This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer’s purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its sales. In consequence, retailers with dispersed suppliers obtain less trade credit than those whose suppliers are more concentrated. The free rider problem is especially detrimental to a trade creditor when the free-riding suppliers are its product market competitors, leading to a negative relation between product substitutability among suppliers to a given retailer and trade credit that the former provide to the latter. We test the model using both simulated and real data. The estimated relations are consistent with the model’s predictions and are statistically and economically significant.
{"title":"Trade Credit and Supplier Competition","authors":"J. Chod, Evgeny Lyandres, S. A. Yang","doi":"10.2139/ssrn.2849641","DOIUrl":"https://doi.org/10.2139/ssrn.2849641","url":null,"abstract":"This paper examines how competition among suppliers affects their willingness to provide trade credit financing. Trade credit extended by a supplier to a cash constrained retailer allows the latter to increase cash purchases from its other suppliers, leading to a free rider problem. A supplier that represents a smaller share of the retailer’s purchases internalizes a smaller part of the benefit from increased spending by the retailer and, as a result, extends less trade credit relative to its sales. In consequence, retailers with dispersed suppliers obtain less trade credit than those whose suppliers are more concentrated. The free rider problem is especially detrimental to a trade creditor when the free-riding suppliers are its product market competitors, leading to a negative relation between product substitutability among suppliers to a given retailer and trade credit that the former provide to the latter. We test the model using both simulated and real data. The estimated relations are consistent with the model’s predictions and are statistically and economically significant.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130137644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine firm and industry characteristics associated with outsourcing and the relation between outsourcing and capital structure using a unique database of outsourcing purchase contracts. We find that highly valued, profitable firms with high-value added per employee and suppliers farther away with higher competition are more likely to outsource using purchase contracts. In addition, we document that firms that operate in industries with more severe import penetration and fewer fixed assets are more likely to outsource using purchase contracts. Examining the outside purchase contract and leverage decisions, we find that the outsourcing decision is associated with less leverage. Our results are consistent with firms that choose to use purchase contracts using less leverage to mitigate the potential loss of relation-specific investments of contracting parties that can occur with financial distress or bankruptcy. This paper was accepted by Gustavo Manso, finance.
{"title":"Outsourcing through Purchase Contracts and Firm Capital Structure","authors":"S. K. Moon, G. Phillips","doi":"10.2139/ssrn.2373793","DOIUrl":"https://doi.org/10.2139/ssrn.2373793","url":null,"abstract":"We examine firm and industry characteristics associated with outsourcing and the relation between outsourcing and capital structure using a unique database of outsourcing purchase contracts. We find that highly valued, profitable firms with high-value added per employee and suppliers farther away with higher competition are more likely to outsource using purchase contracts. In addition, we document that firms that operate in industries with more severe import penetration and fewer fixed assets are more likely to outsource using purchase contracts. Examining the outside purchase contract and leverage decisions, we find that the outsourcing decision is associated with less leverage. Our results are consistent with firms that choose to use purchase contracts using less leverage to mitigate the potential loss of relation-specific investments of contracting parties that can occur with financial distress or bankruptcy. This paper was accepted by Gustavo Manso, finance.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"39 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114007147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Consistent with the notion that dividends are very sticky, Daniel, Denis, and Naveen (2008) report evidence that firms manage earnings upward when pre-managed earnings are expected to fall short of dividend payments. However, we find that this evidence is not robust when controlling for firms’ tendency to manage earnings upward to avoid reporting earnings declines. We further report that the decision to cut dividends depends on whether reported earnings fall short of past dividends, but not on earnings management that eliminates a shortfall in pre-managed earnings relative to dividend payments. Overall, our evidence suggests that firms that face dividend constraints are more likely to cut dividends than to manage earnings to avoid dividend cuts.
