• New & Renewable Energy
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• v.8 no.2
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• pp.33-43
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• 2012

Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

• Asian-Australasian Journal of Animal Sciences
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• v.17 no.5
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• pp.670-677
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• 2004

Sixteen multiparous Holstein-Friesian crossbred cows in mid-lactation were blocked according to days in milk (DIM) and previous lactation and randomly assigned according to a Randomized Complete Block (RCB) design with four replications to receive four dietary treatments. The dietary treatments consisted of T1: No cassava hay (CH) or stylo 184 hay (SH) supplementation, supplementation of concentrate to milk yield at 1:2 (control), T2: Supplementation of 1 kg of CH/hd/d, supplementation of concentrate to milk yield at 1:2, T3: Supplementation of 1 kg of CH+SH/hd/d, supplementation of concentrate to milk yield at 1:2, T4: Supplementation of 2 kg of CH+SH/hd/d, supplementation of concentrate to milk yield at 1:3. All animals received Ruzi grass from a cut-and-carry system as roughage source. The feeding trial lasted for 9 weeks. The results revealed that DMI of concentrate of supplemented treatments were significantly lower (p<0.05) than those in the control, but there was no significant difference between T2 and T3. There was no significant difference in forage DM intake between the control and supplemented treatments. CP and NDF digestibility of supplemented treatments were significantly (p<0.05) greater than the control and there were no significant differences among supplemented treatments. Milk yield and 3.5% FCM (14.3, 14.5, 14.7 and 14.8; 13.9, 14.3, 14.3 and 14.6 kg/hd/d, respectively) were not significantly different among treatments. Milk protein percentage of supplemented treatments was significantly (p<0.05) higher than the control, but there were no significant differences among supplemented treatments. There was no significant difference in milk fat percentage between the control and supplemented treatments. However, milk fat percentage tended to be higher for supplemented animals as compared to the control group. There were also no significant differences in lactose, solids-not-fat and total solids percentages among treatments. Cows in supplemented treatments gave incomes over supplement cost (IOSC) of 2.72, 2.74 and 2.93 US$/hd/d, respectively which were greater than for cows on control treatment. Furthermore, IOSC were greatest for cows in T4 as compared to other treatments. Based on this study it was concluded that, feeding cassava hay solely or in combination with stylo 184 hay as a supplemental protein source could be a potential valuable strategy in small-holder dairy farming systems in the tropics. This strategic supplementation significantly reduced concentrate use, which resulted in improved milk yields and milk quality for the supplemented cows. Moreover, it resulted in higher economical returns through increased productivity and lower ratios of concentrate to milk yield, from 1:2 to 1:3.

• Asian-Australasian Journal of Animal Sciences
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• v.33 no.4
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• pp.623-633
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• 2020

Objective: Substituting starch with digestible fiber (dF) can improve digestive health of rabbits and reduce costs. Therefore, it is necessary to develop a criterion for dF and starch supply. Effects of the dietary dF-to-starch ratio on pellet quality, growth and cecal microbiota of Angora rabbits were evaluated. Methods: Five isoenergetic and isoproteic diets with increasing dF/starch ratios (0.59, 0.66, 0.71, 1.05, and 1.44) were formulated. A total of 120 Angora rabbits with an average live weight of 2.19 kg were randomly divided into five groups with four replicates. At the end of 40 day feeding trial, cecal digesta were collected to analyse microbiota. Results: The results showed that the dF/starch ratio had linear effects on pellet variables (p<0.01). When the dF/starch ratio was 1.44, the pellets had the lowest powder and highest durability. The dF/starch ratio had unfavorable linear effects on growth variables (p<0.001). When analyzed by quadratic regression, the optimal dF/starch ratios for average weight gain and feed/gain were 0.59 and 0.74, respectively. There were differences in wool yield, fiber length and fiber diameter caused by the dF/starch ratio (p<0.05), and the dF/starch ratios that ranged from 0.66 to 1.06 were appropriate for good results. The cecal microbiota operational taxonomic unit (OTU) number index in the 1.05 dF/starch treatment was higher than that in the 0.66 and 0.71 dF/starch treatments. The higher dF/starch ratio resulted in a higher cecal microbiota OTU number index (p<0.05). The proportion of Ruminococcus in the 0.71 dF/starch treatment was higher than that in the 0.59 dF/starch treatment (p<0.05) Conclusion: The most suitable dF/starch ratio for feed pellet quality is 1.44, and for rabbit growth the optimal range of ratios is from 0.59 to 0.74. With combination of the wool growth, output cost, and cecal microbiota, we suggest that a dietary dF/starch ratio ranging from 0.74 to 1.06 is optimal.

