企业经营性资产管理与盈利模式转变研究

以上海市政集团的经营性资产为主要研究对象,对存量经营性资产提出管理优化设想,并且探讨经营性资产的开拓增量。对存量经营性资产,以盘点盘活和精细化管理为重点,健全完善资产管理体系,对接市场挖掘存量资产潜力;对增量经营性资产,主要依据企业战略目标以及企业能级提升的需求,实施PPP项目和新兴产业投资,改变和突破企业传统盈利模式。     

Foreign exchange exposure in private investment projects

Indexes of profitability of investment projects can be very sensitive to the assumptions made with respect to future inflation and exchange rates. No theory can provide a firm basis of exchange-rate forecasts. The problems involved in incorporating inflation and exchange-rate risk in project appraisal are discussed.     

Managing the future forest resource through designer trees

With today's tree improvement technology coupled with knowledge of the influence of forest management practices on tree growth and log quality, it is possible to manipulate tree form to engineer trees with specific characteristics. Theoretically we can create forest portfolios to optimize suitability for different end uses. We could design structural forests for optimal building materials, LongClears Forests for furniture and mouldings markets, or PulpWood Forests for pulp and paper industries. This project's goal was to explore methods for identifying tree characteristics that could be manipulated to optimize production of specific lumber products, namely LongClears. A model that works backwards from the targeted product through wood processing with linkage to forest management and genetic selection strategies is proposed. The model uses a combination of mathematical programming and operations research techniques including data envelopment analysis, log sawing optimization, and sawmill simulation to identify properties of the optimal log and designer tree.     

A new approach to code motion and its application to hoisting

An approach to code motion and hoisting, a program optimization technique, is discussed. The safety and profitability of optimization in general and hoisting in particular are analyzed. By restricting the analysis to a spanning tree imposed on the program graph, a linear algorithm is developed that provides sufficient but not necessary conditions for hoisting.     

2019年Tenaris集团和Vallourec集团生产经营状况分析

2019年国际油价仍然在多因素影响下震荡波动,总体呈现下行趋势,给全球钢管行业带来不利影响。从钢管销售量、盈利能力、市场分布、资产负债情况和偿债能力等方面,分析2019年Tenaris和Vallourec两大钢管集团的生产经营情况。分析认为:2019年Tenaris集团和Vallourec集团的经营业绩虽有波动,但整体上仍保持较强的竞争力;Vallourec集团实现逆势增长,EBITDA达到近几年最高水平;2020年3月初国际油价暴跌,给Tenaris集团和Vallourec集团2020年业绩带来了不确定性。     

Major advances in nutrition: relevance to the sustainability of the dairy industry

The typical cow has a maintenance requirement of about 10 Mcal of net energy for lactation (NE_L) per day. Each kilogram of milk takes an additional 0.7 Mcal of NE_L. Thus, the cow producing 45 kg of milk per day needs 4 times as much total energy as she needs for her maintenance requirement alone. The elite cow producing 90 kg/d needs 7 times as much total energy as she needs for maintenance alone. Consequently, the efficiency of using feed energy is much greater for the elite cow than it was for the cow of 100 yr ago consuming a diet of mostly forage. With increased productivity has come the need for fewer cows to produce milk on a per capita basis and increases in net income per cow. However, compared with energetic efficiency, the efficiency of using feed protein to make milk protein has not increased as dramatically, partly because cows are often fed protein in excess. This nitrogen waste is an environmental concern; N losses in manure contribute to water pollution and ammonia emissions from dairy farms. However, the complexities of protein nutrition and limitations in measuring feed N fractions make accurate specifications for feed protein fractions difficult. The economic risk of underfeeding protein is greater than the risk of overfeeding protein, so protein efficiency has not been maximized in the past, nor is it likely to be maximized in the near future. Most cows also are fed excess P, a notable contaminant of surface waters, but several recent studies have shown that feeding P above NRC recommendations has no utility for milk production or fertility. The goal of this article is to examine the impact of nutrition on productivity, efficiency, environmental sustainability, and profitability of the dairy industry.     

燃气-蒸汽联合循环自备热电联供经济敏感性分析

分析了蚌埠新城开发区拟建燃气-蒸汽联合循环自备热电联供项目的内部收益率和投资回收期这两个主要经济指标，并指出了总投资、天燃气价格、电价、热价4个因素经济敏感性的起变动范围和次序．最后得出了净现值NPV与电价、天燃气价格、热价之间的多因素敏感性关系图．     

Observational study on associations between resilience indicators based on daily milk yield in first lactation and lifetime profitability

