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        Does Tax-Favored Policy Improve the Profitability of Environmental Protection Firms? An Empirical Study from the Implicit Tax Perspective

        Jifeng Cao,Yiwen Cui 한국증권학회 2023 Asia-Pacific Journal of Financial Studies Vol.52 No.3

        An implicit tax is a reduction in the pretax rate of return driven by tax preferences. With increasingly stringent requirements of sustainable development, Chinese government actively promotes environmental protection with the direct corporate income tax rate preferences, which provide a unique opportunity to examine whether implicit taxes remain a significant tax cost in the environmental protection industry. This paper finds the existence of implicit taxes in environmental protection firms and the market structure impedes the realization of implicit taxes. The market power and market concentration reduce the negative effect of tax preferences on the firm’s pretax rate of return. The environmental protection firms with lower competition bear lower implicit taxes. These findings are important to evaluate the effectiveness of the tax incentives on environmental protection firms and other tax-favored industries.

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        A high-resolution timescale for the Miocene Shanwang diatomaceous shale lagerstätte (China): development of Wavelet Scale Series Analysis for cyclostratigraphy

        Jifeng Yu,Xinlong Pang,Wenzhao Fu,Jason Hilton,Mingmei Liang,Zongkai Jiang,Xiuli Zhao,Wenyan Qiao,Suo Shi,Diandong Zhang,Huitao Cao,Haibo Jia,Yadong Wang,Xiaoke Hu,Rui Zhang 한국지질과학협의회 2021 Geosciences Journal Vol.25 No.5

        The Miocene aged Shanwang Formation from the Shanwang National Geopark in China represents a succession of lacustrine diatomaceous shales containing an abundant and diverse biota with lagerstätte fossilization of soft tissues. To date, the Shanwang Formation has not been investigated for cyclostratigraphy nor has it been dated with high precision methods. Now we use thorium data as a paleoenvironmental and paleoclimatic proxy to conduct a detailed cyclostratigraphic analysis. A new and simple cyclostratigraphic method, Wavelet Scale Series Analysis (WSSA) is developed to recognize Milankovitch cycles. A total of three short eccentricity and fifteen precession cycles are identified; obliquity cycles are not apparent. In the sedimentary succession, the corresponding precession and short eccentricity cycles are 1.17 m and 4.98 m thick respectively, with this verified by Correlation Coefficient (COCO) analysis and Multitaper-Method (MTM) spectral analysis. We estimate the studied interval was deposited over a duration of 0.3 Myr with a depositional rate of c. 5.7 cm/kyr. Paleomagnetic and radio isotope dating data shows that the diatomaceous shale was deposited during Chron C5En, which places it at approximately 18.5 Ma during the Burdigalian stage of the Early Miocene, rather than in the Middle Miocene as previously thought. The Shanwang lagerstätte biota therefore predates the Middle Miocene Climate Optimum (MMCO) and did not form within it. The geological time scale with a high resolution of 20 kyr was set accordingly.

      • Modified Smith Predictor Design and Its Applications to Long Time Delay Systems

        Honge REN,Xuehai CAO,Jifeng GUO 보안공학연구지원센터 2015 International Journal of Signal Processing, Image Vol.8 No.5

        For the system that can’t be described by the precise mathematical model and has long time delays, the conventional Smith predictor presents poor stability and large overshoot. Based on the conventional Smith predictor, an improved fuzzy adaptive PID-Smith predictor is proposed. It uses a fuzzy self-tuning PID controller as the primary controller instead of the traditional PID controller. In addition, a feedback loop and an adaptive regulator are imported to ensure the stability and enhance the adaptability of the variable environment. The simulation results show that the new scheme has excellent stability and robustness and can solve the problem of large overshoot in long time delay systems, even when the model mismatch rate comes to 40%.

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