,and replacing total export with value added in exports as a more accurate measure of domestic content embodied in exports,we estimate the trade efficiency between China and EU countries and analyze the determinant factors.The results show that the value added in trade between China and EU countries is running at a low level of efficiency,and the trade efficiency has an obvious imbalance between export and import.Our calculation of unexplored trade potential indicates that western EU countries,such as France,Germany,Italy,and Spain together are China 5 top trading partner with the highest unexploited trade potential.Based on the principal component analysis of 14 trading-related variables,trade efficiency determinant results show that the tangible trade infrastructures of both exporter and importer matters most,including airports,container shipping,Internet,and broadband infrastructures.Meanwhile,intangible trade infrastructures,including customs procedures and domestic business environments,has a significant,but smaller influence on trade efficiency.Our important findings shed light on practical trade policymaking to encourage Sino-EU trade collaboration.
基金supported by the Youth Program of the National Social Sciences Fund of China(NSSFC)"Study on the Real Interest Distribution Pattern of China's Trade Surplus under the New System of International Division of Labor"(Grant No.12CJY083)Basic Scientific Research Funding and Backbone Talent Support Program for Key Disciplines of Central Universities(Nankai University)"Study on Industrial Agglomeration,Financing Constraint and the Export Behaviors of Chinese Enterprises"(Grant No.NKZXA1405)the Collaborative Innovation Center for the Socialist Economy with Chinese Characteristics of Nankai University and the Center for Asian Studies,Nankai University(Grant No.AS1607)
文摘Based on heterogeneity in firm's sales destinations and trade patterns, this paper estimates China's ratio of value-added exports(RVAE) using value-added trade accounting, and discusses the evolution of China's comparative advantages from the perspective of value-added trade. Our research findings suggest that without taking into account heterogeneity in firm's sales destinations and trade patterns,China's RVAE will be overestimated. Conventional gross trade accounting underestimates the export competitiveness of China's labor-intensive and capital intensive sectors, but overestimates the export competitiveness of China's technology-intensive sectors,which leads to a significant reversal of comparative advantages. Conventional gross trade accounting method overestimates the trade surplus of China's manufacturing and technology-intensive sectors with the US by about 60% and 85% respectively.
文摘Photoelectrocatalysis(PEC)is a promising approach that can convert renewable solar energy into chemical energy,while most concern is concentrated on PEC water splitting to obtain high‐value‐added fuel—hydrogen.In practice,more economic benefits can be produced based on PEC technique,such as H_(2)O oxidative H_(2)O_(2) synthesis,organic selective oxidation,organic pollutants degradation and CO_(2) reduction.Although there are plenty of excellent reviews focusing on the PEC water splitting system,the production of various high‐value‐added chemicals in PEC systems has not been discussed synthetically.This Account will focus on the production process of various high‐value‐added chemicals through PEC technology.The photoelectrode design,reaction environment and working mechanisms of PEC systems are also discussed in detail.We believe that this comprehensive Account of the expanded application of photoelectrocatalysis can add an inestimable impetus to the follow‐up development of this technology.
基金supported by the Excellent Young Talents in Colleges and Universities in Anhui province Education Project (Grant No. gxyq ZD2017076)Philosophy and Social Planning Project in Anhui province (Grant No. AHSKQ2015D38)Talent Fund Project of Hefei University (Grant No. 15RC21)
文摘In the process of financial management and operation, a firm should not only aim to maximize its shareholders' benefits, but also consider the interests of all stakeholders. Bearing social responsibility to each stakeholder to a certain extent and pursuing harmonious social development are fully consistent with the concept of China's building a harmonious socialist society. Furthermore, added value also reflects the idea of social responsibility Based on the relational contract theory, the paper divides stakeholders into staff and shareholders under relational contracts, creditors, suppliers and consumers under transactional contracts and governments and communities under special contracts. The paper details the effect mechanism of a firm's bearing social responsibilities to each stakeholder on the creation of added value respectively, and considers that corporate social responsibilities should be included in the system for creating added value to theoretically support firm managers to fulfill social responsibilities.
文摘China's equipment manufacturing surges 9%in may as industrial output grows 5.8%.China's value-added industrial output of major enterprises,whose annual primary business revenue reaches or exceeds 20 million yuan($2.79 million),rose by 5.8 per cent year-on-year and 0.61 per cent compared to April,according to the National Bureau of Statistics(NBS).Within key sectors,manufacturing output increased by 6.2 per cent,while mining expanded by 5.7 percent.
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
文摘This study contributes a number of innovative and interesting empirical findings with a view of four audit committee characteristics to predict overall value creation efficiency and capital employed efficiency using value added intellectual coefficient （VAICTM） method. Using purposive sampling, 34 property, real estate, and building construction firms listed on Indonesia Stock Exchange in 2011 were selected. Empirical findings could not provide a significant relationship between audit committee characteristics and the overall value creation efficiency as well as capital employed efficiency. This implies that currently, the number of members, number of meetings, number of independent commissioners, and accounting or finance expertise in audit committee cannot be expected as drivers of business value creation in Indonesian context, more specifically for property, real estate, and building construction industry. The overall lack of significant relationships may potentially result from limited human capacity, lack of financial expertise, and inadequate knowledge about the role of audit committee to add value to the business.
文摘The urgent need to mitigate global climate change and transition toward sustainable energy systems has brought carbon dioxide(CO_(2))reduction technologies into the global spotlight.Electrochemical CO_(2)reduction reaction(CO_(2)RR)stands out as a promising pathway to convert CO_(2),the most abundant greenhouse gas,into value-added fuels and chemicals,offering both environmental and economic benefits.At the same time,advances in material science,in-situ characterization,system-level design,and light-driven catalysis have opened new avenues for more efficient and sustainable CO_(2)utilization.Fundamental research on energy materials and engineering validation are also playing a crucial role in driving these technologies toward industrialization,with numerous encouraging advances being reported.
