Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore ...Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.展开更多
Natural gas is expected to play a much more important role in China in future decades, and market reform is crucial for its rapid market penetration. At present, the main gas fields, pipelines and liquefied natural ga...Natural gas is expected to play a much more important role in China in future decades, and market reform is crucial for its rapid market penetration. At present, the main gas fields, pipelines and liquefied natural gas(LNG) infrastructure are mainly monopolized by large state-owned companies, and one of the important market reform policies is to open up LNG import rights to smaller private companies and traders. Therefore, in the present study, a game theoretical model is proposed to analyze and compare the impacts of different market structures on infrastructure deployment and social welfare. Moreover, a support vector machine-based rolling horizon stochastic method is adopted in the model to simulate real LNG price fluctuations. Four market reform scenarios are proposed considering different policies such as business separation, third-party access(TPA) and their combinations. The results indicate that, with third-party access(TPA)entrance into the LNG market, the construction of LNG infrastructure will be promoted and more gas will be provided at lower prices, and thus the total social welfare will be improved greatly.展开更多
The wide application of intelligent terminals in microgrids has fueled the surge of data amount in recent years.In real-world scenarios,microgrids must store large amounts of data efficiently while also being able to ...The wide application of intelligent terminals in microgrids has fueled the surge of data amount in recent years.In real-world scenarios,microgrids must store large amounts of data efficiently while also being able to withstand malicious cyberattacks.To meet the high hardware resource requirements,address the vulnerability to network attacks and poor reliability in the tradi-tional centralized data storage schemes,this paper proposes a secure storage management method for microgrid data that considers node trust and directed acyclic graph(DAG)consensus mechanism.Firstly,the microgrid data storage model is designed based on the edge computing technology.The blockchain,deployed on the edge computing server and combined with cloud storage,ensures reliable data storage in the microgrid.Secondly,a blockchain consen-sus algorithm based on directed acyclic graph data structure is then proposed to effectively improve the data storage timeliness and avoid disadvantages in traditional blockchain topology such as long chain construction time and low consensus efficiency.Finally,considering the tolerance differences among the candidate chain-building nodes to network attacks,a hash value update mechanism of blockchain header with node trust identification to ensure data storage security is proposed.Experimental results from the microgrid data storage platform show that the proposed method can achieve a private key update time of less than 5 milliseconds.When the number of blockchain nodes is less than 25,the blockchain construction takes no more than 80 mins,and the data throughput is close to 300 kbps.Compared with the traditional chain-topology-based consensus methods that do not consider node trust,the proposed method has higher efficiency in data storage and better resistance to network attacks.展开更多
基金supported by the National Nature Science Foundation of China(71263034,70902004)Humanities and Social Science Project of the Ministry of Education of China(10XJC630003)Program of Higher-level Talents at Inner Mongolia University,China(Z20100103)
文摘Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.
基金financial support of the National Natural Science Foundation of China (Grant No. 71774171)Science Foundation of China University of Petroleum, Beijing (No. 2462017YB11)
文摘Natural gas is expected to play a much more important role in China in future decades, and market reform is crucial for its rapid market penetration. At present, the main gas fields, pipelines and liquefied natural gas(LNG) infrastructure are mainly monopolized by large state-owned companies, and one of the important market reform policies is to open up LNG import rights to smaller private companies and traders. Therefore, in the present study, a game theoretical model is proposed to analyze and compare the impacts of different market structures on infrastructure deployment and social welfare. Moreover, a support vector machine-based rolling horizon stochastic method is adopted in the model to simulate real LNG price fluctuations. Four market reform scenarios are proposed considering different policies such as business separation, third-party access(TPA) and their combinations. The results indicate that, with third-party access(TPA)entrance into the LNG market, the construction of LNG infrastructure will be promoted and more gas will be provided at lower prices, and thus the total social welfare will be improved greatly.
文摘The wide application of intelligent terminals in microgrids has fueled the surge of data amount in recent years.In real-world scenarios,microgrids must store large amounts of data efficiently while also being able to withstand malicious cyberattacks.To meet the high hardware resource requirements,address the vulnerability to network attacks and poor reliability in the tradi-tional centralized data storage schemes,this paper proposes a secure storage management method for microgrid data that considers node trust and directed acyclic graph(DAG)consensus mechanism.Firstly,the microgrid data storage model is designed based on the edge computing technology.The blockchain,deployed on the edge computing server and combined with cloud storage,ensures reliable data storage in the microgrid.Secondly,a blockchain consen-sus algorithm based on directed acyclic graph data structure is then proposed to effectively improve the data storage timeliness and avoid disadvantages in traditional blockchain topology such as long chain construction time and low consensus efficiency.Finally,considering the tolerance differences among the candidate chain-building nodes to network attacks,a hash value update mechanism of blockchain header with node trust identification to ensure data storage security is proposed.Experimental results from the microgrid data storage platform show that the proposed method can achieve a private key update time of less than 5 milliseconds.When the number of blockchain nodes is less than 25,the blockchain construction takes no more than 80 mins,and the data throughput is close to 300 kbps.Compared with the traditional chain-topology-based consensus methods that do not consider node trust,the proposed method has higher efficiency in data storage and better resistance to network attacks.