• Asian-Australasian Journal of Animal Sciences
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• v.18 no.7
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• pp.1029-1035
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• 2005

A 3${\times}$4 factorial field experiment with a complete randomised split-plot design with four replicates was conducted from June 2002 to March 2003 at the experimental farm of the Nong Lam University, Ho Chi Minh City, Vietnam, to determine effects of different harvesting heights (10, 30 and 50 cm above the ground) and cutting intervals (45, 60, 90 and 285 days) on yield of foliage and tubers, and chemical composition of the foliage. Cassava of the variety KM 94 grown in plots of 5 m${\times}$10 m at a planting distance of 30 cm${\times}$50 cm was hand-harvested according to respective treatments, starting 105 days after planting. Foliage from the control treatment (285 days) and all tubers were only harvested at the final harvest 285 days after planting. Dry matter and crude protein foliage yields increased in all treatments compared to the control. Mean foliage dry matter (DM) and crude protein (CP) yields were 4.57, 3.53, 2.49, and 0.64 tonnes DM $ha^{-1}$ and 939, 684, 495 and 123 kg CP $ha^{-1}$ with 45, 60, 90 and 285 day cutting intervals, respectively. At harvesting heights of 10, 30 and 50 cm the DM yields were 4.27, 3.67 and 2.65 tonnes $ha^{-1}$ and the CP yields were 810, 745 and 564 kg $ha^{-1}$, respectively. The leaf DM proportion was high, ranging from 47 to 65%. The proportion of leaf and petiole increased and the stem decreased with increasing harvesting heights and decreasing cutting intervals. Crude protein content in cassava foliage ranged from 17.7 to 22.6% and was affected by harvesting height and cutting interval. The ADF and NDF contents of foliage varied between 22.6 and 30.2%, and 34.2 and 41.2% of DM, respectively. The fresh tuber yield in the control treatment was 34.5 tonnes $ha^{-1}$. Cutting interval and harvesting height had significant negative effects on tuber yield. The most extreme effect was for the frequent foliage harvesting at 10 cm harvesting height, which reduced the tuber yield by 72%, while the 90 day cutting intervals and 50 cm harvesting height only reduced the yield by 7%. The mean fresh tuber yield decreased by 56, 45 and 27% in total when the foliage was harvested at 45, 60 and 90 day cutting intervals, respectively. It is concluded that the clear effects on quantity and quality of foliage and the effect on tuber yield allow alternative foliage harvesting principles depending on the need of fodder for animals, value of tubers and harvesting cost. An initial foliage harvest 105 days after planting and later harvests with 90 days intervals at 50 cm harvesting height increased the foliage DM and CP yield threefold, but showed only marginal negative effect on tuber yield.

• Asian-Australasian Journal of Animal Sciences
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• v.17 no.3
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• pp.325-329
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• 2004

