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The purpose of this paper is to study the relationship between financial reporting quality and investment efficiency in China.

By analyzing institutional background and hypotheses development, the paper selected listed firms in China to be the study samples. On the base of that, the relationship between financial reporting quality and investment efficiency of the samples were discussed.

Consistent with this claim, the paper finds proxies for financial reporting quality, namely self‐constructed composite measures, are negatively associated with both under‐ and overinvestment of the listed corporations; of which the effects of accrual quality and earnings smoothness on under‐ and overinvestment are most significant.

Overall, this paper has implications for research examining the determinants of investment efficiency and the economic consequences of enhanced financial reporting.

This paper seeks to develop Chinese economic infrastructure into an economically efficient system of public financial reporting and disclosure in order to improve accounting information's role of allocating capital.

The conclusion of this paper might be the first empirical evidence to support prior research that financial reporting quality is positively related to investment efficiency for large, US publicly traded firms, thus the findings extend to public firms in emerging markets.

The construction of industrial park in the current development model of circular economy has been widely regarded as one of the important modes of macroeconomic exploration all over the world. Therefore, the research on the application of multi-project management theory based on circular economy in the construction of industrial park was proposed in this paper. First, the circular economy and multi-project management theory were expounded in detail. Then, the geographical location of multi project management in Qingyuan recycled plastic industrial park in Guangdong Province and the distribution of each building community were explained. And on this basis, the construction of the park's production, plant areas, residential areas and the planning objectives after completion were analyzed in detail. On the basis of analysis, the multi project management model used in the park was explained. It is pointed out that the construction of the park should be based on its own planning and practical needs, and the appropriate multi project management model should be chosen.

Most supersonic aircraft were manufactured using 2A70 aluminum alloy. The purpose of this paper is to study the corrosion mechanism and fatigue behavior of an aircraft in a semi-industrial atmospheric corrosive environment, alternating effects of corrosion and fatigue were used to simulate the aircraft’s ground parking corrosion and air flight fatigue.

For this purpose, the aluminum alloy samples were subjected to pre-corrosion and alternating corrosion-fatigue experiments. The failure mechanisms of corrosion and corrosion fatigue were analyzed using microscopic characterization methods of electrochemical testing, X-ray diffraction and scanning electron microscopy. Miner’s linear cumulative damage rule was used to predict the fatigue life of aluminum alloy and to obtain its safe fatigue life.

The results showed that the corrosion damage caused by the corrosive environment was gradually connected by pitting pits to form denudation pits along grain boundaries. The deep excavation of chloride ions and the presence of intergranular copper-rich phases result in severe intergranular corrosion morphology. During cyclic loading, alternating hardening and softening occurred. The stress concentration caused by surface pitting pits and denudation pits initiated fatigue cracks at intergranular corrosion products. At the same time, the initiation of multiple fatigue crack sources was caused by the corrosion environment and the morphology of the transient fracture zone was also changed, but the crack propagation rate was not basically affected. The polarization curve and impedance analysis results showed that the corrosion rate increases first, decreases and then increases. Fatigue failure behavior was directly related to micro characteristics such as corrosion pits and microcracks.

In this research, alternating effects of corrosion and fatigue were used to simulate the aircraft’s ground parking corrosion and air flight fatigue. To study the corrosion mechanism and fatigue behavior of an aircraft in a semi-industrial atmospheric corrosive environment, the Miner’s linear cumulative damage rule was used to predict the fatigue life of aluminum alloy and to obtain its safe fatigue life.

In summary, it can be found that the current research on the simulation of natural atmospheric dry–wet alternating accelerated corrosion mainly focused on the study of electrochemical corrosion process and the study of corrosion rate; the micro-pre-corrosion mechanism of materials in this environment, especially for materials. The specific effects of fatigue and fracture performance still lack detailed research. Accordingly, this study aims to more realistically simulate the effect of natural atmospheric corrosion environment on the corrosion resistance and fatigue performance of aircraft skin.

In this study, the uniaxial strain control method was used to test the fatigue performance of pre-corrosion samples under simulated natural atmospheric corrosion using MTS809 tensile-torque composite fatigue machine. Scanning electron microscopy, X-ray energy spectrum analysis, atomic force microscopy and X-ray diffraction analysis were used. Fatigue fracture, corrosion morphology and corrosion products were analyzed.

The results show that the deep corrosion pit caused by pre-corrosion environment leads to multi-source initiation of crack; the fatigue life of pre-corroded sample decreases by about one-half, chloride ion invades the material and promotes intergranular corrosion; life prediction results show that the natural atmospheric corrosive environment mainly affects the plastic term in the Manson–Coffin formula resulting in a decrease in fatigue life.

Innovative experimental schemes and materials are used and the test temperature and relative humidity are strictly controlled. The corrosion failure mechanism of 2A70-T6 aluminum alloy under alternating wet and dry accelerated corrosion environment and its influence on fatigue behavior were obtained.

Merger and acquisitions (M&A) is a process of restructuring two or more companies into one, a process that occurs frequently in many companies. Previous studies on M&A mainly paid attention to the potential gains from a merger, while ignored the problem of how to select the partners to merge. This paper aims to select the best partner from different candidates for a given company to merge.

Each company's historical data are used to identify each company's own production technology. With resources change, each company's new operation is restricted by its own production technology. Then, a 0–1 integer programming is proposed to select the best partner for M&A.

The banking industry involving 27 China's commercial banks is given to verify the applicability of our proposed model. The study shows the best partner selection for each bank company.

On the theoretical side, the study uses each company's own historical data to construct its own production technology to compressively reflect the production change after M&A. On the practical side, the study uses the proposed model to help the 27 commercial banks in China to select their best merger partner.

