Private family firms,generations and bank debt

This paper focuses on the use of bank debt by private family firms and whether it is higher for the first generations of family businesses than for their descendants and subsequent generations. We use a unique hand-collected data set of 4,041 private Spanish firms for the years 2004 to 2013. We find statistical evidence that family-controlled firms make greater use of bank credit. Moreover, we show that first-generation family firms acquire more bank debt than those of second and subsequent generations. Furthermore, during financial crises, family-controlled firms were subjected to less rationing, with increased bank financing for first generations.     

百万机组20％负荷深度调峰实践与技术探讨

本文结合某百万电厂深度调峰自主试验项目,重点介绍20%负荷深度调峰技术研究,并针对试验过程中出现的问题进行深入的分析研究,仅从运行角度阐述简要的、行之有效的解决方案,可为煤电企业提供技术参考。     

基于熵权法和逼近理想解排序法的新能源发电项目投资决策评价

新能源发电项目的投资建设是构建清洁低碳、绿色高效新型能源体系的重要支撑。本文针对新能源发电项目投资决策评价问题，采用定量指标与定性指标相结合的原则，建立了包含技术效益和经济效益的指标体系。在此基础上，以熵权法（entropy weight method, EWM）确定指标权重，建立基于逼近理想解排序法（technique for order preference by similarity to an ideal solution, TOPSIS）的评价模型，经IEEE 39节点系统的算例测试验证了此方法的可行性和有效性。结果表明，该方法能综合衡量影响新能源发电项目投资的各指标因素，可为新能源发电项目投资决策评价提供参考依据。     

上市发电公司经济绩效影响因素的实证分析

电力是关系国计民生的基础行业,研究发电公司如何在市场环境下提高经济绩效,已成为理论和实务界共同关心的课题。本文通过分析公司经济绩效的影响因素,建立计量模型,以44家上市发电公司2004-2011共8年的财务报表为数据样本进行实证分析,得出资产负债率、前五大股东持股比例、公司规模、资产周转率对发电公司的经济绩效影响最大,因此提出了上市发电公司应优化股权结构、提高资本运营能力、建立合理的负债结构等建议。     

A copula-based time series model for global horizontal irradiation

The increasing importance of solar power for electricity generation leads to increasing demand for probabilistic forecasting of local and aggregated photovoltaic (PV) yields. Based on publicly available irradiation data, this paper uses an indirect modeling approach for hourly medium to long-term local PV yields. We suggest a time series model for global horizontal irradiation that allows for multivariate probabilistic forecasts for arbitrary time horizons. It features several important stylized facts. Sharp time-dependent lower and upper bounds of global horizontal irradiations are estimated. The parameters of the beta distributed marginals of the transformed data are allowed to be time-dependent. A copula-based time series model is introduced for the hourly and daily dependence structure based on simple vine copulas with so-called tail dependence. Evaluation methods based on scoring rules are used to compare the model’s power for multivariate probabilistic forecasting with other models used in the literature showing that our model outperforms other models in many respects.     

我国数据交易平台建设的现实困境与破解之道

数据交易是数据要素市场化配置的关键环节。数据交易平台是实现数据交易的基础,也是衔接数据供需方、提升数据要素市场化配置效率的核心载体。近年来,我国新型基础设施建设已初具规模,全面数字化转型正蓄势待发,各社会主体对数据的渴求助推了数据交易平台蓬勃发展。目前,数据交易仍面临数据交易法规制度不健全、数据要素流通困难、行业应用需求挖掘难、市场生态发育不良、相关技术支撑不足等现实困境。为此,需打造集合规保护功能、融合流动功能、价值挖掘功能等于一体的新一代数据交易平台,并采取健全数据要素制度体系、丰富数据要素供给体系、打造数据要素市场体系、构建数据要素创新体系等策略,合理推动数据资源有效流动,助力数字经济高质量发展。     

垃圾焚烧发电项目建设管理重难点分析及措施

针对于我国城市化建设和发展,可以用飞速这一词语来形容,但是在快速建设发展的这一过程中也产生了很多城市生活垃圾,就目前来看,所采用的处理方式主要以垃圾焚烧发电建设项目为主。对于垃圾焚烧发电建设项目而言,可以说是生活垃圾处理的一个有效方式,但由于受各方面因素的影响,在实际建设过程中经常可以看到一些潜在风险和问题的出现。基于此,本文就垃圾焚烧发电项目建设管理模式及重难点分析及措施进行了研究分析。     

发电企业运营期的资金管理研究 ——以Z发电企业为例

2021年,随着煤炭市场价格的不断高企,大用户直供交易和竞价上网等规模的不断扩大,发电企业的盈利能力水平遭受大幅度的削弱,火电行业整体处于亏损的经营局面,发电企业的生存环境极度恶化。如何在不断变化的市场环境中生存下来,是发电企业不得不面临的一个重要问题,本文以Z发电企业为例,通过对Z发电企业的资金管理现状进行剖析,制定出行之有效的具体措施,以期进一步提升发电企业的资金管理能力和创效水平。     

Longevity,Fertility, and the Real Exchange Rate

We build a simple overlapping generation model to investigate the effect of life expectancy on the real exchange rate where fertility is chosen endogenously. The model reveals that, although the overall effect of life expectancy on the real exchange rate is not certain, longer life expectancy tends to cause the real exchange rate to depreciate by reducing fertility. Fertility thus serves as a mediator in the effect of life expectancy on the real exchange rate. Evidence from 148 economies (1980–2018) shows a statistically significant and robust negative relationship between life expectancy and the real exchange rate. It is estimated that a 1 year increase in life expectancy is associated with a 1.5 percent depreciation in the real exchange rate. The evidence also confirms the mediated effect of fertility. The mediated effect that fertility exerts accounts for 30 percent to 50 percent of the total effect, depending on the real exchange rate index used.     

Ethical implications of text generation in the age of artificial intelligence

We are at a turning point in the debate on the ethics of Artificial Intelligence (AI) because we are witnessing the rise of general-purpose AI text agents such as GPT-3 that can generate large-scale highly refined content that appears to have been written by a human. Yet, a discussion on the ethical issues related to the blurring of the roles between humans and machines in the production of content in the business arena is lacking. In this conceptual paper, drawing on agenda setting theory and stakeholder theory, we challenge the current debate on the ethics of AI and aim to stimulate studies that develop research around three new challenges of AI text agents: automated mass manipulation and disinformation (i.e., fake agenda problem), massive low-quality content production (i.e., lowest denominator problem) and the creation of a growing buffer in the communication between stakeholders (i.e., the mediation problem).