How mixed ownership affects investment efficiency? evidence from state-owned enterprises in China.

The inefficiency observed in investment within state-owned enterprises presents a significant practical challenge that can affect the sustainable development of China's economy. To address this issue, this study comprehensively explores the intricate mechanisms underlying the governance implications of mixed ownership on the investment efficiency of listed companies. Drawing on unbalanced panel data encompassing Shanghai and Shenzhen Stock Exchange A-share listed companies in China spanning the period from 2008 to 2022, this study employs a fixed-effects model to unveil the nuanced ways in which mixed ownership influences investment efficiency through the lens of agency costs. This study transcends the boundaries of traditional agency conflicts between managers and shareholders. It delves deeper, illuminating the diverse effects of agency conflicts between significant controlling shareholders and minority shareholders. The results revealed a noteworthy positive correlation between mixed ownership and investment efficiency, and verified the intermediary role of agency costs between mixed ownership and investment efficiency, which is an important result of our research. Heterogeneity analysis indicates that the relationship between the two can be affected by external events, such as during the COVID-19 pandemic, investment efficiency is not the most concerned issue for enterprises. The findings have practical implications for practitioners and policymakers, as they offer avenues for optimizing investment strategies and fostering efficient and effective corporate governance practices.

Climate changes altered the citrus fruit quality: A 9-year case study in China.

Global climate change has significantly impacted the production of various crops, particularly long-term fruit-bearing plants such as citrus. This study analyzed the fruit quality of 12 citrus orchards (Citrus Sinensis L.Osbeck cv. Bingtang) in a subtropical region in Yunnan, China from 2014 to 2022. The results indicated that high rainfall (>220 mm) and low cumulative temperature (<3150 °C) promoted increases in titratable acidity (>1.8 %) in young fruits. As the fruits further expanded (with a horizontal diameter increasing from 50 to 65 mm), excessive rainfall (300-400 mm), lower cumulative temperature (<2400 °C), and a reduced diurnal temperature range (<10 °C) hindered decreases in titratable acidity. Conversely, low rainfall (<220 mm), high cumulative temperature (>3150 °C), and a high diurnal temperature range (>14 °C) promoted the accumulation of soluble solids in young fruits (9 %) at 120 days after flowering (DAF). Furthermore, low rainfall (<100 mm) favored the accumulation of soluble solids (1.5 %) during fruit expansion (195-225DAF). To quantify the relationship between fruit acidity and climate variables at 120 DAF, we developed a regression model, which was further validated by actual measurements and accurately predicted fruit acidity in 2023. Our findings have the potential to assist citrus growers in optimizing cultivation techniques for the production of high-quality citrus under increasingly variable climatic conditions.

Toxic metabolites and metabolic soft spots of celastrol based on glutathione metabolic capture and high-resolution mass spectrometry.

BACKGROUND: Celastrol is known as one of the most medicinally valuable compounds. However, the pharmaceutical application of celastrol is significantly limited due to high toxicity, while there are few reports on the mechanism of toxicity. METHODS: This study searched for possible toxic metabolites through phase I in vitro metabolism and glutathione capture experiments. Then in vivo metabolism experiments in mice and rats were conducted to look for metabolites in vivo. Finally, mice in vivo toxicity experiment was conducted to verify the toxicity of different doses of celastrol to mice. RESULTS: In the in vivo and in vitro metabolism experiments, we found 7 phase I metabolites in vitro, 9 glutathione conjugation metabolites in vitro, and 20 metabolites in vivo. The metabolic soft points of celastrol could be the quinone methyl structure at C3-OH and C6. In vivo toxicity experiments show that celastrol causes weight loss, diarrhea, gastrointestinal tract and liver inflammation in mice. CONCLUSIONS: This study analyzed the metabolites and possible metabolic soft spots of celastrol, and its hepatotoxicity and gastrointestinal toxicity were demonstrated through in vivo studies for the first time. The results might provide an important basis for potential structural modification to increase the druggability of celastrol.