The purpose of this paper is to explore the emergence of civil disobedience (CD) movements in Hong Kong in the context of the notion of civil society (CS).

The paper begins by rigorously defining the notion of CD, as well as the concept of CS and tracing its development in Hong Kong over the past several decades. By using a model of CS typology, which combines the variables of state control and a society’s quest for autonomy (SQA), the paper aims to outline the historical development of CD movements in Hong Kong. It also discusses the recent evolution of CS and its relationship with CD movements, particularly focusing on their development since Leung Chun-ying became the Chief Executive in 2012. Finally, by using five cases of CD witnessed in the past several decades, the relationship between the development of CS and the emergence of CD in Hong Kong has been outlined.

Four implications can be concluded: first, CD cannot emerge when the state and society are isolated. Second, the level of SC and the scale of CD are positively related. Third, as an historical trend, the development of SQA is generally in linear progress; SQA starts from a low level (e.g. interest-based and welfare-based aims) and moves upwards to campaign for higher goals of civil and political autonomy. If the lower level of SQA is not satisfied, it can lead to larger scale CD in future. Fourth, the CD movement would be largest in scale when the state-society relationship confrontational and when major cleavages can be found within CS itself.

This paper serves to enrich knowledge in the fields of politics and sociology.

The purpose of this paper is to determine (1) the relationship between microstructure and fatigue cracking behavior and (2) effect of rolling on the process of crack initiation and propagation in FeCrAl alloys.

The qualitative and quantitative fracture studies were performed using scanning electron microscopy and the non-contact optical measurement system (IFMG5).

The results show that the formation of facets, rough facets and parallel stripes in the crack initiation and early crack propagation zones are closely related to the sensitivity of crack behavior to the microstructure of the material. Besides, the rolling process has a significant influence on the small crack initiation and propagation behavior. Quantitative analysis demonstrates that the size of the stress intensity factor and plastic zone size in the rough zone is associated with the rolling process.

The findings of this study have the potential to enhance the understanding of the microstructural crack formation mechanisms in FeCrAl alloys and shed light on the impact of rolling on the long-term and ultra-long fatigue behavior of these alloys. This new knowledge is vital for improving manufacturing processes and ensuring the safety and reliability of FeCrAl alloys used in nuclear industry applications.

This study aims to assess the pitting resistance of austenitic stainless steel welded joints fusion zone (FZ) with high density of inclusions before and after surface treatment, including potentiostatic pulse technique (PPT) and pickling.

The potentiodynamic polarization tests and critical pitting temperature tests were carried out for estimating pitting resistance. The PPT and pickling were performed as surface treatment. Scanning electron microscope (SEM) and energy dispersive spectrometer were used for characterize the microstructure and elemental distribution. Electron back-scattered diffraction (EBSD) was used to assess the portion of phases and morphology of grains.

The weld metal exhibits a higher degree of alloying compared to the base metal, and it contains d-phase and sulfur-containing inclusions. Sulfur-containing inclusions serve as initiation sites for pitting, and they diminish the pitting resistance of weld metal. Both PPT and pickling can remove sulfur-containing inclusions, but PPT causes localized dissolution of the weld metal matrix around the inclusions, while pickling does not. Because of the high density of inclusions, certain pits initiated by PPT are significantly deeper, which makes the formation of stable pitting easier. Because of the high density of inclusions, certain pits initiated by the PPT are deeper. This characteristic facilitates the progression of these initial defects into fully developed, stable pits.

Analysis of pitting initiation in shielded metal arc welding FZ with PPT and ex situ SEM tracking observation. Explanation of why the PPT surface treatment is not able to enhance the pitting resistance of stainless steel with a high inclusion density.

The purpose of this study is to investigate the intergranular corrosion (IGC) susceptibility of a nitrogen-containing austenitic stainless steel QN2109. The intergranular corrosion (IGC) susceptibility of a nitrogen-containing austenitic stainless steel QN2109 was investigated.

The double-loop electrochemical potentiodynamic reactivation (DL-EPR) tests were carried out. Scanning electron microscopy and atomic force microscopy were used to characterize the microstructure.

The optimized test condition for QN2109 was 1 M H₂SO₄ + 0.01 M NH₄SCN at 40°C. The nose temperature of the temperature–time–sensitization (TTS) curve of QN2109 plot was approximately 750°C. Moreover, the IGC susceptibility started to appear at approximately 120 min. The Cr-depletion zone of QN2109 was generated by the formation of M23C6 rather than by the addition of nitrogen. The depth–width ratio of the grain boundaries after the DL-EPR tests decreased as the aging temperature increased. The degree of Cr depletion and size of the Cr-depletion zone at the grain boundary were reflected by the degree of sensitization and depth–width ratio, respectively.

The optimized test condition for DL-EPR tests of a nitrogen-containing austenitic stainless steel QN2109 was investigated. The TTS curve of QN2109 was first plotted to avoid IGC failure. The morphology of the Cr-depletion zone was reflected by the depth–width ratio.

The purpose of this paper is to determine the ultra-high cycle fatigue behavior and ultra-slow crack propagation behavior of selective laser melting (SLM) AlSi7Mg alloy under as-built conditions.

Constant amplitude and two-step variable amplitude fatigue tests were carried out using ultrasonic fatigue equipment. The fracture surface of the failure specimen was quantitatively analyzed by scanning electron microscope (SEM).

The results show that the competition of surface and interior crack initiation modes leads to a duplex S–N curve. Both manufacturing defects (such as the lack of fusion) and inclusions can act as initially fatal fatigue microcracks, and the fatigue sensitivity level decreases with the location, size and type of the maximum defects.

The research results play a certain role in understanding the ultra-high cycle fatigue behavior of additive manufacturing aluminum alloys. It can provide reference for improving the process parameters of SLM technology.