Water-soluble salt-based ceramic cores can be recycled and have excellent high-temperature chemical stability.In this work,vat photopolymerization was successfully applied to water-soluble salt-based ceramic cores for...Water-soluble salt-based ceramic cores can be recycled and have excellent high-temperature chemical stability.In this work,vat photopolymerization was successfully applied to water-soluble salt-based ceramic cores for the first time.The powder raw materials of the printing suspension were sodium chloride and alumina.High-precision green bodies were manufactured by optimizing suspensions and parameters.In addition,the postprocessing method was optimized according to the microstructure and mechanical properties.The sintered part had a high bending strength and smooth surface.Finally,the dissolution rate and moisture resistance were compared under different dissolution and storage conditions.Compared to traditional manufacturing methods,vat photopolymerization enables the production of complex structures without molds and reduces production costs.This technology is suitable for the rapid iteration of complex structural parts and can be applied to precision parts in aerospace,military,and other technical fields with high cost-effectiveness and sustainability.展开更多
This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corpora...This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.展开更多
基金the Youth Innovation Promotion Association of the Chinese Academy of Sciences(No.2021160)the National Natural Science Foundation of China(No.51802319)the Technology and Engineering Center for Space(No.CSU-QZKT-2019-04).
文摘Water-soluble salt-based ceramic cores can be recycled and have excellent high-temperature chemical stability.In this work,vat photopolymerization was successfully applied to water-soluble salt-based ceramic cores for the first time.The powder raw materials of the printing suspension were sodium chloride and alumina.High-precision green bodies were manufactured by optimizing suspensions and parameters.In addition,the postprocessing method was optimized according to the microstructure and mechanical properties.The sintered part had a high bending strength and smooth surface.Finally,the dissolution rate and moisture resistance were compared under different dissolution and storage conditions.Compared to traditional manufacturing methods,vat photopolymerization enables the production of complex structures without molds and reduces production costs.This technology is suitable for the rapid iteration of complex structural parts and can be applied to precision parts in aerospace,military,and other technical fields with high cost-effectiveness and sustainability.
基金All authors contributed equally.The authors thank the reviewers for their valuable comments and acknowledge the generous support from the Fundamental Research Funds for the Central Universities of China.
文摘This paper uses China's value-added tax(VAT)rate reform as a quasi-natural experiment to identify the impacts of VAT rate shocks on corporate financial leverage.The results indicate that the reform reduced corporate total leverage significantly.There was a decrease in short-term leverage,but long-term leverage showed no significant change.These results remained robust across a series of robustness checks.Mechanism analysis shows that increasing profitability and improving cash flows acted as intermediary channels for the reform's impact on leverage.The reform also contributed to the mitigation of the asset–liability mismatch problem and the reduction of debt risk,while having no apparent impact on corporate investments.Finally,enterprises with more elastic demand and those with lower intermediate input ratios were affected most by the deleveraging effect of the VAT rate reform.This study suggests how the VAT rate cut shaped corporate capital structure.It thus helps to explain the economic consequences of VAT rate shocks.
