Search results

This paper originally proposed the fuzzy option pricing method for green bonds. Based on the requirements of arbitrage equilibrium, this paper draws on Merton's corporate bond option pricing model.

Describing the asset value behavior of green bond issuing enterprises through diffusion-jump processes to reflect the uncertainty brought by carbon emission reduction policies and technologies, using approximation methods to get the analytical pricing formula and then, using a fuzzification technique of Choquet expectation under  λ-additive fuzzy measures after considering fuzzy factors, the paper provides fuzzy intervals for the parity coupon rates of green bonds with different subjective levels for investors.

The paper proposes and argues the classical and fuzzy option pricing methods in turn for both corporate ordinary bonds and green bonds, considering carbon risk or climate risk. It implements the scenario analysis varying with industry emission standards and discusses the sensitiveness of the related key parameters of the option.

The fuzzy option pricing for the green bonds provides the scope of the variable equilibrium values, operational theoretical supports and some policy implications of carbon reduction and promoting green funding.

The logic of introducing the fuzziness of the option pricing for the green bonds lies with considering the existence of fuzzy information about the project supported by the green bond and the subjectivity of investors and it also responds to changes in technological uncertainty and policy uncertainty in the process of “carbon peaking and carbon neutrality.”

The need for an efficient enterprise risk management (ERM) has never been greater than today when organisations face complex and interconnected risks targeting their business models. Macroeconomics and geopolitical uncertainties, digital transformations of industries and sectors, cybersecurity, and climate change, among other trends, present significant uncertainties. This article aims to analyse the scientific papers on research specific to ERM and review the links between the researched area and market or corporate governance topics. Risk management is underdeveloped in many organisations; the current standard for risk management is a reactive approach. It is usually treated in isolation rather than as a core competency and a strategic asset. As a result, risk management processes are ineffective and seen as adding value to decision-making and responding to uncertainties. Based on the literature, the scope is to set up the framework for future research on ERM by building a bibliometric analysis and examining articles collected from the Web of Science Core Collection database. The study identified the essential research on this topic based on the citations of the papers and the author’s countries with the highest number of publications and citations. VOSviewer software analysed the ERM system based on keywords, citations, geographical distribution, and authorships. The research proves a strong connection between the ERM and corporate governance topics considering the stage where most countries are regarding this subject.

China's marine economy occupies an important position within the national economy, and its contribution thereto is constantly improving. The overall operation of the marine economy shows positive developmental trends with potential for further growth. The purpose of this research is to analyse the prosperity of China's marine economy, reveal trends therein and forecast the likely turning point in its operation.

Based on the periodicity and fluctuation of China's marine economy development, China's marine economic prosperity indicator system is established from five perspectives. On this basis, China's marine economic operation prosperity index can be synthesised and calculated, then a dynamic factor model is constructed. Using the filtering method to calculate China's marine economic operational Stock–Watson index, Markov switching has been used to determine the trend to transition. Furthermore, China's current marine economic prosperity is evaluated through analysis of influencing factors and correlation analysis.

The analysis shows that, from 2017 to 2019, the operation of the marine economy is relatively stable, and the prosperity index supports this finding; meanwhile it also exposes problems in China's marine economy, such as an unbalanced industrial structure, low marine economic benefits and insufficient capacity for sustainable development.

Through the analysis of the prosperity of China's marine economy, the authors reveal the trends in China's marine economy and forecast its likely future turning point.

Deep learning (DL) technology is used to design a voice evaluation system to understand the impact of learning aids on DL and mobile platforms on students’ learning behavior.

DL technology is used to design a speech evaluation system.

The experimental results show that the speech evaluation system designed has a high accuracy rate, the highest agreement rate with manual evaluation of pronunciation is 89.5%, and the correct speech recognition rate is 96.64%. The designed voice evaluation system and the manual voice rating system have a maximum error rate of 2%. The experimental results suggest that it is necessary to further optimize the learning aids for mobile platform. The learning aids of the mobile platform need to be further optimized to promote the improvement of student learning efficiency.

The results show that the speech evaluation system designed has good practical application value, and it provides a certain reference value for the future study of learning tools on DL.

This study investigates the influence of social trust on the attainment of corporate environmental, social and governance (ESG) objectives.

This study conducts panel regression analysis on a distinctive dataset for 2009–2017 on Chinese firms.

The analysis reveals a significant positive association between social trust and firm-level ESG practices. Moreover, the impact of social trust on shaping ESG outcomes is further amplified by factors such as economic growth, corporate governance standards and institutional quality. This relationship remains statistically positive when the authors employ alternative measures and methodologies, such as the instrumental variables, propensity score matching and difference-in-differences approaches. Notably, the results of heterogeneity tests indicate that the Trust–ESG nexus is more prominent for state-owned enterprises and firms with substantial market capitalization, superior profitability and higher leverage.

This study expands the comprehension of the determinants of ESG and underscores the influential role of social trust as an informal institution in enhancing a firm's ESG performance.

The purpose of this paper is to verify and extend the application of the policy acceptance model (PAM) in the field of green behavior. Under the PAM framework, the authors develop and empirically examine on how employee perception of corporate green policy (perceived ease of use and perceived usefulness) increases the acceptance of corporate green policy, which further leads to two types of employee green behavior. The authors also test the moderating roles of moral reflectiveness and performance orientation on these relationships.