Utilization of a novel feedstuff: effects of additives on the fermentation characteristics, chemical composition and in vitro digestibility of tetraploid black locust (Robinia pseudoacacia) silage / Utilização de um novo alimento: efeitos de aditivos nas características de fermentação, composição química e digestibilidade in vitro da silagem de gafanhoto negro tetraplóide (Robinia pseudoacacia)

ABSTRACT: This study was conducted to evaluate the effects of additives on the fermentation characteristics, chemical composition and in vitro digestibility of tetraploid black locust (TBL). The TBL leaves silage was either untreated (control) or treated with 1 × 106 cfu/g FM Lactobacillus plantarum (L), 1% glucose (G), 3% molasses (M), a combination of 1% glucose and Lactobacillus plantarum (L+G), or a combination of 3% molasses and Lactobacillus plantarum (L+M). Fermentation quality, chemical composition and nutrient digestibility were then analyzed. Ethanol and acetic acid concentrations were the dominant fermentation products in all silages except L+M silage. The L, G and L+G treatments failed to influence the fermentation. The M treatment increased (P<0.05) the lactic acid concentration and lowered (P<0.05) the pH when compared with control silage. The best fermentation properties were observed in L+M silage, as indicated by the dominance of lactic acid over ethanol in fermentation products. The M and L+M silages exhibited higher (P<0.05) dry matter, and M silage showed higher residual water-soluble carbohydrates than the control. Ensiling increased (P<0.05) the in vitro dry matter, neutral detergent fiber and acid detergent fiber degradability of TBL. Among the silages, M silage had the highest levels of dry matter, neutral detergent fiber and acid detergent fiber degradability. The obtained results suggested that application of lactic acid bacteria together with 3% molasses could be an effective strategy to prevent the occurrence of ethanol fermentation and improve fermentation quality of TBL silage; addition of fermentable sugars to TBL improves nutrient availability to ruminants.

RESUMO: Este estudo foi conduzido para avaliar os efeitos de aditivos nas características de fermentação, composição química e digestibilidade in vitro do gafanhoto preto tetraplóide (TBL). A silagem de folhas TBL não foi tratada (controle) ou foi tratada com 1 × 106 ufc / g FM Lactobacillus plantarum (L), 1% glicose (G), 3% melaço (M), uma combinação de 1% glicose e Lactobacillus plantarum ( L + G), ou uma combinação de 3% de melaço e Lactobacillus plantarum (L + M). A qualidade da fermentação, a composição química e a digestibilidade dos nutrientes foram analisadas. As concentrações de etanol e ácido acético foram os produtos de fermentação dominantes em todas as silagens, com exceção da silagem L + M. Os tratamentos L, G e L + G não influenciaram na fermentação. O tratamento com M aumentou (P<0,05) a concentração de ácido láctico e diminuiu (P<0,05) o pH, quando comparado com a silagem controle. As melhores propriedades de fermentação foram observadas na silagem L + M, como indicado pela dominância do ácido lático sobre o etanol nos produtos de fermentação. As silagens M e L + M apresentaram maior teor de matéria seca (P<0,05), e a silagem M apresentou maior carboidrato solúvel em água residual que o controle. A ensilagem aumentou (P<0,05) a matéria seca in vitro, a fibra em detergente neutro e a degradabilidade da fibra em detergente ácido de TBL. Entre as silagens, a silagem M apresentou os maiores teores de matéria seca, fibra em detergente neutro e degradabilidade da fibra em detergente ácido. Os resultados obtidos sugerem que a aplicação de bactérias lácticas em conjunto com 3% de melaço pode ser uma estratégia eficaz para evitar a ocorrência de fermentação alcoólica e melhorar a qualidade da fermentação da silagem TBL. A adição de açúcares fermentáveis à TBL aumenta a disponibilidade de nutrientes para ruminantes.

Dynamics of change in fermentation and fatty acid profiles in high moisture alfalfa silage during ensiling at different temperatures / A dinâmica de mudança na fermentação e perfis de ácidos graxos em silagem de alfafa de alta humanidade durante a ensilagem a diferentes temperaturas

ABSTRACT: The objective of present study was to investigate the dynamics of change in fermentation and fatty acid profiles in high moisture (DM=232g/kg FW) alfalfa silages during ensiling at 45°C, 30°C and 15°C. After ensiling for 1, 3, 7, 21, 39 and 65 days, silages was sampled and examined. Lactic fermentation changing into butyric fermentation in silage ensiled at 30°C and 45°C occurred on ensiling for 21 and 65 days, respectively, as accompanied with high ammonia-N content ( >150g/kg N), which subsequently resulted in a sudden increase of pH (P < 0.05). In contrast, the increase of lactic acid content was observed in silage ensiled at 15°C during ensiling for 65 days (P<0.05). As the ensiling temperature rose, considerable losses in total FA, C18:2n6 and C18:3n3 increased after ensiling for 1 day as compared with alfalfa before ensiling (P < 0.05) mainly due to thermolability of polyunsaturated FA and multiplication of lactic acid bacteria. Contents of total FA, C18:2n-6 and C18:3n-3 fluctuated in silage stored at 30°C and 45°C during ensiling from 3 to 65 days (P < 0.05), but decreased at 15°C due to the intervention of aerobic bacteria, yeasts and lipoxygenase. Therefore, after ensiling for 65 days, high moisture alfalfa silage ensiling at 15°C had better fermentation quality than at 30°C and 45°C. Temperature had significant influence on dynamics of change in FA profile in alfalfa silage during ensiling.

