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In the new development stage of comprehensively building a socialist modern state, it is imperative to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, comprehensively summarize China's practical experiences in economic development, strengthen research on capital issues, construct theories of socialist political economy with Chinese characteristics regarding capital and provide scientific theoretical guidance for further promoting the positive role of various types of capital while preventing and overcoming their negative effects, which is a major theoretical issue and a glorious task for the theoretical and economic circles in China.

From the perspective of Marx's theory on capital and historical development, modern capital represents the organizational mode of socialized mass production and market economy. It serves as both the economic foundation of bourgeois society and a tool for socialist economic development.

The market economy represents an inevitable historical stage and form of socialist economic development, necessitating the adoption of capital as an organizational form within socialist economies.

The utilization of capital to advance a socialist economy is a remarkable achievement by the CPC and Chinese people, representing a significant innovation in both theory and practice. The role of capital is inherently dual under any social condition. In the context of a socialist system, capital can play a positive role effectively, and its behavior can be guided and regulated correctly to curb its negative or even destructive impact.

The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues.

In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world.

The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD.

This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.

General Secretary Xi Jinping pointed out that to uphold and develop socialist political economics with Chinese characteristics, the authors should be guided by Marxist political economics.

It is an essential methodological principle for building a theoretical system of socialist political economics with Chinese characteristics as a “systematic economic theory”.

To implement this principle, the authors need to understand the rich connotation of Marxist political economics and its relationship with socialist political economics with Chinese characteristics fully and correctly and unswervingly uphold and inherit, creatively transform and innovatively develop the theoretical achievements of Marxist economics, especially capital.

It is also an essential and necessary way to build a theoretical system of socialist political economics with Chinese characteristics.

The purpose of this paper is to further explore the co-citation and bibliographic-coupling relationship among the core authors in the field of Chinese information science (IS), to expose research activity and author impact, and to make induction analyses about Chinese IS research patterns and theme evolution.

The research data include 8,567 papers and 70,947 cited articles in the IS field indexed by Chinese Social Sciences Citation Index from 2000 to 2009. Author co-citation analysis, author bibliographic-coupling analysis, social network analysis, and factor analysis were combined to explore co-citation and bibliographic-coupling relationships and to identify research groups and subjects.

Scholars with greatest impact are different from the most active scholars of Chinese IS; there is no uniform impact pattern forming since authors’ impact subjects are scattered and not steady; while authors’ research activities present higher independence and concentration, there is still no steady research pattern due to no deep research existing. Furthermore, Chinese IS studies can be delineated by: foundation or extension. The research subjects of these two parts, as well as their corresponding/contributing authors, are different under different views. The general research status of core authors is concentrated, while their impact is broad.

The combined use of some related methods could enrich the development and methodology research of the discipline, and the results establish a reference point on the development of IS research.

This study aims to examine the association between fair value accounting and the cost of corporate bonds, proxied by bond yield spread. In addition, this study explores the moderating role of auditor industry expertise at both the national and the city levels.

This study first examines the effect of the use of fair value on yield spread by estimating firm-level regression model, where fair value is the testing variable and yield spread is the dependent variable. To test the differential impact of the three levels of fair value inputs, this paper divides the fair value measures based on the three-level hierarchy, Level 1, Level 2 and Level 3, and replace them as the test variables in the regression model.

This study finds that the application of fair value accounting is generally associated with a higher bond yield spread, primarily driven by Level 3 estimates. The results also show that national-level auditor industry expertise is associated with lower bond yield spreads for Level 1 and Level 3 fair value inputs, whereas the impact of city-level auditor industry expertise on bondholders is mainly on Level 3 fair value inputs.

The paper innovates by exploring the impact of fair value accounting in a setting that extends beyond financial institutions, the traditional area of focus. Moreover, most prior research considers private debt, whereas this study examines public bonds, for which investors are more likely to rely on financial reporting for their information about a firm. Finally, the study differentiates between city- and national-level industry expertise in examining the role of auditors.

This research has several practical implications. First, firms seeking to raise debt capital should consider involving auditors, with either industry expertise or fair value expertise, due to the roles that auditors play in safeguarding the reliability of fair value measures, particularly for Level 3 measurements. Second, from standard-setting and regulatory perspectives, the study’s findings that fair value accounting is associated with higher bond yield spread cast further doubt on the net benefits of applying a full fair value accounting regime. Third, PCAOB may consider enhancing guidance to auditors on Level 2 fair value inputs, to further enhance audit quality. Finally, creditors can be more cautious in interpretating accounting information based on fair value while viewing the employment of auditor experts as a positive signal.

First, the paper extends research on the role of accounting information in public debt contracting. Second, this study adds to the auditing literature about the impact of industry expertise. Finally, and more generally, this study adds to the ongoing controversy on the application of fair value accounting.

An electromagnet that can produce strong pulsed magnetic fields at kHz frequencies is potentially very favourable to exert a Lorentz force on the metallic workpiece. One of the applications of the pulsed magnetic field is the electromagnetic forming where the design of robust electromagnet is critical. The purpose of this paper is to design a robust electromagnet (coil) for high velocity electromagnetic tube forming operation.

First of all, an analytical model is developed to design the electromagnet and predict the aluminium tube velocity under the action of the estimated pulsed magnetic field. Next, the finite element-based numerical model is used to test the robustness of the designed coil and validate the analytical model. The coil is fabricated and implemented for free forming of aluminium tube. Experimental results of tube displacement are further compared with numerical and analytical model results.

The experimental tube displacement results are showing a good match with analytical and numerical results. The designed electromagnet has generated a peak magnetic field around 14 T at 20 µs rise time and deformed the aluminium tube with a peak velocity of 160 m/s. Robustness of the electromagnet under the action of forming stress is insured by numerical stress analysis and experiments.

Though the designed model in this work is for the 2.4 mm aluminium tube forming, it can also be used for different tube materials, tube dimensions and other electromagnetic forming applications with some modifications.

The research results provide powerful theoretical, numerical simulation and experimental support for the robust electromagnet design.