摘要 :
On one hand, major shareholders can use the excessive control right to expropriate interests from other small shareholders and managers, transfer assets of listed companies to meet their own interests and reduce the value of compa...
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On one hand, major shareholders can use the excessive control right to expropriate interests from other small shareholders and managers, transfer assets of listed companies to meet their own interests and reduce the value of companies, which is expressed as "entrenchment effect"; On the other hand, the legal environment in China is imperfect and lacks effective monitor system to protect the interests of shareholders. Major shareholders can use their control to monitor managers effectively, so it will reduce the agency costs and increase the value of companies, which is "alignment effect". In this paper, we use no-parameter model and fixed effect model to estimate the relationship between the above effects and the percentage of the largest shareholders, and find that with the increase of the largest shareholders' shares, the performance of Chinese listed companies shows an N-type curve, representing "alignment effect"-"entrenchment effect"-"alignment effect" by turns. The attributes of the largest shareholders are also connected with the two effects, and the state-owned shareholders are easier to display the behaviors of "the entrenchment effect", inducing that the performance is lower than the individual shares, and legal institute shares and foreign shares are not significantly connected with the performance; the introduction of other shareholders can effectively limit the largest shareholders and improve the performance of companies.
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摘要 :
On one hand, major shareholders can use the excessive control right to expropriate interests from other small shareholders and managers, transfer assets of listed companies to meet their own interests and reduce the value of compa...
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On one hand, major shareholders can use the excessive control right to expropriate interests from other small shareholders and managers, transfer assets of listed companies to meet their own interests and reduce the value of companies, which is expressed as "entrenchment effect"; On the other hand, the legal environment in China is imperfect and lacks effective monitor system to protect the interests of shareholders. Major shareholders can use their control to monitor managers effectively, so it will reduce the agency costs and increase the value of companies, which is "alignment effect". In this paper, we use no-parameter model and fixed effect model to estimate the relationship between the above effects and the percentage of the largest shareholders, and find that with the increase of the largest shareholders' shares, the performance of Chinese listed companies shows an N-type curve, representing "alignment effect"-"entrenchment effect"-"alignment effect" by turns. The attributes of the largest shareholders are also connected with the two effects, and the state-owned shareholders are easier to display the behaviors of "the entrenchment effect", inducing that the performance is lower than the individual shares, and legal institute shares and foreign shares are not significantly connected with the performance; the introduction of other shareholders can effectively limit the largest shareholders and improve the performance of companies.
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摘要 :
The performances of material fatigue can be illustrated by the S-N curve, the p-S-N curve and the fatigue limit, which are very important to engineering and the mechanical design. Recently, the author proposed a new method to dete...
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The performances of material fatigue can be illustrated by the S-N curve, the p-S-N curve and the fatigue limit, which are very important to engineering and the mechanical design. Recently, the author proposed a new method to determine a conditional probability density distribution surface (CPDDS) of the material, and the surface can reflects most properties of the material's fatigue. Methods to obtain the theoretical fatigue limit and the p-S-N curve are introduced in this paper on the basis of previous study. The methods are applied on the fatigue test data of C45 steel, and the p-S-N curves that obtained by various methods are compared in this paper.
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摘要 :
The performances of material fatigue can be illustrated by the S-N curve, the p-S-N curve and the fatigue limit, which are very important to engineering and the mechanical design. Recently, the author proposed a new method to dete...
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The performances of material fatigue can be illustrated by the S-N curve, the p-S-N curve and the fatigue limit, which are very important to engineering and the mechanical design. Recently, the author proposed a new method to determine a conditional probability density distribution surface (CPDDS) of the material, and the surface can reflects most properties of the material's fatigue. Methods to obtain the theoretical fatigue limit and the p-S-N curve are introduced in this paper on the basis of previous study. The methods are applied on the fatigue test data of C45 steel, and the p-S-N curves that obtained by various methods are compared in this paper.
