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The effect of overseas investors on local market efficiency:evidence from the Shanghai/Shenzhen–Hong Kong Stock Connect

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Financial Innovation 2023年第1期9卷 1103-1134页

作者： Yan Meng lingyun xiong Lijuan Xiao Min Bai School of Economics and Management Inner Mongolia UniversityHohhot 010021Inner MongoliaChina School of Accountancy Jiangxi University of Finance and Economics169 Shuanggang East StQingshanhu DistrNanchang 330013China School of Accounting Finance and EconomicsUniversity of WaikatoHamiltonNew Zealand

Using a recent stock market liberalization reform policy in China—the Stock Connect—as a quasi-natural experiment,this study examines the effect of stock market liberalization on market efficiency.Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018,we find that stock market liberalization improves the market efficiency of the Chinese mainland stock market.We further explore the potential channels through which the Stock Connect can enhance the efficiency of the A-share(A-shares refer to shares issued by Chinese companies incorporated in China's Mainland,traded in the Shanghai Stock Exchange and the Shenzhen Stock Exchange.They are denominated in Chinese RMB(the local currency).A-shares were restricted to local Chinese investors before 2003,are open to foreign investors via the Qualified Foreign Institutional Investor,RMB Qualified Foreign Institutional Investor,or the Stock Connect programs.)market.The findings show that liberalizing capital markets could benefit local market efficiency by increasing stock price informational efficiency and improving corporate governance quality.The additional analysis shows that stock market liberalization has a significant and positive impact on local market efficiency,enhancing firm value and reducing stock crash risk.We conduct various robustness checks to corroborate our findings.This study provides important policy implications for emerging countries liberalizing capital markets for foreign investors.

关键词： Market efficiency Stock Connect Market liberalization Overseas investors

Reversible Zn/polymer heterogeneous anode

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Carbon Energy 2023年第6期5卷 82-91页

作者： lingyun xiong Hao Fu Kai Yang Ji Young Kim Ren Ren Joong Kee Lee Woochul Yang Guicheng Liu Department of Physics Dongguk UniversitySeoulRepublic of Korea School of Energy Power and Mechanical Engineering North China Electric Power UniversityBeijingChina Energy Storage Research Center Clean Energy InstituteKorea Institute of Science and Technology(KIST)Seongbuk‐guSeoulRepublic of Korea Department of Materials Science and Engineering City University of Hong KongKowloonHong KongChina

Commercialization of Zn-metal anodes with low cost and high theoretical capacity is hindered by the poor reversibility caused by dendrites growth,side reactions,and the slow Zn^(2+)-transport and reaction kinetics.Herein,a reversible heterogeneous electrode of Zn-nanocrystallites/polyvinylphosphonic acrylamide(Zn/PPAm)with fast electrochemical kinetics is designed for the first time:phosphonic acid groups with strong polarity and chelation effect ensure structural reversibility and stability of the threedimensional Zn-storage-host PPAm network and the Zn/PPAm hybrid;hydrophobic carbon chains suppress side reactions such as hydrogen evolution and corrosion;weak electron-donating amide groups constitute Zn^(2+)-transport channels and promote“desolvation”and“solvation”effects of Zn^(2+)by dragging the PPAm network on the Zn-metal surface to compress/stretch during Zn plating/stripping,respectively;and the heterostructure and Zn nanocrystallites suppress dendrite growth and enhance electrochemical reactivity,respectively.Thus,the Zn/PPAm electrode shows cycle reversibility of over 6000 h with a hysteresis voltage as low as 31 mV in symmetrical cells and excellent durability and flexibility in fiber-shaped batteries.

关键词： dendrite-free electrode process kinetics fiber-shaped battery reversible metal/polymer heterostructure Zn-metal anode

Antioxidant biocompatible composite collagen dressing for diabetic wound healing in rat model

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Regenerative Biomaterials 2021年第2期8卷 74-84页

作者： Bei Qian Jialun Li Ke Guo Nengqiang Guo Aimei Zhong Jie Yang Jiecong Wang Peng Xiao Jiaming Sun lingyun xiong Department of Plastic Surgery Union HospitalTongji Medical CollegeHuazhong University of Science and Technology1277 Jiefang AvenueWuhan 430022China Wuhan Clinical Research Center for Superficial Organ Reconstruction Wuhan 430022China