Ten male buffalo calves (aged 6-8 months, average body wt. $88.5{\pm}0.5kg$) were divided into two groups of five animals in each. All the animals were fed on urea-ammoniated wheat straw (4% urea, 50% moisture) along with concentrate mixture (50:50 on DM basis). In addition animals in group II were given sodium sulphate to see the effect of sulphur on the utilization of nitrogen added through urea-ammoniation. This feeding practice continued for a period of 120 d, during which fortnightly body weights were taken to assess their growth rate. A metabolism trial was conducted after 90 days of feeding to know the digestibility of nutrients and their balance. Results revealed no significant difference in the intake of DM and other nutrients in two groups. The digestibility of DM, OM, EE, NDF, ADF and cellulose was alike in animals fed ammoniated straw and ammoniated straw+sodium sulphate supplemented group, whereas the digestibilities of CP and hemicellulose was significantly (p<0.01) more in group I and II respectively. There was no significant difference in intake of nitrogen, calcium and phosphorus in 2 groups. Similarly, the balance of these 3 nutrients was positive and statistically alike in two groups. Intake and excretion of sulphur through faeces and urine was significantly (p<0.01) more in group II than in group I. Inspite of higher excretion of sulphur through faeces and urine in group II, the sulphur balance was significantly (p<0.05) more in group II than in group I, probably due to significantly (p<0.01) higher intake of sulphur in this group. There was no significant difference in total body weight gain or average daily gain between two groups, indicating that addition of sodium sulphate did not have any positive effect on these parameters. Similarly the intake of DM, DCP and TDN were also alike in two groups. The DCP and TDN values of the two diets were 8.0, 60.4 and 6.8, 56.6% respectively. Feeding cost/unit gain was alike in both the groups.

• The Korean Journal of Pesticide Science
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• v.2 no.1
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• pp.32-39
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• 1998

This study was performed to develop jumbo granules floated and spreaded on the water surface after application, having low production and formulation cost, and safe to environment for paddy herbicides and to establish the formulation recipe. The jumbo granules of azimsulfuron with molinate(0.075+7.5%) was formulated by KCl as water soluble carrier and paraffin oil as solvent to impose the floating and spreading force to granules. That showed 100% of total granules to be floated on and spreaded upto the water surface within 25 minutes after application. Change in carriers, surfactants and pH did not affected to improve the time-course degradation of azimsulfuron in jumbo granules, but salt formation of azimsulfuron added by 1.15M solution of NaOH a little. Addition of N-methyl acrylate and modification of formulation process affected decrease in degradation of azimsulfuron upto 1.2, 2.1, and 7.2% after 2, 6 and 12 weeks under storage at $40{\pm}2^{\circ}C$, respectively, which showed the establishment of formulation recipe of the jumbo granules.

• Journal of Distribution Science
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• v.6 no.1
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• pp.47-62
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• 2008

Joining the WTO in 2001, China became a number of the global economic system. China succeeded in vying to host Beijing 2008 Olympic Games and World Expo 2010 Shanghai. It is China's honor and opportunity to have high economic growth in the coming future. In 2007, the total cost of public logistics decreased by 18.2% than 2006 to 4540.6 billion RMB, accounting for 18.4% of the GDP. So, China logistics is a huge industry and a growing market full of charm. The statistic ratios of China's logistics and growth trends show us it is an important issue to build and run an effective logistics system. However, research on China's logistics systems and supply chain is lacked. This study is focus on the logistic location strategy in China including the study of factories and warehouses geographic strategy concerned with SCM. The core of this study is to propose a New Multi-Facilities Location Decision Model. This study banded the revised gravity center, the standard single facility location decision model(Gravity Center Model) and the transportation model into a new Multi-Facilities Location Decision Model. In addition, this study suggested the gravity center of population, the gravity center of each industry, the location decision graded-list of each industry of china using the gravity center model and the revised gravity center model. The new Multi-Facilities Location Decision Model proposed in this study can be used to solve the location decision problem of more than two facilities. And it can be used in the fields such as the location decision of production facility and service facility, the location of distribution and logistics, the location of broadcast and satellite communications, the location of wireless communication tower and so on.

