价值型投资在中国证券市场上的有力证据

本文给出了1994年至2005年间价值型投资在中国A股市场中的有力证据。Fama—MacBeth回归表明在中国A股市场中存在着显著的市盈率和市净率溢价，1994年至2005年中牛市和熊市的滚动策略显示了我国A股市场中的价值效应，并且风险和收益之间基本上呈现出收益大、风险大的特征。本文的实证研究结果将有助于中小投资者以及机构投资者的长期投资决策。     

轻型汽车悬架侧倾角刚度分析

文章通过对某轻型汽车独立悬架和非独立悬架侧倾运动特性的分析,建立了侧倾角刚度的数学模型。     

深厚层无碾压土石围堰防渗施工技术的研究与应用

作者讲述本人在四川嘉陵江上石盘电航综合枢纽工程施工中,对水下深厚层无碾压土石围堰防渗体系施工技术的研究与成功应用,为类似土石围堰工程防渗施工提供借鉴和成功经验。     

新型高效破乳剂的研制及性能研究

制备了不同Al／Si摩尔比的聚硅氯化铝（PASC）,实验考察了成分摩尔比、废水pH值、药剂投加量对除油效果的影响。结果表明：Al与Si的摩尔比对除油效率有较大的影响,最佳摩尔比为：n（Al）／n（Si）=3：1;废水pH=4～10时,处理效果都较好;随着投药量的增加,油的去除率增加,PASC适宜的投药量（以Al^3＋浓度计）为800mg／L。用其来处理实际废水时,效果很好,残余油量低于国家排放标准。PASC的的除油机理是电中和、压缩双电层、吸附架桥等多重作用的结果。     

Does international capital flow lead to a housing boom? A time-varying evidence from China

This paper examines the causal relationship between the housing prices (HP) and the international capital flows (ICF) in China. With structural changes existing, we find that long-run relationship using full-sample data is unstable, suggesting that traditional Granger causality test is not reliable. However, we further find an unstable short-run relationship between ICF and HP when assessing the stability of the parameters and there are bidirectional causal relationships between ICF and HP for several sub-periods. Additionally, our findings indicate both positive and negative bidirectional causal relations between the series. Based on the arbitrage of ICF, the results suggest that the rise of Chinese HP is the underlying force for the inflows of international capital. Meanwhile, a surge in capital inflows may be accompanied by a rise in the price of housing. This confirms the theoretical analysis that there is an interconnected transmission mechanism between the ICF and the HP, which is diverse and depends both on the flow of ICF and on other factors.     

Assessing time-varying stock market integration in Economic and Monetary Union for normal and crisis periods

In this paper, we examine the stock market integration process amongst 17 Economic and Monetary Union (EMU) countries from January 2002 to June 2013 over a normal period as well as for the Global Financial Crisis (GFC) and Eurozone Debt Crisis (EDC) periods. We classify the economies in three groups (A, B and C) based on their GDP to examine whether the economic size influences financial integration. Seven indicators are used for the purpose, namely, beta convergence, sigma convergence, variance ratio, asymmetric DCC, dynamic cointegration, market synchronisation measure and common components approach. The results suggest that large-sized EMU economies (termed as Group A) exhibit strong stock market integration. Moderate integration is observed for middle-sized EMU economies with old membership (termed as Group B). Small-sized economies (termed as Group C) economies seemed to be least integrated within the EMU stock market system. The findings further suggest presence of contagion effects as one moves from normal to crisis periods, which are specifically stronger for more integrated economies of Group A. We recommend institutional, regulatory and other policy reforms for Group B and especially Group C to achieve higher level of integration.     

浅析轧钢加热炉坯料氧化控制

金属在加热过程中,炉子的温度和气氛必须调整得当,如果操作有误,会出现各种加热缺陷,如氧化、脱碳、过热、过烧等。文章主要探讨轧钢加热炉坯料氧化控制。     

骨架密实型水泥稳定碎石基层施工关键技术研究

半刚性水稳基层是高等级路面结构的主要形式,具有优良承载力与工程经济效益.针对骨架密实型水泥稳定碎石结构施工过程的离析、难以碾压密实、钻芯完整性差的问题,以紫惠高速路面工程为依托,通过跟踪基层试验路段铺筑各个环节,开展骨架密实型水稳碎石的设计与施工关键技术研究.使用分级掺配法设计具有优良骨架与密实性的目标矿料级配,并基于振动成型法确认最佳水泥剂量下的混合料最大干密度与最佳含水率指标,最终通过不同时间下的抗压强度试验确定合理的施工窗口期.施工过程中,针对骨架型水稳混合料特性,对混合料搅拌、运输、摊铺、碾压、养生等环节的关键技术要点进行总结归纳.最后,重点研究不同碾压工艺对混合料压实度、芯样质量的影响.试验结果显示,提前使用胶轮进行搓揉碾压,有助于提高路面压实度与结构层的完整性,减少后期开放交通后产生的表层碎石过度跑散问题,同时增强水稳结构的抗冲刷性能.     

高温多雨区SMA路面施工应用关键技术研究

SMA沥青混合料的材料组成特性导致施工难度较大,对施工各环节因素的敏感性较强.为提高广东高温多雨区重载交通路段SMA路面的施工质量,以广东紫惠高速项目为依托,开展SMA沥青混合料的下承层界面处理、混合料拌制工艺参数设定、装载与运输、摊铺设备参数、碾压工艺、施工温度控制等全过程施工环节监控,实现各环节的关键参数调整优化.采用体积法进行SMA沥青混合料设计,可以均衡混合料密实性与骨架嵌挤性能,获得良好的密水性能和抗车辙性能.基于无核密度仪研究了碾压工艺对SMA混合料的压实影响,沥青混合料压实度经历先增加后变小的现象,碾压过程应均衡压实度与路表构造来控制钢轮碾压遍数和路面温度.     

关于卷制螺旋滚子结构尺寸的理论分析

卷制螺旋滚子是一种全新理念的滚子,可以有效地识别出螺旋滚子结构尺寸与变形能之间的相互关系,该滚子的周身遍布缝隙,其区别于普通滚子的一个最大特点就是可以吸收冲击能,既解决普通滚子在高速多冲作用下的早期断裂问题,又提高滚子的抗冲击性能。为此,文章主要针对有关于卷制螺旋滚子结构尺寸的理论,进行简单的分析和探讨。