Suchergebnisse

Credit risk assessment in the real estate industry has garnered significant attention from government regulators, investors, and business scholars. However, the evaluation of credit risk in this sector poses numerous challenges, primarily due to the intricate interplay of economic cycles and political landscapes. In this study, we propose a novel method that leverages the GARCH(1,1) model in conjunction with the Genetic Algorithm (GA) to enhance the KMV model's performance. By refining the default point and equity value volatility in the KMV model, our approach offers more accurate credit risk evaluations in the real estate industry. Empirical results demonstrate the superior accuracy of our improved KMV model, providing valuable insights for early credit risk warning in the real estate sector.

This article takes 30 listed enterprises in the manufacturing industry as samples, uses the KMV model to measure the default distance, and tests the validity of the measurement results to investigate whether issuing green bonds has a potential impact on the credit risk of enterprises. The results show that the KMV model has a better ability to predict corporate credit risk; and enterprises that have issued green bonds generally have lower credit risk due to signaling effects and other effects. Finally, this article puts forward relevant recommendations such as policy support and database construction based on the research results. This article provides a basis for enterprises to broaden financing channels and strengthen credit risk management.

The paper provides information for railway systems based on 30 years' experience of Japanese railway privatization. First, we introduce the background, framework, and result of the Japanese National Railway reform, especially from the perspective of the former president of the JR Kyushu Railway Company. We explain the challenges, such as diversified businesses and employee capacity building, that the company faced during that time and the creation of the business foundation in preparation for the transformation into a private company. We also discuss the tasks of the railway, including the freight transport of the high-speed railway (the Shinkansen logistics), as well as the population decline and aging society in Japan and their relationship with the railway system. Last, we summarize the implications of Japan's railway experience for a broader railway system. The high levels of safety and efficiency of Japan's railway system are based on the railway culture (hard, soft, heart) and the Japanese nationality. The railway system is extremely important for long-term economic development. In addition, we introduce the PPET Railway-ology, which integrates philosophy, politics, economy, and technology. The paper crystallizes years of railway experience and offers valuable lessons for the development of railway systems worldwide.

Climate change has led to frequent occurrence of extreme weather events, which seriously affect human life and production in terms of frequency, intensity and duration. It has become one of the important risk factors faced by enterprises, and the construction industry occupies an important position in China's national economy, which is inevitably affected by extreme weather. Therefore, based on the panel data of Chinese A-share construction enterprises from 2010 to 2022, this article studies the impact of extreme climate on corporate financial performance. It is found that the extreme low temperature climate significantly improves the financial performance risk of the construction industry, while the extreme high temperature climate and extreme rainfall climate have no significant impact on the financial performance of the construction industry. This study expands the literature on the impact of extreme weather on the performance of listed companies, encourages enterprises to further recognize the importance of extreme climate, and provides suggestions for corporate managers on how to deal with extreme climate.

A two-dimensional numerical model incorporating solid mechanics, electrochemistry, mass diffusion, and ion migration processes is developed to investigate the load effect on the crevice corrosion. The model is a transient model of crevice corrosion occurring in cracks of 304 stainless steel in a dilute NaCl solution, and the interaction between stress and electrochemical corrosion was considered. By solving the multiphysical coupling model in COMSOL, the effect of applied load on electrochemical corrosion in the crack tip region was calculated, and the local corrosion current density in the crack tip region with stress concentration within the crack was also calculated by using the Tafel relationship. The distribution of Fe2+ ion, Na+ ion, CL− ion, and H and O2 substance concentrations within the crack cavity is predicted by the equation analysis of substance transport. The results show that metal oxidation is more clearly affected by plastic deformation, the rate of hydrogen evolution reaction increases with stress enhancement, and the oxygen absorption reaction is not affected by stress strain. The distribution of iron ions, hydrogen, and oxygen within the crack is affected by the electrochemical reaction rate, and the distribution of iron ions, sodium ions, and chloride ions is affected by the electrolyte potential.