Associated with persistent oxidative stress,altered inflammatory responses,poor angiogenesis and epithelization,wound healing in diabetic patients is impaired.N-acetylcysteine(NAC)is reported to resist excess reactive oxygen species(ROS)production,prompt angiogenesis and maturation of the epidermis.Studies have revealed that graphene oxide(GO)can regulate cellular behavior and form cross-links with naturally biodegradable polymers such as collagen(COL)to construct composite scaffolds.Here,we reported a COL-based implantable scaffold containing a mixture of GO capable of the sustained delivery of NAC to evaluate the wound healing in diabetic rats.The morphological,physical characteristics,biocompatibility and NAC release profile of the GO-COL-NAC(GCN)scaffold were evaluated in vitro.Wound healing studies were performed on a 20mm dorsal full-skin defect of streptozotocin(STZ)-induced diabetic rats.The injured skin tissue was removed at the 18th day post-surgery for histological analysis and determination of glutathione peroxidase(GPx),catalase(CAT)and superoxide dismutase(SOD)activity.In diabetic rats,we confirmed that the GCN scaffold presented a beneficial effect in enhancing the wound healing process.Additionally,due to the sustained release of NAC,the scaffold may potentially induce the antioxidant defense system,upregulating the expression levels of the antioxidant enzymes in the wound tissue.The findings revealed that the antioxidant biocompatible composite collagen dressing could not only deliver NAC in situ for ROS inhibition but also promote the wound healing process.This scaffold with valuable therapy potential might enrich the approaches for surgeon in diabetic wound treatment in the future.

关键词： collagen graphene oxide N-acetylcysteine sustained release diabetic wound healing

基于逐层互信息对抗自编码器的城市供热管网故障检测

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市政技术 2024年第5期42卷 220-227页

作者：刘自鹏李灵刘述李磊熊凌云刘雅儒长沙理工大学电气与信息工程学院湖南长沙410114 杭州智元研究院有限公司浙江杭州310013 长沙理工大学城南学院湖南长沙410114 长沙理工大学交通运输工程学院湖南长沙410114

城市集体供热管网属于市政工程管网的重要组成部分,其安全稳定运行与城市经济生产和居民日常生活息息相关,因此对供热管网进行准确实时的状态监测至关重要。近年来,基于深度学习的方法已经被广泛应用于状态监测领域,如对抗自编码器(adve... 详细信息

城市集体供热管网属于市政工程管网的重要组成部分,其安全稳定运行与城市经济生产和居民日常生活息息相关,因此对供热管网进行准确实时的状态监测至关重要。近年来,基于深度学习的方法已经被广泛应用于状态监测领域,如对抗自编码器(adversarial auto-encoder,AAE)。然而,从信息论的角度看,在AAE模型训练过程中样本与特征表示之间的互信息存在衰减现象,从而直接影响到该网络模型的故障检测性能。为此,提出了一种基于逐层互信息对抗自编码器(layer-by-layer mutual information adversarial auto-encoder,LM-AAE)的故障检测方法,该方法通过显性引入低维特征空间与前面每一层神经网络的互信息,以最大化正常输入样本与特征表示之间的相关性,有效克服了AAE模型训练过程中的互信息衰减问题。最后,将LM-AAE模型、VAE模型和传统AAE模型分别用于连续搅拌釜式加热器实验,结果表明LM-AAE模型在保证较小故障漏报率的同时具有最小的故障误报率。证明了引入逐层互信息策略可以使模型在故障检测任务中更具优越性。

关键词：供热管网故障检测无监督学习对抗自编码器逐层互信息

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多个大股东的监督治理效应——来自企业违规的经验证据

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财经论丛 2023年第11期 69-80页

作者：熊凌云方远杨李娟江西财经大学会计学院江西南昌330013

本文以2007—2020年沪深A股上市公司为样本,考察多个大股东在企业违规方面发挥的经济效应。研究发现,多个大股东有效抑制了企业违规,体现为多个大股东的监督治理效应。机制和路径分析表明,多个大股东抑制企业违规的影响机制是信息监督... 详细信息

本文以2007—2020年沪深A股上市公司为样本,考察多个大股东在企业违规方面发挥的经济效应。研究发现,多个大股东有效抑制了企业违规,体现为多个大股东的监督治理效应。机制和路径分析表明,多个大股东抑制企业违规的影响机制是信息监督和协同治理,具体路径是通过委派董事和退出威胁实现的。异质性分析表明,多个大股东监督治理程度越高、持股越稳定,对企业违规的抑制作用越强;多个大股东可以降低信息披露违规和经营违规,对违规倾向也有重要抑制作用,但对违规稽查的影响不显著。此外,多个大股东通过抑制企业违规还提升了企业的市场价值和长期财务业绩表现,降低了未来经营风险。因此,监管部门和上市公司应为多个大股东监督治理效应的发挥营造良好的内外部环境,进而减少企业违规,促进企业高质量发展。

关键词：多个大股东企业违规信息监督协同治理

“存贷双高”异象的审计监督——基于审计意见的实证检验

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审计研究 2023年第4期 67-80页

作者：杨李娟熊凌云方远江西财经大学会计学院 330013

近年来,以康美药业、康得新等为代表的“存贷双高”企业股债双雷现象频发,引起了资本市场的极大震动,如何从信息中介的视角识别“存贷双高”异象的风险显得尤为重要。研究发现,具有“存贷双高”特征的企业更容易被审计师出具非标审计意... 详细信息