{"title":"Dividend Stickiness, Debt Covenants, and Earnings Management","authors":"Jaewoo Kim, Kyeong Hun Lee, E. Lie","doi":"10.2139/ssrn.2171425","DOIUrl":"https://doi.org/10.2139/ssrn.2171425","url":null,"abstract":"Consistent with the notion that dividends are very sticky, Daniel, Denis, and Naveen (2008) report evidence that firms manage earnings upward when pre-managed earnings are expected to fall short of dividend payments. However, we find that this evidence is not robust when controlling for firms’ tendency to manage earnings upward to avoid reporting earnings declines. We further report that the decision to cut dividends depends on whether reported earnings fall short of past dividends, but not on earnings management that eliminates a shortfall in pre-managed earnings relative to dividend payments. Overall, our evidence suggests that firms that face dividend constraints are more likely to cut dividends than to manage earnings to avoid dividend cuts.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127497540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates the role of intellectual property rights (IPR) protection on the cost of bank loans for firms in 48 countries. Using substantial reforms of patent rights as a source of identifying variation, the paper provides strong evidence that borrowers from countries that underwent IPR reform experience significant reductions in the cost of bank debt. Importantly, the effects of IPR reform on loan rates are significantly larger in industries that are more IP-intensive. Additional analysis shows that in the wake of reforms borrowers obtain larger size loans, which indicates that improvements in IPR are associated with greater credit availability. IPR reform also increases foreign lenders participation in loan syndicates. Overall, these findings suggest that legal protection afforded to intellectual property has a significant impact on the cost of corporate borrowing and the ability of innovative firms to raise debt capital.
{"title":"Intellectual Property Rights Reform and the Cost of Corporate Debt","authors":"A. Alimov","doi":"10.2139/ssrn.3253742","DOIUrl":"https://doi.org/10.2139/ssrn.3253742","url":null,"abstract":"Abstract This paper investigates the role of intellectual property rights (IPR) protection on the cost of bank loans for firms in 48 countries. Using substantial reforms of patent rights as a source of identifying variation, the paper provides strong evidence that borrowers from countries that underwent IPR reform experience significant reductions in the cost of bank debt. Importantly, the effects of IPR reform on loan rates are significantly larger in industries that are more IP-intensive. Additional analysis shows that in the wake of reforms borrowers obtain larger size loans, which indicates that improvements in IPR are associated with greater credit availability. IPR reform also increases foreign lenders participation in loan syndicates. Overall, these findings suggest that legal protection afforded to intellectual property has a significant impact on the cost of corporate borrowing and the ability of innovative firms to raise debt capital.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115482395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study measures the exchange rate exposure of Swiss firms for its most relevant currencies and assesses its time-variation. I find that the firm-level exposure varies considerably over time. Differences in operational possibilities to mitigate the exposure cannot explain this variance, while some macroeconomic variables are able to capture the time-variation at least partly. I further show that volatility in exposures reduces the hedging effectiveness and leads thus to wrong decisions with regard to hedging activities. Trying to hedge an asset exposed to exchange rate movements can increase the variance of its returns rather than decreasing it.
{"title":"Time-Variation in the Exchange Rate Exposure of Swiss Firms","authors":"Lars Kabitz","doi":"10.2139/ssrn.2961186","DOIUrl":"https://doi.org/10.2139/ssrn.2961186","url":null,"abstract":"This study measures the exchange rate exposure of Swiss firms for its most relevant currencies and assesses its time-variation. I find that the firm-level exposure varies considerably over time. Differences in operational possibilities to mitigate the exposure cannot explain this variance, while some macroeconomic variables are able to capture the time-variation at least partly. I further show that volatility in exposures reduces the hedging effectiveness and leads thus to wrong decisions with regard to hedging activities. Trying to hedge an asset exposed to exchange rate movements can increase the variance of its returns rather than decreasing it.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121037265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
German Abstract: Im Rahmen der Unternehmensbewertung wird fur die Ableitung der Eigenkapitalkosten von nicht borsennotierten Unternehmen die Anwendung von Branchen-Betas empfohlen. Wegen der Abhangigkeit des Beta-Faktors von der Kapitalstruktur ist eine Anpassung fur ggf. vorhandene Unterschiede des Verschuldungsgrades zwischen dem Branchen-Durchschnitt und dem Bewertungsobjekt erforderlich. Die entsprechende Prozedur wird als Un-levering und Re-levering bezeichnet. In der Literatur wird mehrheitlich die Anwendung des Brutto-Verschuldungsgrades (Fremdkapital/Eigenkapital) fur dieses Vorgehen unterstellt. In diesem Beitrag wird gezeigt, dass die Anwendung des Netto-Verschuldungsgrades (Fremdkapital – Cash /Eigenkapital) zu korrekten Ergebnissen fuhrt. Wird der Brutto-Verschuldungsgrad verwendet, kommt es zu deutlichen Abweichungen vom korrekten Ergebnis. English Abstract: When transferring industry or peer group betas to non-listed individual firms differences in the capital structure have to be taken into account. The standard adjustment for this differences is referred as the “re-levering and re-levering” procedure of the beta factor. This paper analyzes whether this adjustment shall be based on the gross leverage or on the net leverage of the peer group and the firm. For the valuation of the firm, it is shown that the target capital structure of the firm's WACC may be defined in both ways as long as the free cash flow definition used reflects the corresponding assets invested properly. However, when transferring peer group betas to individual firms by "de- and re-levern" only the leverage based on net debt yields correct results.
