The Spillover Effects of Privatization on Efficiency and Income Inequality in China

Xinyu Li(Xinyu Li),Sunghwan Kim(Sunghwan Kim),Yongshang Liu(Yongshang Liu) The International Academy of Global Business and T 2023 The International Academy of Global Business and T Vol.19 No.1

Purpose - This study examines the spatial and inter-temporal spillover effects of privatization on the corporate efficiency and regional income inequality of Chinese state-owned enterprises (SOEs). Design/Methodology/Approach - The spatial Durbin model (SDM) is used in regressions to examine the spatial and inter-temporal spillover effects of the privatization of SOEs on improving the efficiency and income inequality of Chinese firms across regions. A panel dataset of Chinese-listed firms from 2008 to 2018 is used. The stochastic frontier analysis method is applied in estimating corporate efficiency. Findings - First, the privatization of Chinese SOEs increased their efficiency, but exacerbated their income inequality. Second, the globalization activities after the privatization of Chinese SOEs increased their efficiency, but exacerbated their income inequality. Specifically, exports decrease income inequality, while outward foreign direct investment or OFDI has an inverse U-shaped effect on income inequality. Third, the privatization improved overall corporate efficiency within the province and that of neighboring provinces. Fourth, the Chinese SOE firms after privatization aggravated income equality within the province and that of neighboring provinces. Research Implications - In general, the results of this study indicate that the privatization of SOEs and the globalization activities after the privatization have improved the efficiency of Chinese firms, but worsened income equality within the province and that of neighboring provinces. Therefore, there is a strong need for governmental policies to cure income equality in provinces around the location of privarized firms.

The Effects of ESG Performance on Export Intensity of Korean Firms

Yongshang Liu(Yongshang Liu),Sung-Hwan Kim(Sung-Hwan Kim),Xinyu Li(Xinyu Li) 한국무역연구원 2022 무역연구 Vol.18 No.6

Purpose – This study examines whether the export intensity of firms listed in the Korean market is affected by environmental, social and governance (ESG) ratings. We test whether the environmental, social, and governance (ESG) performance in ratings of Korean firms can improve their export intensity in the global markets. Design/Methodology/Approach – In this study, we introduce ESG ratings, export intensity and other control variables in the models using unbalanced panel data of 1,974 firms listed on the KOSPI and KOSDAQ Exchange between 2012 and 2021 from a merged dataset of the KIS-VALUE and TS-2000 databases. We apply the fixed effects model (FEMs) after applying the Hausman and Lagrangian multiplier tests. Also, we apply instrument variable regressions (IV regressions) to control endogeneity in ESG ratings affected by other factors introduced. Findings – First, higher ESG ratings of the firms have a significantly negative effect on export intensity, which is inconsistent with the results of the previous research (Herding and Poncet, 2014). Second, ESG ratings of chaebol firms do not significantly reduce export intensity. The results might be due to the less severe constraints in chaebol firms by ESG costs. (Chaney, 2008; Shi Xin-Zheng and Xu Zhu-Feng, 2018). Third, each ESG rating, E, S, and G individually, shows a significantly negative effect on export intensity for only non-chaebol firms, while such an effect for chaebol firms is not statistically significant. Fourth, using the instrument variable regression, we have verified the result that ESG performance has a negative effect on firms' export intensity. Research Implications – This study is the first to examine the relationship between the ESG ratings of Korean firms and their export intensity, whose result is different from that of a prior study regarding Chinese firms (Wu Qing-Lan, Chen Gui-Fu, Han Jing and Wu Li-Yan, 2022). The negative effects of ESG ratings in Korea on exports for non-chaebol firms suggest that higher ESG ratings of Korean firms are not favorably accepted by their counterparts in the global markets while their efforts to get or enhance higher ratings incurring more expenses might hurt their competence in the global markets. Such negative effects of ESG ratings are not clearly observed for chaebol affiliated firms.

Screening, Gene Cloning, and Characterizations of an Acid-Stable α-Amylase

Liu, Xinyu,Jia, Wei,An, Yi,Cheng, Kun,Wang, Mingdao,Yang, Sen,Chen, Hongge The Korean Society for Microbiology and Biotechnol 2015 Journal of microbiology and biotechnology Vol.25 No.6

Based on its α-amylase activity at pH 5.0 and optimal pH of the crude enzyme, a strain (named B-5) with acid α-amylase production was screened. The B-5 strain was identified as Bacillus amyloliquefaciens through morphological, physiological, and biochemical characteristics analysis, as well as 16S rDNA phylogenetic analysis. Its α-amylase gene of GenBank Accession No. GU318401 was cloned and expressed in Escherichia coli. The purified recombinant α-amylase AMY-Ba showed the optimal pH of 5.0, and was stable at a pH range of 4.0-6.0. When hydrolyzing soluble starch, amylose, and amylopectin, AMY-Ba released glucose and maltose as major end products. The α-amylase AMY-Ba in this work was different from the well-investigated J01542-type α-amylase which also came from B. amyloliquefaciens. AMY-Ba exhibited notable adsorption and hydrolysis ability towards various raw starches. Structure analysis of AMY-Ba suggested the presence of a new starch-binding domain at its C-terminal region.

