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This paper finds the structure of an Abelian group with maximal or minimal condition when its endomorphism ring is a solvable Lie ring., Author(s): Chunbo Zhou [sup.1], Heguo Liu [sup.2] Author Affiliations: (1) https://ror.org/03a60m280, grid.34418.3a, 0000 0001 0727 9022, School of Mathematics and Statistics, Hubei University, , 430062, Wuhan, Hubei, People's Republic of [...]

China's tourism enterprises have difficulty securing financing because of the high cost of finance. This issue seriously affects the survival, development, and expansion of tourism enterprises. Therefore, there is an urgent need to scientifically identify those factors that influence these high financing costs and to take corresponding measures to reduce them. This paper focuses on the perspective of corporate governance, and is based on the significant differences between tourism and other industries. We applied financial statistical data gathered from listed Chinese tourism companies between 2007 and 2012 to empirically measure the effect of business environment, investment strategy, and the corporate governance mechanism on financing costs in the tourism industry. The research conclusions in this paper are as follows. First, the companies studied had higher equity financing costs than financing costs for debt. The financing costs of companies that were based around scenic spots were lower than the financing costs of other tourism companies. Second, in terms of the tourism business environment, the geographical location advantage of tourism companies can significantly reduce financing costs, while tourism demand volatility can significantly increase financing costs. Third, in terms of their investment strategy, the unrelated diversification strategy of tourism companies can increase financing costs, while the non-state-owned property rights of tourism companies can significantly reduce their financing costs. Finally, in terms of the governance mechanism of tourism companies, the mechanism of information disclosure and the legal protection of tourism companies can significantly reduce financing costs. Moreover, there is a non-linear "inverted U" relationship between the control ownership structure of tourism companies and financing costs. The executive incentive mechanisms in place at tourism companies can also increase financing costs. These research conclusions have important implications for the financing decisions, investment strategies, and governance mechanisms of tourism enterprises in China. First, according to the first conclusion, tourism companies should make full use of a variety of debt financing channels, including the pledge loan financing of franchise rights and land use rights, to reduce their financing costs and to ensure the safety of their funds. Second, according to the second and third conclusions, tourism enterprises implementing diversification and/or expansion strategies should reduce the proportion of investment projects devoted to unrelated diversification. Investment projects devoted to tourism enterprises should be able to reduce tourism revenue volatility. Third, improving corporate governance capabilities of tourism companies is the simplest measure to reduce their financing costs. Tourism companies should set up a scientific mechanism for their equity structure and control rights competition. Moreover, tourism companies should introduce independent directors with tourism industry expertise or experience of political relations and they should enhance their supervision independence. In addition, tourism companies should establish a multi-level system of executive compensation, including monetary compensation, equities and options. Finally, tourism companies should improve their brand strategy and brand valuation mechanisms to achieve better brand pledge financing, which can broaden the financing channels of tourism companies and reduce their financing difficulties. [ABSTRACT FROM AUTHOR]

Properly evaluating the management franchise values of scenic spots can scientifically curb opportunism behaviors, and can reduce business disputes related to the transfer process of management franchises in cooperative ventures between the government and enterprises. However, it is difficult for academics in China to scientifically and quantitatively evaluate capitalization rate values used in the income capitalization approach. To approach this problem, this paper conducts a review of the literature on quantitative estimates of capitalization rates, analyzes share prices and data on corporate debt for Chinese listed tourism companies involved in scenic spots from 2004 to 2011, and reveals that the weighted average cost of capital, which comprises equity capital cost and debt capital cost, can be taken as a reasonable and objective estimate of capitalization rate. Additionally, this paper analyzes the trend of change in the capitalization rate from the perspective of diversified business modes. Moreover, based on the random / fixed effects econometrics model of unbalanced panel data, we discuss the factors of control ownership structure, board independence and creditor governance, and measure their corporate governance effects on capitalization rates of the studied companies under the conditions in which company level factors are controlled. The research conclusions of this paper are as follows: first, the studied companies have higher cost of equity capital than of debt capital. Capitalization rates are generally moderate, but differ considerably among the studied companies. The mean curve of the capitalization rates approximates the shape of the letter "W" in the annual period, and this shape changes to approximate an "inverted U" as the company's degree of diversification increases. Second, there exists a non-linear "inverted U" relationship between control ownership structure and capitalization rate, but board independence has no significant effect on the capitalization rate. In addition, an appropriate proportional increase in debt financing can strengthen constraints on managers, reduce the capitalization rate, and exert a positive effect on corporate governance. Third, there is a significant positive correlation between the profitability, solvency and capitalization rate of the companies. Moreover, enhancing the growth ability of the companies can reduce their capitalization rate. Company size has no significant effect on the capitalization rate. The policy implications of the research findings are as follows: first, according to the first and second conclusions, companies should make lull use of debt financing to reduce their capitalization rates. Second, the average capitalization rate of 14.66% identified in this study can be used as a scientific capitalization rate value when the income capitalization approach is applied to assess the economic values of scenic spots. Third, according to the first conclusion, companies should increase their diversification to reduce the capitalization rate. Finally, improving corporate governance structure is the simplest measure that companies can implement to reduce the capitalization rate. Companies should avoid a highly concentrated ownership structure to reduce "tunneling" behavior. They should also increase the proportion of outside directors so as to increase the independence of the board of directors. In addition, they should make lull use of mandatory debt interest payments to strengthen constraints on the top management team. [ABSTRACT FROM AUTHOR]

In order to study the effect of doubler plate on the axial hysteretic behavior of reinforced square tubular joints, two groups of unreinforced and doubler plate reinforced (DPR) square tubular joints were tested under axial cyclic loading, where the ratios of brace to chord width are 0.4 and 0.8 respectively. The design scheme, experiment process as well as failure modes of the specimens were presented. Hysteretic performance of the specimens such as hysteretic loops, skeleton curves, energy dissipation and ductility were analyzed. Experimental results show that although the crack position of each specimen is different, the specimens mainly experience five stages under axial cyclic loading, namely the chord yielding, initial cracking, crack closure, crack expansion and crack penetration. The doubler plate can prevent the development of cracks into the chord wall, which can effectively avoid the tearing failure of the chord flange. Therefore, the compression capacity of the DPR joints can continue to rise after cracking, and the tensile capacity of the DPR joints is higher than un-reinforced ones. The energy dissipation and ductility of the joints are increased with the decrease of the ratio of brace to chord width. The energy dissipation capacity of DPR joints is lower than the corresponding un-reinforced ones, and this kind of degeneration is more significant when the ratio of brace to chord width is lower. The tensile cracks reduce the ductility of the specimens, and the ductility of the specimens under axial tensile cycle is lower than the corresponding compression cycle. The ductility of the joint is improved by doubler plate when the ratio of brace to chord width is 0.8, while degenerated when the ratio of brace to chord width is 0.4. The unbalanced of the tension and compression capacity of the DRP joints under axial cyclic loading should be paid more attention to. [ABSTRACT FROM AUTHOR]