Related Party Transaction, Managerial Power and Corporate Irregularities

上市公司合法合规地经营发展是促进资本市场健康运行的必备条件，然而多年来上市公司违规事件频频发生，不仅打击了投资者的信心，更是扰乱了资本市场秩序。上市公司沦为内部人侵害投资者利益的工具与掩护。关联交易常被用作侵害公司利益的一种手段，随着上市公司规模扩张日益频繁。大规模的关联交易是否导致了公司违规？在公司经营中举足轻重的管理层以及大股东在内部关联交易中有起到了怎样的作用？本文试图通过实证研究，探明这两个问题，为监管者更加有效地监督上市公司提供参考。 本文以2005-2014年的沪深A股公司为样本进行实证分析，以是否发生过违规行为为因变量，首先检验了关联交易水平、管理层权力对公司违规概率的影响，发...Only listed companies operate legally can the capital market keep healthily operation. However, over the past years, unceasing irregularities of listed companies has not only undermined confidence of investors and brought huge loss to them, but also disrupted the order of capital market. Listed companies work as the shield and tool of insiders when they misappropriate of interests from investor. A...学位：管理学硕士院系专业：管理学院_财务学学号：3212013115060

Related Party Transactions, Managerial Power and Corporate Fraud --A discussion on the governance function of audit supervision

本文以2005～2014年我国A股上市公司为研究样本，实证检验了关联交易、管理层权力以及二者交互作用对公司违规的影响，并探索了审计监督作为外部公司治理机制在其中扮演的重要角色。研究发现：上市公司关联交易水平越高、管理层权力越大，越有可能发生公司违规；管理层权力加剧了关联交易与公司违规的正相关关系，这意味着权力膨胀的管理层可能利用关联交易从事机会主义行为；高质量审计师（主要是国内“四大”而非国际“四大”）可以发挥公司治理作用，显著降低了管理层利用关联交易从事机会主义行为所带来的公司违规风险。进一步地研究发现，随着关联交易资金流方向、公司违规类型的不同，关联交易、管理层权力以及高质量审计师对于公司违规的影响也有所差异。Using a sample of listed companies in Chinese A-share market for the period of 2005 to 2014, this paper empirically tests the influences of related party transactions （RPTs） , managerial power and their interaction on corporate fraud, and explores the role of audit supervision as an external corporate governance mechanism in that process. The results indicate the higher level of the listed companies＇ RPTs and the greater the managerial power, the greater the likelihood of fraud, the managerial power increases the positive correlation between RPTs and fraud, which means that top managers with greater power may use RPTs to engage in opportunistic behaviors, high quality auditors （ domestic rather than international ＂Big Four＂ accounting firms） play important roles in monitoring powerful top managers, thereby reducing the risk of fraud caused by the latter. Further studies find that the influences of RPTs, managerial power and the auditor on fraud vary with the RPTs＇ cash flow direction and the types of fraud.本文得到国家自然科学基金项目（项目批准号：71572165、71672157、71372072）、教育部人文社会科学研究规划基金项目（项目批准号：15YJA630093）、教育部人文社会科学研究青年基金项目（项目批准号：16YJC630147）、福建省自然科学基金项目（项目批准号：2016J01339）以及福建省高校杰出青年科研人才培育计划的资助

稀土冶炼电解槽余热取热试验研究

冶金行业能耗巨大,稀土冶炼工艺具有同样特点,采用熔盐电解法制备稀土金属时,冶金槽侧壁和冶金槽内熔融液体上表面向外散发出大量热量,并且冶炼过程伴随产生酸性气体。针对稀土冶炼过程中,电解槽以辐射和对流换热的方式向外散失大量余热问题,搭建了稀土冶炼模拟试验槽,采用燃煤放热获得相似的槽内温度场,采用冷却水与模拟电解槽侧壁进行对流换热、与模拟电解槽高温辐射面进行辐射换热,开展稀土冶炼过程中槽壁余热换热和顶部辐射余热换热试验研究。结果表明,槽壁余热换热量随水流量的增大呈上升趋势,水流量对槽壁余热换热量的影响强于辐射受热面与模拟槽顶面距离对其的影响。在试验条件下,模拟槽辐射受热面距离模拟槽顶面0.2 m、水流量为0.285 kg/s时,槽壁余热换热量最大可达2.256 kW。辐射余热换热量受辐射受热面与电解槽顶面距离的影响较大,随辐射受热面与电解槽顶面距离的减小呈增大趋势。辐射受热面与电解槽顶面距离为0.1 m时、水流量为0.292 kg/s时,辐射余热换热量与总余热换热量达到最大值,分别为19.541 kW和21.114 kW。基于试验数据推算的电解槽实际运行工况下辐射余热换热量可达52.796 kW,总余热换热量最大可达83.237 kW,占电解槽总电耗的55.5%,可为研发稀土冶炼工艺的节能减排技术、实现能源的合理利用提供依据

JUNO Sensitivity on Proton Decay p→νˉK+p\to \bar\nu K^+ Searches

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this paper, the potential on searching for proton decay in $p\to \bar\nu K^+$ mode with JUNO is investigated.The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits to suppress the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar\nu K^+$ is 36.9% with a background level of 0.2 events after 10 years of data taking. The estimated sensitivity based on 200 kton-years exposure is $9.6 \times 10^{33}$ years, competitive with the current best limits on the proton lifetime in this channel

JUNO sensitivity on proton decay p → ν K + searches*

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this study, the potential of searching for proton decay in the $p\to \bar{\nu} K^+$ mode with JUNO is investigated. The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits suppression of the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar{\nu} K^+$ is 36.9% ± 4.9% with a background level of $0.2\pm 0.05({\rm syst})\pm$$0.2({\rm stat})$ events after 10 years of data collection. The estimated sensitivity based on 200 kton-years of exposure is $9.6 \times 10^{33}$ years, which is competitive with the current best limits on the proton lifetime in this channel and complements the use of different detection technologies