{"title":"Zielkapitalstruktur im WACC und Un-Levern, Re-Levern bei der Unternehmensbewertung – Brutto- oder Netto-Verschuldung ? (Target Capital Structure in the WACC, De-levern and Re-levern in Corporate Valuation - Gross Debt or Net Debt?)","authors":"Bernhard Schwetzler","doi":"10.2139/SSRN.2946775","DOIUrl":"https://doi.org/10.2139/SSRN.2946775","url":null,"abstract":"German Abstract: Im Rahmen der Unternehmensbewertung wird fur die Ableitung der Eigenkapitalkosten von nicht borsennotierten Unternehmen die Anwendung von Branchen-Betas empfohlen. Wegen der Abhangigkeit des Beta-Faktors von der Kapitalstruktur ist eine Anpassung fur ggf. vorhandene Unterschiede des Verschuldungsgrades zwischen dem Branchen-Durchschnitt und dem Bewertungsobjekt erforderlich. Die entsprechende Prozedur wird als Un-levering und Re-levering bezeichnet. In der Literatur wird mehrheitlich die Anwendung des Brutto-Verschuldungsgrades (Fremdkapital/Eigenkapital) fur dieses Vorgehen unterstellt. In diesem Beitrag wird gezeigt, dass die Anwendung des Netto-Verschuldungsgrades (Fremdkapital – Cash /Eigenkapital) zu korrekten Ergebnissen fuhrt. Wird der Brutto-Verschuldungsgrad verwendet, kommt es zu deutlichen Abweichungen vom korrekten Ergebnis. \u0000English Abstract: When transferring industry or peer group betas to non-listed individual firms differences in the capital structure have to be taken into account. The standard adjustment for this differences is referred as the “re-levering and re-levering” procedure of the beta factor. \u0000This paper analyzes whether this adjustment shall be based on the gross leverage or on the net leverage of the peer group and the firm. For the valuation of the firm, it is shown that the target capital structure of the firm's WACC may be defined in both ways as long as the free cash flow definition used reflects the corresponding assets invested properly. However, when transferring peer group betas to individual firms by \"de- and re-levern\" only the leverage based on net debt yields correct results.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130666234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article considers investment decisions in an uncertain and competitive framework, with a first investor, the leader, always producing up to full capacity and a second investor, the follower, capable of adjusting output levels within the constraint of installed capacity. Both firms need to decide on the investment timing and the investment capacity levels. The main findings are as follows. Compared to a situation where the follower always produces up to full capacity, the leader has a larger incentive to accommodate a flexible follower. This is because the leader also benefits from the follower's volume flexibility. Due to the first mover advantage, the leader's value is higher than the follower's value, despite the follower's technological advantage in flexibility.
{"title":"Strategic Capacity Investment Under Uncertainty with Volume Flexibility","authors":"X. Wen","doi":"10.2139/ssrn.2942060","DOIUrl":"https://doi.org/10.2139/ssrn.2942060","url":null,"abstract":"This article considers investment decisions in an uncertain and competitive framework, with a first investor, the leader, always producing up to full capacity and a second investor, the follower, capable of adjusting output levels within the constraint of installed capacity. Both firms need to decide on the investment timing and the investment capacity levels. The main findings are as follows. Compared to a situation where the follower always produces up to full capacity, the leader has a larger incentive to accommodate a flexible follower. This is because the leader also benefits from the follower's volume flexibility. Due to the first mover advantage, the leader's value is higher than the follower's value, despite the follower's technological advantage in flexibility.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131920893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper empirically examines the effect of the Great Recession of 2009 to 12 on the US tourism industry and firm performance. The daily equity index and firm performance data are collected from the 30 selected US tourism firms during the period of 2005 to 12. Applying the joint test of contagion, proposed by Fry-McKibbin, Hsiao and Martin (2017), to test for contagion in the US tourism firms, the results show that the Great Recession of 2009 to 12 has a direct and significant impact on the US tourism industry and tourism firm performance. Specifically, concurrently with the major events (e.g., the European debt crisis), that occurred during the crisis, more than 85% of the US tourism firms on average are affected by this crisis. At the firm performance, the results show that the crisis severity index negatively correlates with liquidity, profitability, growth, turnover ratios, but positively correlates with leverage ratios. Furthermore, the results indicate that the liquidity, profitability and growth ratios play a more important role than turnover and leverage ratios in explaining the crisis transmission during the Great Recession of 2009 to 12. The findings offer practical value to help tourism firms monitor and control their performance measures to prepare for future economic downturns.