Facile synthesis of polypyrrole coated copper nanowires: a new concept to engineered core–shell structures

Liu, Yang,Liu, Zhen,Lu, Ning,Preiss, Elisabeth,Poyraz, Selcuk,Kim, Moon J.,Zhang, Xinyu The Royal Society of Chemistry 2012 Chemical communications Vol.48 No.20

<P>Polypyrrole coated copper nanowires were synthesized in a one-pot manner in the presence of cupric precursor and pyrrole. They displayed ultra-high sensitivity as a potentiometric sensor with considerable environmental stability comparable to noble metals.</P> <P>Graphic Abstract</P><P>Polypyrrole coated copper nanowires (PPy-CuNWs) were obtained in one-pot synthesis, which possess outstanding chemical sensing properties and environmental stability. <IMG SRC='http://pubs.rsc.org/services/images/RSCpubs.ePlatform.Service.FreeContent.ImageService.svc/ImageService/image/GA?id=c2cc16961d'> </P>

An Examination of the Boundaries of Legitimate Defense within the Framework of Chinese Criminal Law

Xinyu Liu,Pengling Li 아시아사회과학학회 2023 Jornal of Asia Social Science Vol.11 No.1

In the realm of legislation, China's definition of legitimate defense is expansive; yet, in the context of judicial application, the legitimate defense framework has been significantly curtailed, resembling what can be described as a zombie clause. The legislative requirements on the limitation of defense have not significantly enhanced the comprehension of the temporal aspect and the criteria for assessing excessive defense. The determination of whether an act of legitimate defense surpasses the defined standards and other related matters is flawed. In order to address the aforementioned issues, it is imperative to acquire a comprehensive understanding of the juxtaposition between noticeably exceeds the necessary limits and causes great harm. It is crucial to establish that the criterion of “noticeably exceeds the necessary limits” holds significant importance in determining the necessity and proportionality of defensive limitations. It is imperative to establish that the criterion for the necessity and proportionality of the limit of defense necessitates a clear demonstration of exceeding the limit that is evidently beyond what is necessary. Furthermore, the assessment should be grounded in situational theories, which encompass both the act of defense and its outcome. Subsequently, it is vital to further define the criteria used to evaluate the parameters of the noticeably exceeds and necessary limits categories.

Controlled synthesis of transition metal/conducting polymer nanocomposites

Liu, Zhen,Liu, Yang,Zhang, Lin,Poyraz, Selcuk,Lu, Ning,Kim, Moon,Smith, James,Wang, Xiaolong,Yu, Yajiao,Zhang, Xinyu IOP Pub 2012 Nanotechnology Vol.23 No.33

<P>A novel displacement reaction has been observed to occur between conducting polymers (CP) and metal salts which can be used to fabricate nanostructured CP–metal composites in a one-pot manner. Vanadium pentoxide (V <SUB>2</SUB>O<SUB>5</SUB>) nanofiber is used during the synthesis as the reactive seeds to induce the nanofibril CP–metal network formation. The CP–metal nanocomposites exhibit excellent sensory properties for hydrogen peroxide (H<SUB>2</SUB>O<SUB>2</SUB>) detection, where both high sensitivity and a low detection limit can be obtained. The sensory performance of the CP–metal composite can be further enhanced by a facile microwave treatment. It is believed that the CP–metal nanofibril network can be converted to a carbon–metal network by a microwave-induced carbonization process and result in the sensory enhancement. </P>

Adaptive common average reference for in vivo multichannel local fi eld potentials

Liu Xinyu,Wan Hong,Li Shan,Shi Li 대한의용생체공학회 2017 Biomedical Engineering Letters (BMEL) Vol.7 No.1

For in vivo neural recording, local field potential(LFP) is often corrupted by spatially correlated artifacts,especially in awake/behaving subjects. A method namedadaptive common average reference (ACAR) based on theconcept of adaptive noise canceling (ANC) that utilizes thecorrelative features of common noise sources and implementswith common average referencing (CAR), wasproposed for removing the spatially correlated artifacts. Moreover, a correlation analysis was devised to automaticallyselect appropriate channels before generating theCAR reference. The performance was evaluated in bothsynthesized data and real data from the hippocampus ofpigeons, and the results were compared with the standardCAR and several previously proposed artifacts removalmethods. Comparative testing results suggest that theACAR performs better than the available algorithms,especially in a low SNR. In addition, feasibility of thismethod was provided theoretically. The proposed methodwould be an important pre-processing step for in vivo LFPprocessing.

