With the restrictions of equity financing of Chinese listed companies, debt dimensions are increasing, and the issue of corporate financial structure and financing constraints influence on capital misallocation has become an important practical problem which Chinese listed companies face. This paper is concerned with a model about capital misallocation and its influencing factors of integrated financing, capital operation, and investment performance. We take 7096 observations of 646 Chinese listed companies during fiscal years 2003 to 2014 for A-shares on the Shanghai and Shenzhen stock exchange, for instance, to empirically test the microscopic influencing factors of capital misallocation under different external financing dependence. The study illustrates the following: (1) in descriptive statistics of different industries capital misallocation, more than half of firms experience the circumstance of capital misallocation; (2) although Chinese listed companies are faced with financing constraints, capital market inefficiency, and other issues, most companies still depend on external financing; (3) the main factors that affect capital misallocation of the listed companies are financial liquidity and financial pledgeability; (4) the firms with high innovation abilities generally have stronger profitability, superior financial liquidity, and better financial pledgeability, thus reducing corporate capital misallocation; (5) the Chinese listed companies with large-scale assets and strong profitability easily obtain bank loans and equity financing, while violating the principle of assets matching.
As one of the fastest running animals on land, the ostrich’s excellent athletic ability benefits from its unique leg structure. Based on the idea of bionics, this paper intends to obtain a kind of robotic leg structure with a similar buffering capacity to that of the ostrich. For this purpose, the structural characteristics of a seven-link parallel mechanism are analyzed firstly, having some specific features similar to ostrich legs, such as the center of mass (COM) located at the root of the leg, a large folding/unfolding ratio, and so on. Then, the kinematic model of the bionic leg is established, and the energy storage of the flexible parts of the leg is investigated. Finally, an impact experiment of the structure onto the ground is carried out to verify the accuracy of the established kinematic model. This paper systematically reveals the nonlinear law of the elasticity of an ostrich-like leg and provides the buffering performance characteristics of the leg in the process of hitting the ground, based on its elastic properties by the kinematic model and the experiment.
Lightweight parts manufactured by metal selective laser melting (SLM) are widely applied in machinery industries because of their high specific strength, good energy absorption effect, and complex shape that are difficult to form by mechanical machining. These samples often serve in three-dimensional stress states. However, previous publications mainly focused on the unidirectional tensile/compressive properties of the samples. In this paper, AlMgSc samples with different geometric parameters were prepared by the SLM process, and the variation of force and microstructure during three-point bending were systematically investigated. The results demonstrate that the deformation resistance of these samples has good continuity without mutation in bending, even for brittle materials; the bending force-displacement curves exhibit representative variation stages during the entire bending process; the equivalent bending strength deduced from free bending formula is not applicable when compactability is less than 67%. The variations of grain orientation and size of the three representative bending layers also show regularity.
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