近年来,以康美药业、康得新等为代表的“存贷双高”企业股债双雷现象频发,引起了资本市场的极大震动,如何从信息中介的视角识别“存贷双高”异象的风险显得尤为重要。研究发现,具有“存贷双高”特征的企业更容易被审计师出具非标审计意见,表明审计师能够有效发挥审计监督作用;其内在机制是审计师识别到“存贷双高”企业信息透明度低、真实盈余管理水平高,从而提高了出具非标审计意见的概率;从调节效应看,提高审计师行业专长和公司治理水平有助于缓释“存贷双高”异象的审计风险;进一步分析表明,审计师能准确识别“存贷双高”程度、区分“存贷双高”类型等,并选择出具非标审计意见来降低自身风险。研究对于理解审计师在降低“存贷双高”风险方面的信息中介作用、丰富审计意见相关研究具有重要的理论意义,同时也为提前防范市场风险提供了经验启示。

关键词：存贷双高审计意见审计风险审计监督

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勉唐画派的中观美学观研究

西藏研究 2024年第1期 104-113,158,159页

作者：李凌云熊永松西藏大学艺术学院拉萨850000 湖南师范大学美术学院长沙410081

勉唐画派作为藏族传统绘画流派,其美学观与藏传佛教格鲁派哲学思想关系密切,次第修行观主要影响了勉唐画派创作方法,使之呈现出井然有序的法度美;“二谛论”是勉唐画派审美内容上世俗与神圣、审美思维上感性与理性相圆融的深层原因;“... 详细信息

勉唐画派作为藏族传统绘画流派,其美学观与藏传佛教格鲁派哲学思想关系密切,次第修行观主要影响了勉唐画派创作方法,使之呈现出井然有序的法度美;“二谛论”是勉唐画派审美内容上世俗与神圣、审美思维上感性与理性相圆融的深层原因;“智悲双运”中大慈大悲的求善精神与空性智慧的真谛追求,则融入了勉唐画派寂静涅槃的究竟审美理想。

关键词：勉唐画派格鲁派中观美学

The Governance Effect of Controlling Shareholders' Leverage Increased Holdings:From the Perspective of Corporate Real Earnings Management

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农村专业大户农产品电商技术采纳行为及异质性分析--基于整合的技术采纳模型

作者： xiong lingyun Jiangxi University of Finance and Economics

Based on the data of A-share non-financial enterprises from 2015 to 2018 and from the perspective of real earnings management,this paper examines the governance effect of controlling shareholders’ using leverage to increase their shareholdings.The results show that the controlling shareholders’ leverage increased shareholdings will significantly reduce the company’s real earnings management,and the ratio,amount and number of shares of controlling shareholders’ leverage increased holdings will significantly reduce the company’s real earnings management,indicating that the controlling shareholders’ leverage increased holdings has obvious inhibiting effects on the company’s real earnings management,thereby improving the quality of the earnings of the listed companies.In addition,the controlling shareholders’ leverage increased shareholding behavior reduces the company’s real earnings management mainly by restraining the company’s sales control and production control.At the same time,in non-state-owned enterprises and companies with better internal governance environment and better external institutional environment,the controlling shareholders’ leverage increased shareholdings has a stronger inhibitory effect on the company’s real earnings management.The research conclusions provide empirical evidences for the protection of the rights and interests of the investors and the stabilization of the capital markets.

关键词： controlling shareholder leverage increased holdings real earnings management

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农林经济管理学报 2021年第5期20卷 621-629页

作者：蔡波傅青熊灵云江西农业大学经济管理学院江西南昌330045 中国农业银行江西省分行江西南昌330000

基于江西省22个电商示范县的345份专业大户调查问卷分析,构建农村专业大户电商技术采纳模型,采用结构方程模型进行验证,并探讨不同产品类型间的异质性。结果表明:专业大户的电商技术采纳行为是“需求-采纳动机-期望确认-行为响应”的过... 详细信息

基于江西省22个电商示范县的345份专业大户调查问卷分析,构建农村专业大户电商技术采纳模型,采用结构方程模型进行验证,并探讨不同产品类型间的异质性。结果表明:专业大户的电商技术采纳行为是“需求-采纳动机-期望确认-行为响应”的过程;行业压力、生计压力、大户获得的信息是采纳动机产生的主要原因;技术期望确认对专业大户的电商技术采纳具有显著影响;经营生鲜易腐类农产品的专业大户更加关注电商技术有用性,而经营粮食坚果类农产品的专业大户更加关注电商技术的易用性。研究结论可为专业大户经营农产品电子商务提供实践指导,为政府调整和制定相关扶持政策提供理论依据。

关键词：专业大户电子商务技术采纳结构方程模型