<i>In situ</i> annealing of III_1-_<i>x</i>Mn_<i>x</i>V ferromagnetic semiconductors

Liu, Xinyu,Bac, Seul-Ki,Sapkota, Pitambar,Gorsak, Cameron,Li, Xiang,Dong, Sining,Lee, Sanghoon,Ptasinska, Sylwia,Furdyna, Jacek K.,Dobrowolska, Margaret American Institute of Physics 2018 Journal of Vacuum Science & Technology. B Vol.36 No.2

Comparison of Clinical and Radiographic Outcomes Between Transforaminal Endoscopic Lumbar Discectomy and Microdiscectomy: A Follow-up Exceeding 5 Years

Xinyu Yang,Shijun Zhang,Junxiao Su,Sai Guo,Yakubu Ibrahim,Kai Zhang,Yonghao Tian,Lianlei Wang,Suomao Yuan,Xinyu Liu 대한척추신경외과학회 2024 Neurospine Vol.21 No.1

Objective: To compare the long-term clinical and radiographic outcomes of transforaminal endoscopic lumbar discectomy (TELD) versus microdiscectomy (MD). Methods: The data of 154 patients with lumbar disc herniation (LDH) who underwent TELD (n = 89) or MD (n = 65) were retrospectively analyzed. The patients’ clinical outcomes were evaluated using visual analogue scales for leg and low back pain, the Japanese Orthopaedic Association (JOA) score, and the Oswestry Disability Index (ODI). The evolution of radiographic manifestations was observed during follow-up. Potential risk factors for a poor clinical outcome were investigated. Results: During a mean follow-up of 5.5 years (range, 5–7 years), the recurrence rate was 4.49% in the TELD group and 1.54% in the MD group. All scores significantly improved from preoperatively to postoperatively in both groups (p < 0.01). The improvement in the ODI and JOA scores was significantly greater in the TELD than MD group (p < 0.05). Forty-seven patients (52.8%) in the TELD group and 32 (49.2%) in the MD group had Modic changes before surgery, most of which showed no changes at the last follow-up. The degeneration grades of 292 discs (71.0%) were unchanged at the last follow-up, while 86 (20.9%) showed improvement, mostly at the upper adjacent segment. No significant difference was observed in the intervertebral height index or paraspinal muscle-disc ratio. Conclusion: Both TELD and MD provide generally satisfactory long-term clinical outcomes for patients with LDH. TELD can be used as a reliable alternative to MD with less surgical trauma. Modic type II changes, decreased preoperative intervertebral height, and a high body mass index are predictors of a poor prognosis. Objective: To compare the long-term clinical and radiographic outcomes of transforaminal endoscopic lumbar discectomy (TELD) versus microdiscectomy (MD). Methods: The data of 154 patients with lumbar disc herniation (LDH) who underwent TELD (n = 89) or MD (n = 65) were retrospectively analyzed. The patients’ clinical outcomes were evaluated using visual analogue scales for leg and low back pain, the Japanese Orthopaedic Association (JOA) score, and the Oswestry Disability Index (ODI). The evolution of radiographic manifestations was observed during follow-up. Potential risk factors for a poor clinical outcome were investigated. Results: During a mean follow-up of 5.5 years (range, 5–7 years), the recurrence rate was 4.49% in the TELD group and 1.54% in the MD group. All scores significantly improved from preoperatively to postoperatively in both groups (p < 0.01). The improvement in the ODI and JOA scores was significantly greater in the TELD than MD group (p < 0.05). Forty-seven patients (52.8%) in the TELD group and 32 (49.2%) in the MD group had Modic changes before surgery, most of which showed no changes at the last follow-up. The degeneration grades of 292 discs (71.0%) were unchanged at the last follow-up, while 86 (20.9%) showed improvement, mostly at the upper adjacent segment. No significant difference was observed in the intervertebral height index or paraspinal muscle-disc ratio.

First principles study of monolayer Sb2S2Te and a mathematical model of a thin-film thermoelectric generator with maximum power point tracing

Liu Xinyu,Yuan Shaoheng,Gu Bo,Chen Qiongxuan,Pu Xinyu,Zhang Jiangtao 한국물리학회 2022 Current Applied Physics Vol.36 No.-

The result of the structural, electronic and thermoelectric performance of monolayer Sb2S2Te, which is a brannew material, is calculated by using the method of full-potential linearized augmented plane-wave (FP-LAPW), and the exchange-correlation potential selected in this paper is generalized gradient approximation (GGA) scheme. There are no negative frequencies in the calculated phonon spectra, which demonstrates that dynamics of monolayer Sb2S2Te is stable in theory. The average value of lattice thermal conductivity (κl) is smaller than that of other thermoelectric (TE) materials, and monolayer Sb2S2Te has larger figure of merit (ZT) comparing with other well-known materials. According to the TE parameters (Seebeck coefficient S, electrical conductivity σ, electronic thermal conductivity κe and lattice thermal conductivity κl) of monolayer Sb2S2Te, an idealized model of thermoelectric generator (TEG) and a realistic model of maximum power point tracking (MPPT) are built. In addition, this paper studies the influence of different temperature zones, different temperature differences, cross sectional area, height and the number of P–N junction on output power and conversion efficiency of TEG. The results of physical calculation and simulation models show that the conversion efficiency of TEG of monolayer Sb2S2Te is larger than or close to that of other well-known materials, and the tracking accuracy of MPPT proposed in this paper is higher than or close to that of other researches.