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In this paper, we use financial data of Chinese listed companies from 2010 to 2020 to explore the relation between working capital financing structure and firm value under certain monetary policy and macro economy situation. We find that when monetary policy expands, the use of aggressive working capital financing structure is conducive to value maximization; when the macroeconomic situation is good, the aggressive working capital financing structure helps to improve firm value. Further study finds that monetary policy expansion urges firms to use more short-term debt to cut capital cost, and better macroeconomic situation can cut firm’s bankrupt cost to bring down working capital financing structure and improve firm value.

AbstractMany developing countries are facing the difficulty of choosing between economic growth and energy conservation and emission reduction (ECER). China has strengthened the implementation of ECER by setting environmental accountability as the development goal of local governments, hoping to have better governance effects. To evaluate the actual intervention effect of this approach, this paper constructs panel data covering 46 countries from 1995 to 2014 and uses the difference-in-differences (DID) method and the composite control method to quantitatively analyse the policy effect. The results show that China can effectively curb energy consumption and carbon emission intensity per unit of GDP by adding ECER targets to the government’s five-year plan, which has significant effects on ECER. Furthermore, we use an intermediary mechanism to test and identify low-carbon alternatives and an ECER promotion mechanism for technological advancement. The conclusion shows that economic development is compatible with low carbon and energy consumption. Combined with China’s long-term goals for ECER, it can be considered that on the road to achieving carbon peaking and carbon neutrality in the future, the economy and tertiary industry should be rationally developed, the degree of urbanization should receive more attention, and the proportion of thermal power generation should be reduced.

Access to reliable and affordable energy is vital for sustainable development. In the off-grid areas of developing countries, decentralized energy solutions have received increasing attention due to their contributions to reducing poverty. However, most of the rural population in many developing countries still has little or no access to modern energy technologies. This paper assesses the factors that determine the successes and failures of decentralized energy solutions based on local harmonized case studies from heterogeneous contexts from Asia, sub-Saharan Africa, and South America. The case studies were analyzed through the coupled lenses of energy transition and the Water–Energy–Food Security (WEF) Nexus. The findings indicate that access to modern decentralized energy solutions has not resulted in complete energy transitions due to various tradeoffs with the other domains of the WEF Nexus. On the other hand, the case studies point at the potential for improvements in food security, incomes, health, the empowerment of women, and resource conservation when synergies between decentralized energy solutions and other components of the WEF Nexus are present.

Abstract To empirically verify whether financial risk affects global carbon emissions, this study investigates the financial risk-emission nexus by employing a global balanced panel dataset of 62 countries over the period 2003–2018. Furthermore, we explore the mediation effect of technological innovation on the financial risk-emission nexus. Fully considering potential regional heterogeneity and asymmetry, this study further analyzes the heterogeneous and asymmetric relationships among the variables, such as the difference between regional comprehensive economic partnership countries and other countries. The empirical results indicate that: (1) a mediation effect between financial risk and global carbon emissions exists; in other words, increased financial risk not only reduces global carbon emissions directly, but can also have an indirect impact in mitigating carbon emissions by promoting technological innovation; (2) the impacts of financial risk and technological innovation on global carbon emissions show significant regional heterogeneity; and (3) financial risk and technological innovation show asymmetry across different quantiles. To be specific, technological innovation and financial risk have a significant inhibitory effect on global carbon emissions only in the 10th quantile, while promoting carbon emissions in other quantiles.

PurposeThe purpose of this paper is to study a fractional grey model FAGM(1,1,tα) based on the GM(1,1,tα) model and the fractional accumulated generating operation, and then predict the national health expenditure, the government health expenditure and the out-of-pocket health expenditure of China.Design/methodology/approachThe presented univariate grey model is systematically studied by using the grey modelling technique, the fractional accumulated generating operation and the trapezoid approximation formula of definite integral. The optimal system parametersrandαare evaluated by the particle swarm optimisation algorithm.FindingsThe expressions of the time response function and the restored values of this model are derived. The GM(1,1), NGM(1,1,k,c) and GM(1,1,tα) models are particular cases of the FAGM(1,1,tα) model with deterministicrandα. Compared with other forecasting models, the results of the FAGM(1,1,tα) model have higher precision.Practical implicationsThe superiority of the new model has high potential to be used in the medicine and health fields and others. Results can provide a guideline for government decision making.Originality/valueThe univariate fractional grey model FAGM (1,1,tα) successfully studies the China’s health expenditure.

