This study presents robust findings that Confucianism significantly improves investment efficiency of Chinese listed firms and that the improvement is achieved through decreasing overinvestment without inducing underinvestment. Financial reporting quality is found to be an important mechanism for the disciplinary effect of Confucianism to work. More importantly, we provide strong and consistent evidence that openness to the West neutralizes the role of the Confucianism in overinvestment. Against the backdrop of globalization, this paper offers valuable references to emerging markets that experience intensive interactions with developed economies.
K E Y W O R D SConfucianism, financial reporting quality, investment efficiency, openness to the West
The connection performance of the large taper, multi-thread, variable pitch of screw threaded casing is researched by 3D finite element simulation on ANSYS Workbench. The 3D finite element model is created precisely. The stress distribution on the teeth of three kind variable pitch of screw threaded structure is studied by using the static structure of the contact analysis module. Contrasting stress distribution of the variable pitch of screw with of the equal pitch of screw under the same working condition, it is validated that design principle for the variable pitch of screw connection is correct. The influence of changes in the amount of variable pitch of screw to the whole stress distribution on teeth is discussed. The results show that the force distribution on the teeth of the variable pitch of screw connection is more uniform than equal pitch of screw, and will improve the overall carrying capacity. This study has its practical value to improve the connective performance of the threaded casing and enhance the product quality of threaded casing.
The bending of complex curved sheet metals of ship hull has long been a challenge in shipbuilding yard on account of some inherent defects of the traditional forming processes such as the line heating. This paper presents a novel incremental bending process based on punching to obtain complex curved steel plates in order to take the place of those inefficient traditional forming processes of ship hull.
The presented incremental bending process is carried out by a series of stepping punches, so it is also defined as incremental punching in this work. By means of this process, the blank plate that is fixed and held by a flexible supporting system can incrementally be bent to the target shape by a press tool with a planned tool trajectory one step after another. Meanwhile, in order to improve geometric accuracy of the formed work-piece, a 3D scanning feedback system is applied to measure the deformation of the work-piece during the forming process. Three dimensional shape of the formed work-piece can be imaged and rebuilt with a large amount of point cloud data by the 3D scanning feedback system. Then the difference between the rebuilt model of the formed work-piece and the target CAD-model can be acquired, which can be used for feedback control of the forming accuracy if necessary.
To validate the presented forming process, an original incremental punching prototype was designed and manufactured, which is mainly composed of a 3-axis CNC machine, a flexible supporting system and a 3D scanning feedback system. A forming experiment of a gradual curvature steel plate was carried out using this prototype and is discussed in detail in this paper in order to demonstrate the feasibility of the proposed incremental bending process of complex curved steel plate.
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