RESUMO: O objetivo do presente estudo foi investigar a dinâmica de mudança na fermentação e perfis de ácidos graxos em silagens de alfafa de alta humidade durante a ensilagem a 45°C, 30°C e 15°C. Após a ensilagem por 1, 3, 7, 21, 39 e 65 dias, as amostras foram amostradas e examinadas. A fermentação láctica mudou para a fermentação butírica em silagens ensiladas a 30°C e 45°C. Estas ocorreram em ensilamento durante 21 e 65 dias, respectivamente, acompanhado de alto teor de amônia-N (>150g/kg N), o que resultou em um aumento súbito de pH (P < 0,05). Em contraste, o aumento do teor de ácido láctico foi observado na silagem ensilada a 15°C durante a ensilagem durante 65 dias (P < 0,05). À medida que a temperatura de ensilagem aumentou, as perdas consideráveis na FA total, C18: 2n6 e C18: 3n3, aumentaram após a ensilagem durante 1 dia, em comparação com a alfafa antes da ensilagem (P < 0,05), principalmente devido à termolabilidade da FA poliinsaturada e à multiplicação de bactérias do ácido lático. Os conteúdos de FA total, C18: 2n-6 e C18: 3n-3, foram flutuação na silagem armazenada a 30°C e 45°C durante a ensilagem de 3 a 65 dias (P < 0,05), mas diminuiu a 15°C devido à intervenção de bactérias aeróbias, leveduras e lipoxigenase.

Adding distiller's grains and molasses on fermentation quality of rice straw silages / Adição de melaço na qualidade de fermentação de silagem de palha de arroz

ABSTRACT: Ensilage is a simple and low-cost strategy to enable long term preservation and environmentally friendly utilization of agricultural by-products, such as straws and distiller's grains (DG) for ruminants. Effect of mixing different proportions of DG and rice straw (i.e. 0, 10, 20 or 30% of DG) with or without 5% molasses addition on fermentation and chemical variables of silages was evaluated. The study was conducted as a randomized blocks design in a 4 × 2 factorial arrangement, with three replications, using laboratory silos of 1L capacity (n=24). Despite a significant interaction (P<0.01) between DG and molasses addition was observed for most variables, in general the increased addition of DG linearly decreased the pH value, acetic acid (AA), butyric acid (BA) and ammonia N concentration (P<0.01), and increased the lactic acid (LA) concentration (P<0.01). Exception was the propionic acid concentration which linearly decreased without molasses addition and linearly increased with molasses addition at increased proportion of DG (P<0.01). In both silages with or without molasses the addition of DG increased the dry matter, water soluble carbohydrates and crude protein (P<0.01), and decreased the NDF content (P<0.01). Based on the perspective of maximum utilization of rice straw, the mixture of 10% of DG associated to 5% molasses at ensilage process is recommended.

RESUMO: Ensilagem é uma estratégia simples e de baixo custo que habilita a preservação de sub-produtos agrícolas por longo tempo e com mínimo impacto ambiental, tal como a preservação de palha de arroz e resíduos da destilação de grãos (DG) para uso na alimentação de ruminantes. O objetivo deste estudo foi avaliar o efeito de incluir diferentes proporções de DG e palha de arroz (i.e. 0, 10, 20 or 30% of DG) com ou sem inclusão de 5% de melaço sobre variáveis da fermentação e composição química do material ensilado. O estudo foi conduzido em blocos casualizados em um esquema fatorial 4 × 2, com três repetições, utilizando mini-silos de 1L de capacidade (n=24). Embora a interação entre DG e melaço foi significativa (P<0,01) para a maior parte das variáveis, em geral a adição de DG diminuiu linearmente o pH e as concentrações de ácido acético, ácido butírico e amônia (P<0,01), e aumentou linearmente a concentração de ácido láctico (P<0,01). Exceção foi a concentração de ácido propiônico que diminuiu linearmente sem a adição de melaço enquanto aumentou linearmente com a adição de melaço, à incrementados níveis de inclusão de DG (P<0,01). Em ambos casos, com ou sem adição de melaço, a adição de DG aumentou linearmente o teor de matéria seca, de carboidratos solúveis em água e de proteína bruta, e diminuiu o teor de fibra em detergente neutro do material ensilado the NDF content (P<0,01). Baseado na perspectiva de máxima utilização de palha da arroz, recomenda-se a mistura de 10% de DG associado com 5% de melaço no processo de ensilagem.