• Journal of Forest and Environmental Science
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• v.23 no.2
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• pp.109-118
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• 2007

This study was conducted to provide the fundamental data of the policy plan for the security of forestry labour and the revitalization of forestry mechanization by analysing the status of forestry labor and the training plan. In forestry, the total number of employer and the labour cost have slightly increased annually, but the number of employer for timber harvesting has decreased. Therefore, the organization of expert forestry mechanization unit and the training of operator will be necessary. The number and person of forest management unit, the working days of the year and income have increased in Korea. However, the working days per month of forest management unit were only 15 days, which are only 180 days per year. In the results of the calculated number and person of forest management unit for the Korean forest tending volumes, about 349 forest management units are required. In case of adjusting 12 persons per 1 unit, 4,185 persons are required. In calculated results of the optimum forestry mechanization unit and member's number by the adjusting of tower yarder harvesting system for annual timber harvesting production volume, it was known to necessary the 250 forestry mechanization unit and the 1,250 members which are calculated at 5 persons per 1 group.

• Environmental and Resource Economics Review
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• v.20 no.4
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• pp.827-858
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• 2011

In Korea, various environmentally harmful subsidies are granted in agriculture, fishery, energy, electricity, transportation, steel and shipbuilding industry. Examples include tax-exempt fuel for agriculture & fishery, VAT- exemption for briquette & anthracite, temporary subsidy for fuel, production stabilizing subsidy for coal mining, subsidy for briquette. Korea's yearly total subsidy in energy area is about 5,291 billion won, among them is 4,870 billion won. To reduce air pollutants and to mitigate climate change, Korea has to review the phase-out of environmentally harmful subsidies and the phase-in of environment-friendly subsidy. The reduction or removal of environmentally harmful subsidies will enhance economic efficiency and bring about environmental benefits. Economic efficiency means less use of inputs, which reduces environmental cost and improves social benefits. This paper applies the Shoven and Whalley's model to the Korean economy and analyzes the general equilibrium incidence effects of reforming environmentally harmful subsidies in the energy and electricity in Korea. We consider several counterfactual scenarios in which current environmentally harmful subsidies are reduced or abolished, compare them with the reference case in the economy, and evaluated the change in efficiency costs and distributional incidence of tax reforms related to subsidies.

• Journal of Animal Science and Technology
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• v.57 no.5
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• pp.17.1-17.6
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• 2015

The present study investigated the nutritional and economic suitability of cashew reject meal (full fat and defatted) as replacement for groundnut cake (GNC) in the diets of laying chickens. A total of eighty four brown shavers at 25 weeks of age were randomly allotted into seven dietary treatments each containing 6 replicates of 2 birds each. The seven diets prepared included diet 1, a control with GNC at $220gkg^{-1}$ as main protein source in the diet. Diets 2, 3 and 4 consist of gradual replacement of GNC with defatted cashew reject meal (DCRM) at 50%, 75% and 100% on weight for weight basis respectively while diets 5, 6 and 7 consist of gradual inclusion of full fat cashew reject meal (FCRM) to replace 25%, 35% and 50% of GNC protein respectively. Each group was allotted a diet in a completely randomized design in a study that lasted eight weeks during which records of the chemical constituent of the test ingredients, performance characteristics, egg quality traits and economic indicators were measured. Results showed that the crude protein were 22.10 and 35.4% for FCRM and DCRM respectively. Gross energy of DCRM was 5035 kcal/kg compared to GNC, 4752 kcal/kg. Result of aflatoxin $B_1$ revealed moderate level between 10 and $17{\mu}g/Kg$ in DCRM and GNC samples respectively. Birds on control gained 10 g, while those on DCRM and FCRM gained about 35 g and 120 g respectively. Feed intake declined (P < 0.05) with increased level of FCRM. Hen day production was highest in birds fed DCRM, followed by control and lowest value (P < 0.05) was recorded for FCRM. No significant change (P > 0.05) was observed for egg weight and shell thickness. Fat deposition and cholesterol content increased (P > 0.05) with increasing level of FCRM. The cost of feed per kilogram decreased gradually with increased inclusion level of CRM. The prediction equation showed the relative worth of DCRM compared to GNC was 92.3% whereas the actual market price of GNC triples that of DCRM. It was recommended that GNC could be completely replaced by DCRM in layer's diets in regions where this by product is abundant. However, FCRM should be cautiously used in diets of laying chickens.