Abstract Ammonia is a possible candidate as the fuel for solid oxide fuel cells (SOFCs). In this work, an anode-supported SOFC based on yttrium-stabled zircite (YSZ) thin-film electrolyte was fabricated by a simple dry-pressing process. Directly fueled by commercial liquefied ammonia, the single cell was tested at temperatures from 650 to 850 °C. The maximum power densities were 299 and 526 mW cm −2 at 750 and 850 °C, respectively, only slightly lower than that fueled by hydrogen. Analysis of open current voltages (OCVs) of the cell indicated the oxidation of ammonia within a SOFC is a two-stage process. Impedance spectra showed the cell fueled by ammonia had the same electrolyte resistances as that fueled by hydrogen, but a little larger interfacial polarization resistances. Further, the performances of the cell were essentially determined by the interfacial resistances under 750 °C.

Environmental pollution liability insurance is becoming increasingly important for China to achieve its emission reduction targets. Insurance pricing is a crucial factor restricting the market share of environment pollution liability insurance, from the perspective of the Black–Scholes pricing model, which in turn has influenced the solvency of insurance companies in China. Firstly, this study analyzes the problems existing in compulsory liability insurance for environmental pollution in China. It proceeds with analyzing the price of compulsory environmental pollution liability insurance using the Black–Scholes pricing model, and derives a high premium insurance rate of 2.44%. Moreover, it performs a multivariate regression analysis using the asset and liability data, taken from the annual report, to identify three key factors affecting the solvency adequacy ratio, namely, capital debt ratio, reflecting the company asset structure; net interest rate on assets, reflecting the asset scale with actual solvency; and claim ratio, reflecting the business quality. Based on the results of regression analysis and robustness test for the China Insurance Clauses (CIC) company, People’s Insurance Company of China (PICC), and Asia-Pacific Property & Casualty Insurance (API) company, it is shown that the effect of total asset, total debt, capital debt ratio, claim ratio, and net interest rate on assets on the solvency adequacy ratio is significant, with respect to the size of the coefficients. Based on the Black–Scholes pricing model found in the previous cycle of liability insurance, and keeping in view the existing problems of environmental pollution liability insurance expenditure, this paper presents suggestions that are conducive to improving the solvency of insurance companies in China.

Background and Aims: Alcohol-associated liver disease (ALD) accounts for 70% of liver-related deaths in Europe, with no effective approved therapies. Although mitochondrial dysfunction is one of the earliest manifestations of alcohol-induced injury, restoring mitochondrial activity remains a problematic strategy due to oxidative stress. Here, we identify methylation-controlled J protein (MCJ) as a mediator for ALD progression and hypothesize that targeting MCJ may help in recovering mitochondrial fitness without collateral oxidative damage. Approach and Results: C57BL/6 mice [wild-type (Wt)] Mcj knockout and Mcj liver-specific silencing (MCJ-LSS) underwent the NIAAA dietary protocol (Lieber-DeCarli diet containing 5% (vol/vol) ethanol for 10 days, plus a single binge ethanol feeding at day 11). To evaluate the impact of a restored mitochondrial activity in ALD, the liver, gut, and pancreas were characterized, focusing on lipid metabolism, glucose homeostasis, intestinal permeability, and microbiota composition. MCJ, a protein acting as an endogenous negative regulator of mitochondrial respiration, is downregulated in the early stages of ALD and increases with the severity of the disease. Whole-body deficiency of MCJ is detrimental during ALD because it exacerbates the systemic effects of alcohol abuse through altered intestinal permeability, increased endotoxemia, and dysregulation of pancreatic function, which overall worsens liver injury. On the other hand, liver-specific Mcj silencing prevents main ALD hallmarks, that is, mitochondrial dysfunction, steatosis, inflammation, and oxidative stress, as it restores the NAD+/NADH ratio and SIRT1 function, hence preventing de novo lipogenesis and improving lipid oxidation. Conclusions: Improving mitochondrial respiration by liver-specific Mcj silencing might become a novel therapeutic approach for treating ALD.