Resilience is the ability of cows to be minimally affected by disturbances, such as pathogens, heat waves, and changes in feed quality, or to quickly recover. Obvious advantages of resilience are good animal welfare and easy and pleasant management for farmers. Furthermore, economic effects are also expected, but these remain to be determined. The goal of this study was to investigate the association between resilience and lifetime gross margin, using indicators of resilience calculated from fluctuations in daily milk yield using an observational study. Resilience indicators and lifetime gross margin were calculated for 1,325 cows from 21 herds. These cows were not alive anymore and, therefore, had complete lifetime data available for many traits. The resilience indicators were the natural log-transformed variance (LnVar) and the lag-1 autocorrelation (r_auto) of daily milk yield deviations from cow-specific lactation curves in parity 1. Good resilience is indicated by low LnVar (small yield response to disturbances) and low r_auto (quick yield recovery to baseline). Lifetime gross margin was calculated as the sum of all revenues minus the sum of all costs throughout life. Included revenues were from milk, calf value, and slaughter of the cow. Included costs were from feed, rearing, insemination, management around calving, disease treatments, and destruction in case of death on farm. Feed intake was unknown and, therefore, lifetime feed costs had to be estimated based on milk yield records. The association of each resilience indicator with lifetime gross margin, and also with the underlying revenues and costs, was investigated using analysis of covariance (ANCOVA) models. Mean daily milk yield in first lactation, herd, and year of birth were included as covariates and factors. Natural log-transformed variance had a significantly negative association with lifetime gross margin, which means that cows with stable milk yield (low LnVar, good resilience) in parity 1 generated on average a higher lifetime gross margin than cows that had the same milk yield level but with more fluctuations. The association with lifetime gross margin could be mainly attributed to higher lifetime milk revenues for cows with low LnVar, due to a longer lifespan. Unlike LnVar, r_auto was not significantly associated with lifetime gross margin or any of the underlying lifetime costs and revenues. However, it was significantly associated with yearly treatment costs, which is important for ease of management. In conclusion, the importance of resilience for total profit generated by a cow at the end of life was confirmed by the significant association of LnVar with lifetime gross margin, although effects of differences in feed efficiency between resilient and less resilient cows remain to be studied. The economic advantage can be mainly ascribed to benefits of long lifespan.     

Estimation and analysis of cow-level cumulative lifetime break-even on financial resiliency

A dairy farm's ability to generate positive profit is dependent on the cow's response to management decisions made in conjunction with input cost management. Therefore, farm managers consider a multifaceted set of choices, managing their herd not as a homogeneous group of animals, but justifying the influence of individual cows on the farm's financial performance. We combined cow-level performance records from Minnesota DHIA and farm-level financials from the University of Minnesota Center for Farm Financial Management database FINBIN (https://finbin.umn.edu/) from 2012 to 2018 to evaluate farm- and cow-level profitability. The objective of this study was to evaluate individual cow performance matched with farm-level input expenses allocated to the cow level to measure a dairy farm's ability to be profitable over time, considering input and milk price fluctuations. Conventional Minnesota dairy farms were divided into 2 groups—financially resilient and non-resilient—based on their adjusted net farm income ratio over time. Yearly farm-level expenses and revenues were allocated to cows based on performance measures provided in monthly DHIA test data, and a cumulative lifetime break-even was calculated for all cows with consecutive farm data from 2012 to 2018. Herd-level and cow-level characteristics were analyzed to test for statistical difference between resilient and non-resilient farms as well as cows who achieved their break-even versus those that did not for resilient and non-resilient farms. Results showed that resilient farms had statistically different and lower expenses than non-resilient farms, with lower heifer raising expenses ($1,839.32 vs. $1,886.20), lifetime feed expenses ($4,197.07 vs. $4,975.39), and lifetime non-feed expenses ($2,761.63 vs. $4,502.67). Resilient farms had 38.3% of cows reach break-even, whereas non-resilient farms had 25.2% of cows break even. On average, cows who achieved their break-even remained in the herd for approximately 1 yr longer for both resilient farms (1,011 d for cows who break even and 627 d for those that do not) and non-resilient farms (1,033 d for cows who break even and 683 d for those that do not). Cows on resilient farms who achieved their lifetime break-even had an average lifetime profit of $1,613.48, which was $3,095.10 higher than the lifetime profit of ?$1,481.62 of cows who never reach their break-even. Cows who reached their break-even on non-resilient farms had a lifetime profit of $1,270.51, which was $3,854.11 higher than the lifetime profit of ?$2,583.60 for those who did not break even. Therefore, financially resilient dairy farms were utilizing a low-input, low-output model that proved to be successful and resulted in maintained profitability across volatile and fluctuating commodity prices.     

数据挖掘方法在本地网资产获利能力分析中的应用

电信行业资产密集的特点决定了其资产的盈利能力在整个生产经营环节的重要性。而本地网是运营商最基本的业务决策单元,因此本地网的资产获利能力分析是运营商财务分析的重要内容之一。传统的资产获利能力分析是通过财务指标比较、趋势来进行,这种分析往往只能发现问题,却不能解决问题。本文聚焦本地网资产获利能力,将数据挖掘方法与财务分析方法相结合,在发现问题的同时,找出问题的原因和解决问题的途径,并通过实际案例说明该方法的应用效果。