{"title":"The Impact of the Great Recession of 2009 to 12 on the US Tourism Industry and Firm Performance","authors":"Alice Zhang","doi":"10.2139/ssrn.3072031","DOIUrl":"https://doi.org/10.2139/ssrn.3072031","url":null,"abstract":"This paper empirically examines the effect of the Great Recession of 2009 to 12 on the US tourism industry and firm performance. The daily equity index and firm performance data are collected from the 30 selected US tourism firms during the period of 2005 to 12. Applying the joint test of contagion, proposed by Fry-McKibbin, Hsiao and Martin (2017), to test for contagion in the US tourism firms, the results show that the Great Recession of 2009 to 12 has a direct and significant impact on the US tourism industry and tourism firm performance. Specifically, concurrently with the major events (e.g., the European debt crisis), that occurred during the crisis, more than 85% of the US tourism firms on average are affected by this crisis. At the firm performance, the results show that the crisis severity index negatively correlates with liquidity, profitability, growth, turnover ratios, but positively correlates with leverage ratios. Furthermore, the results indicate that the liquidity, profitability and growth ratios play a more important role than turnover and leverage ratios in explaining the crisis transmission during the Great Recession of 2009 to 12. The findings offer practical value to help tourism firms monitor and control their performance measures to prepare for future economic downturns.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129432079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-02-28DOI: 10.29121/granthaalayah.v5.i2.2017.1743
S. Anandasayanan, Subramaniam
Bankruptcy is the legal status for an individual or company unable to pay off outstanding debt. It is a status that can only be granted by a state or federal court..Predication of Bankruptcy is critical task. Early stage of identification of likelihood of solvency may avoid evils in the near future & may shelter the firm from Bankruptcy situation. Bankruptcy of organizations can be predicated by using Altman’s Z-Score Model. This study tries to apply the model to understand the likelihood of Bankruptcy of selected listed manufacturing firms for past 5 years from 2010 to 2014 which are listed in Colombo Stock Exchange.. The study reveals that none of the companies completely belongs to Safe Zone except for few years. Most of the firms are in Distress Zone which clearly indicates that these firms may go Bankrupt in near future.
{"title":"Predicting Bankruptcy of Selected Manufacturing Companies Listed in Colombo Stock Exchange: Applying Altman’s Z-Score","authors":"S. Anandasayanan, Subramaniam","doi":"10.29121/granthaalayah.v5.i2.2017.1743","DOIUrl":"https://doi.org/10.29121/granthaalayah.v5.i2.2017.1743","url":null,"abstract":"Bankruptcy is the legal status for an individual or company unable to pay off outstanding debt. It is a status that can only be granted by a state or federal court..Predication of Bankruptcy is critical task. Early stage of identification of likelihood of solvency may avoid evils in the near future & may shelter the firm from Bankruptcy situation. Bankruptcy of organizations can be predicated by using Altman’s Z-Score Model. This study tries to apply the model to understand the likelihood of Bankruptcy of selected listed manufacturing firms for past 5 years from 2010 to 2014 which are listed in Colombo Stock Exchange.. The study reveals that none of the companies completely belongs to Safe Zone except for few years. Most of the firms are in Distress Zone which clearly indicates that these firms may go Bankrupt in near future.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125948822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the mechanisms behind the matching of banks and firms in the loan market and the implications of this matching for lending relationships, bank capital, and the provision of credit. I find that bank-dependent firms borrow from well capitalized banks, while firms with access to the bond market borrow from banks with less capital. This matching of bank-dependent firms with stable banks smooths cyclicality in aggregate credit provision and mitigates the effects of bank shocks on the real economy.
{"title":"Bank Capital and Lending Relationships","authors":"Michael Schwert","doi":"10.2139/ssrn.2690490","DOIUrl":"https://doi.org/10.2139/ssrn.2690490","url":null,"abstract":"This paper investigates the mechanisms behind the matching of banks and firms in the loan market and the implications of this matching for lending relationships, bank capital, and the provision of credit. I find that bank-dependent firms borrow from well capitalized banks, while firms with access to the bond market borrow from banks with less capital. This matching of bank-dependent firms with stable banks smooths cyclicality in aggregate credit provision and mitigates the effects of bank shocks on the real economy.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126638857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：