乌兰矿采矿现状及技术应对方案

本文分析了乌兰矿投产前期采矿现状及存在的主要问题,针对该矿所处蒙古国经济落后、投资风险大的现实状况,为避免生产中断、规避投资风险,早日回收前期投资考虑,采取了双斜坡道开拓、全尾胶结充填、高端壁空场嗣后充填采矿、多中段组合式连续开采等系列技术应对方案。大大降低了一次性投资规模及投资风险,前期投资得以快速回笼的同时,矿山产能也充分释放,确保了矿山的持续稳定,取得了较好的经济和社会效益。为海外地下近地表矿体开采矿山规避投资风险提供了很好的技术方案借鉴。     

基于实物期权的煤层气利用项目投资评价研究

实物期权法是对项目决策中的灵活性价值进行定量评估的一种方法，是对传统经济评价方法净现值法的修正补充。采用实物期权理论和方法，分析煤层气利用项目可研建设阶段和生产运营阶段的期权特征，确定出煤层气利用项目总价值为现金流量净现值与项目灵活性价值之和。采用二叉树期权定价方法，构建基于实物期权的煤层气利用项目投资评价方法和模型。并结合煤层气脱氧制液化天然气项目实例，在确定评价参数的基础上，分别用净现值法、基于实物期权的延迟期权方法、扩张期权方法及复合期权方法，计算煤层气项目投资价值，同时对评价方法主要影响参数进行敏感性分析。结果表明：实物期权法评价出的煤层气利用项目价值明显高于传统经济评价方法计算出的项目价值，而且组合期权能有效增加项目的价值；标的资产价值和期权执行价格对煤层气利用项目期权价值的影响最大。      

Solidification of Be-free Ni-based dental alloy

A novel, Nb- and Si-rich and Be-free Ni-based alloy was cast by two methods of investment casting and continuous casting to study the microstructure evolution during solidification and its mechanical properties. The solidification of the alloy started with the primary crystallization of FCC-γ, followed by a binary eutectic reaction, with the formation of a heterogeneous constituent: FCC-γ+G-phase, which replaced the low-melting eutectic (FCC-γ+NiBe) in the Be-bearing alloys. AlNi₆Si₃ and γ′ formed during the terminal stages of solidification by investment casting, while the formation of AlNi₆Si₃ was suppressed by continuous casting. The Scheil solidification model agreed very well with the experimental results.     

Methodology for optimization of pouring variables using bottom pour for low masses of SS304 (<300 kg) in investment casting process (case study)

Bottom pour ladles with stopper rod systems are commonly used in the metal casting industry. However, stopper rod bottom-pouring systems have not yet been developed for the lower thermal masses of alloys typically used in the investment casting industry. Large thermal masses used with bottom pour systems are typically limited for ladles larger than 700 kg and to certain alloys with higher fluidity and longer solidification time like cast iron, aluminum alloys etc. In this study, bottom pour ladle designs and low thermal mass refractory systems have been developed and evaluated in production investment foundry trials with 300 kg pouring ladle. The ladles system and pouring practices used will be described along with the results from the pouring trials for SS304 that represents typical alloys used in Investment casting industries. Optimization of the variables used in an experimentation using Genetic algorithm is also explained.     

Rural idylls and urban economies: the making of metropolitan wine regions

In our quest to understand wine industries and their location and development worldwide, much emphasis has been given to key environmental, cultural and economic factors. The concept of terroir is used widely to describe, delimit and promote favoured wine regions. In this, we see constructions of rurality that tend to render invisible important connections between wine regions and urban places. However, many if not most wine regions owe much to their urban neighbours. Cities are sources of labour, capital and customers. Indeed, many wine regions are, in effect, metropolitan wine regions that owe as much to their proximity to cities than they do to any putative environmental distinctiveness and advantages. Wineries in such places develop strategies to survive and prosper not by producing bottles of wine that are widely sold on global markets – and compete on the basis on price or global reputation – but rather because they develop strong and loyal local markets tied to urban economies and because they appeal to the rural idylls held by urban consumers. This paper explores the way urban places have been critical in the development of certain wine regions in New Zealand.     

国内建筑涂料市场影响因素与预测分析

中国是全球最大的建筑涂料市场，各涂料厂商在中国建筑涂料市场上进行激烈竞争，能够精准预测行业趋势对各涂料厂商精准决策和投资，提升企业经营质量具有重要意义。文章收集了近 12年建筑业总产值、房地产投资、城镇常住居民人口、 M2和 GDP等影响建筑涂料市场的数据，通过回归分析的方法得出：各影响因素与建筑涂料产量存在紧密且正相关的定量关系，并由此预测了国内建筑涂料市场在未来 3年将稳步发展。     

Levelized cost of energy definition – An economic paradox

Using mean value theorem for integrals we show that the well-known LCOE definition is incorrect.     

Determination of drivers for investing in cryptocurrencies through a fuzzy full consistency method-Bonferroni (FUCOM-F’B) framework

Cryptocurrencies have brought many innovations and discussions to economic life. Digital assets, which are very popular by investors, are frequently used for many purposes such as store of value, exchange, and speculation. It creates a research area that intentions cryptocurrency experts prioritize in crypto investments. In this paper, therefore, the fuzzy Full Consistency Method-Bonferroni (FUCOM-F’B) model is conducted to determine the priorities of drivers for investing in cryptocurrencies. The selected twenty-three drivers are classified based on five aspects, including functionality, financial, legal infrastructure, technology, and security. Based on the findings, “strong electronic encryption” and “use of digital signature” are the most significant drivers for preferring a cryptocurrency. A validation check is performed to verify the reliability, usefulness, and stability of the proposed approach. Further, the introduced approach allows taking the ambiguities and subjectivity into account which exist in the decision-making procedure. The suggested framework can be a helpful decision support tool for regulators, policymakers, practitioners, and cryptocurrency investors.     

关于优化中国石化年金投资管理模式的思考

年金运营效益事关广大员工的获得感。本文在分析总结中国石油化工集团有限公司年金成立以来相关工作基础上,对比国内外企业年金先进管理模式,对目前存在的问题和管理痛点进行了剖析,提出了该年金在现有管理体系下,未来进一步改进提高的可行路径和实现方案。     

How does a bank's involvement interplay with a firm's capacity investment? An analysis and comparison of different consortium structures

As nonrecourse project finance (rather than financing on a sovereign basis) is becoming more prevalent worldwide, financing institutions have to collaborate more closely with firms to optimize capacity‐investment and financing decisions. Under this background, this paper presents a stylized Stackelberg games model, taking into account the firm's capacity investment as well as the bank's interest rate and funding ratio decisions. Consortium structures between bank and firm are formalized into five modes based on industry practice, namely, the integrated consortium, pure shareholder funding, bank as leader, full coordination, and bank as follower. The optimality and equilibrium of each of the five modes are analytically derived, and their existence and uniqueness are demonstrated. Valuable economic insights are obtained through both modeling analysis and numerical experiments, with the main findings including the following: (i) a lack of bank financing leads to insufficient capacity investment and poor consortium performance; (ii) interest rate and funding ratio play important but different roles in the bank's risk management; (iii) the bank's proactivity in leading and coordinating the consortium is critical for the two parties’ overall performance; and (iv) if the bank is the follower, the firm's capacity decision is irrelevant to the bank's loan contract, and the consortium cannot be coordinated to the first‐best level of performance.