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摘要 :
The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the...
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The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the up and down method and grouping method in the paper. The two kinds of steel's fatigue limits have been obtained with the up and down method. With the grouping method, the P-S-N curve equations of high-cycle fatigue have been obtained. The confidence level is 90% and the probabilities of failure are 10%, 20%, 30% and 40%. The test results show that the fatigue property of the forging material are superior to the casting apparently. To some extent, the test results are valuable for fatigue reliability designating of train coupler.
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摘要 :
The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the...
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The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the up and down method and grouping method in the paper. The two kinds of steel's fatigue limits have been obtained with the up and down method. With the grouping method, the P-S-N curve equations of high-cycle fatigue have been obtained. The confidence level is 90% and the probabilities of failure are 10%, 20%, 30% and 40%. The test results show that the fatigue property of the forging material are superior to the casting apparently. To some extent, the test results are valuable for fatigue reliability designating of train coupler.
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摘要 :
The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the...
展开
The forging steel of grade E and casting steel of grade E are usually applied to making train coupler. The fatigue property tests have been carried out for the forging steel of grade E and the casting steel of grade E by using the up and down method and grouping method in the paper. The two kinds of steel's fatigue limits have been obtained with the up and down method. With the grouping method, the P-S-N curve equations of high-cycle fatigue have been obtained. The confidence level is 90% and the probabilities of failure are 10%, 20%, 30% and 40%. The test results show that the fatigue property of the forging material are superior to the casting apparently. To some extent, the test results are valuable for fatigue reliability designating of train coupler.
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摘要 :
N-type concrete masonry is a new type of small-size concrete block masonry by improving the block shape to realize fully aligned web-shells. Based on 6 ungrouted specimens and 12 grouted specimens, the compressive behaviors of N-t...
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N-type concrete masonry is a new type of small-size concrete block masonry by improving the block shape to realize fully aligned web-shells. Based on 6 ungrouted specimens and 12 grouted specimens, the compressive behaviors of N-type masonry were investigated. Test results show that the average compressive strength of ungrouted N-type masonry increased 30%-52% and of the grouted N-type masonry increased 8%-45% compared to the common concrete masonry. The main reason for the strength rising is the full-alignment of web-shells in N-type concrete masonry prisms.
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摘要 :
N-type concrete masonry is a new type of small-size concrete block masonry by improving the block shape to realize fully aligned web-shells. Based on 6 ungrouted specimens and 12 grouted specimens, the compressive behaviors of N-t...
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N-type concrete masonry is a new type of small-size concrete block masonry by improving the block shape to realize fully aligned web-shells. Based on 6 ungrouted specimens and 12 grouted specimens, the compressive behaviors of N-type masonry were investigated. Test results show that the average compressive strength of ungrouted N-type masonry increased 30%-52% and of the grouted N-type masonry increased 8%-45% compared to the common concrete masonry. The main reason for the strength rising is the full-alignment of web-shells in N-type concrete masonry prisms.
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摘要 :
Silicon heterojunction (SHJ) cells can achieve a higher efficiency than PERC, however this requires n-type wafers. Recent progress in Advanced Hydrogenation opens the possibility of high-performance SHJ cells using p-type wafers. ...
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Silicon heterojunction (SHJ) cells can achieve a higher efficiency than PERC, however this requires n-type wafers. Recent progress in Advanced Hydrogenation opens the possibility of high-performance SHJ cells using p-type wafers. Manufacturing costs and benefits of two p-type SHJ sequences are compared to n-type SHJ and p-type PERC. The p-type hybrid structure is found to be promising compared to n-type SHJ, the key drivers and uncertainties are the cost of the front low-temperature silver paste and the n-type wafer cost premium. A preliminary comparison between the p-type hybrid SHJ structure and p-type PERC shows that the key drivers are the efficiency gain expected, and the cost of the rear low-temperature silver paste. Guidance is provided on research targets for each technology to be competitive.
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