The authors collected complete survey data from 223 work professionals in this study. Multiple regression method was used to test the hypotheses.

The results showed that there were significant positive impacts of two types of employee perceptions of corporate green policy (perceived ease of use and perceived usefulness) on their attitudes toward corporate green policy. Second, this study reported positive relationships between employees’ attitudes toward corporate green policy and their two types of green behavior. Finally, supplemental analyses supported moderated mediation models, that is, moral reflectiveness and performance orientation, respectively, and moderated indirect effects of employee perceptions on green behaviors through attitude toward corporate green policy.

The data came from a narrow demographic population, which restricts the generalizability of the findings and also raises questions about the specificity of green behaviors manifest in different industries. Besides, this study used cross-sectional, self-reported data, which limits our ability to draw causal conclusions.

Companies can shape employee perceptions regarding the usefulness and ease of corporate green policy to induce and consolidate employees’ task-related and proactive green behaviors.

This research will help companies to pay more attention to employees’ reflections and attitudes toward green policies, thus effectively promoting employees’ green behavior in the workplace. These actions will further promote the green development of the economy and society.

The authors extend the PAM framework to the area of green behavior. The PAM is applied to a more micro level of corporate green policy. Further, this paper points out that employees’ instrumental value (performance orientation) and moral trait (moral reflectiveness) moderate the impact of employees’ policy perceptions on their green behaviors.

In any time and space and under any circumstance, we find peasants are never passive actors in their livelihoods and rural development. Instead, they always create space for manoeuvre in order to make changes. This chapter analyses the innovative actions taken by the majority of rural inhabitants in rural areas during the overwhelming modernization process, so as to affirm that peasants are the main actors of rural development. It is they who have shaped the transformation of rural societies and the history. Through the analysis, this chapter concludes that rural development is not an objective, a blueprint nor a design. It is not the to-be-developed rear field in modernization. It is not the babysitter for cities, nor a rehearsal place for bureaucrats to testify their random thoughts. Rural development is what peasants do. The path they have chosen reveals scenery so different from modernization. If we regard development as a social change, or a cross with influential meanings, we could understand rural development as peasants’ victories over their predicament. Villages accommodate not only peasants, but without peasants villages would surely vanish. In this sense, the most important part in rural development or rural change is peasants – their conditions and their feelings.

Cracking, deformation and rutting are the most prevalent types of pavement distress, and these deformations and flow characteristics greatly distress the pavement features while also limiting its use. In India, on the other hand, more than 300 million scrap tyres are generated each year, and their disposal has become a severe environmental issue. Furthermore, the scrap generated by the used tyre must be disposed of properly. Hence, this study presents the experimental investigations of bitumen incorporating with Crumb rubber as main additive along with SBS polymer, to enhance the engineering property.

Crumb rubber (CR) was used as an additive along with styrene–butadiene–styrene (SBS) polymer to enrich the engineering qualities of the bitumen to reduce the disposal problem of scrap tyres and reduce the risk of environmental pollution. Because SBS polymer is expensive, response surface methodology modelling's central composite design (CCD) was used to optimise the number of tests. CCD modelling's input factors (process variables) were the inclusion rates of SBS and CR, which ranged from 2% to 5% and 4% to 10%, respectively, by total weight. Furthermore, the influence of SBS polymer and CR on the characteristics of modified bitumen was prioritised.

The addition of SBS and CR enhanced the bitumen's penetration resistance at service temperatures. Furthermore, increasing the SBS and CR concentration affected the flow characteristics of the modified bitumen and enhanced its viscosity. The addition of SBS and CR as bitumen modifiers increased penetration resistance by 24.06%. The Dynamic Shear Rheometer test demonstrated that the complex modulus of virgin bitumen increases with increasing SBS and CR content, which is consistent with the shifting softening point trend. The dosing rate of up to 3.5% SBS and 11% CR considerably contributed to the creation of polymer link networks, which increased the complex modulus of the bitumen by 16.5%. The CCD model's analysis of variance and Pareto bar chart demonstrated that the dose of CR is significant in improving the engineering features of the virgin bitumen rather than the SBS.

The utilisation of CR as a bitumen modifier may solve the problem of waste tyre disposal while also lowering the risk of environmental damage. Furthermore, because the presence of CR increased the engineering properties, particularly the complex modulus of virgin bitumen, the use of CR in combination with SBS polymer can be an efficient and cost-effective strategy to improving bitumen qualities.

For ball screw feed system, a sudden start or stop has a great influence on the transmission stiffness, so the axial stiffness mutation of feed system will occur. The purpose of this paper is to study the influence of acceleration on the transmission stiffness and dynamic characteristics of the ball screw feed system.

Taking the ball screw feed system as a research object, on the basis of the Hertz contact theory and the mixed element method, axial stiffness model and dynamic model are established. And the system stability was analyzed by the time history diagram and Phase-plane portrait diagram. The feed system was analyzed theoretically and experimentally, the experimental results are in good agreement with the model results.

Lead screw lead angle, preload, load and start acceleration affected ball-screw pair, bearing and transmission stiffness. And the load, nut contact stiffness, bearing contact stiffness, preload have a large effect on the transmission stiffness. The results show that a certain acceleration value will make the axial stiffness abrupt change.

This research provides a useful theoretical support for ensuring a good dynamic for the ball screw feed system.