Recent Ventures in Interdisciplinary Arctic Research:The ARCPATH Project

This paper celebrates Professor Yongqi GAO's significant achievement in the field of interdisciplinary studies within the context of his final research project Arctic Climate Predictions: Pathways to Resilient Sustainable Societies-ARCPATH(https://www.svs.is/en/projects/finished-projects/arcpath). The disciplines represented in the project are related to climatology, anthropology, marine biology, economics, and the broad spectrum of social-ecological studies. Team members were drawn from the Nordic countries, Russia, China, the United States, and Canada. The project was transdisciplinary as well as interdisciplinary as it included collaboration with local knowledge holders. ARCPATH made significant contributions to Arctic research through an improved understanding of the mechanisms that drive climate variability in the Arctic. In tandem with this research, a combination of historical investigations and social, economic, and marine biological fieldwork was carried out for the project study areas of Iceland, Greenland, Norway, and the surrounding seas, with a focus on the joint use of ocean and sea-ice data as well as social-ecological drivers. ARCPATH was able to provide an improved framework for predicting the near-term variation of Arctic climate on spatial scales relevant to society, as well as evaluating possible related changes in socioeconomic realms. In summary, through the integration of information from several different disciplines and research approaches, ARCPATH served to create new and valuable knowledge on crucial issues, thus providing new pathways to action for Arctic communities.

Evaluation model of venture investment based on fuzzy matter-element method of combined weight

An evaluation model of an international venture investment project on the basis of fuzzy matter-element and combined weight methods is introduced. First, the compound fuzzy matter-element of optimal subordinate degree is constructed on the principle of the bigger-more-optimal or the less-more-optimal depending on the actual evaluation indicators, and combined with standard fuzzy matter-element to form a difference-square fuzzy matter-element. Secondly, a combined weight is calculated by both information entropy and the expert grading method. Finally, the compound fuzzy matter-element of Euclidian approach degree by M(·,+)method is constituted and used to classify venture investment projects. Based on the model above, six venture investment projects in a company are evaluated, and the results show that the projects are all good, which is demonstrated by the good income of the projects. Therefore, the coincidence of evaluation results and actual operation status indicates that the model is of great value in practical application.

How time-inconsistent preferences influence venture capital exit decisions?A new perspective for grandstanding

Considering that the assumption of time consistency does not adequately reveal the mechanisms of exit decisions of venture capital(VC),this study proposes two kinds of time-inconsistent preferences(i.e.,time-flow inconsistency and time-point incon-sistency)to advance research in this field.Time-flow inconsistency is in line with the previous time inconsistency literature,while time-point inconsistency is rooted in the VC fund’s finite lifespan.Based on the assumption about the strategies guiding future behaviors,we consider four types of venture capitalists:time-consistent,time-point-inconsistent,naïve,and sophisticated venture capitalists,of which the latter three are time-inconsistent.We derive and compare the exit thresholds of these four types of venture capitalists.The main results include:(1)time-inconsistent preferences acceler-ate the exits of venture capitalists;(2)the closer the VC funds expiry dates are,t`he more likely time-inconsistent venture capitalists are to accelerate their exits;and(3)future selves caused by time-flow inconsistency weaken the effect of time-point inconsist-ency.Our study provides a behavioral explanation for the empirical fact of young VCs’grandstanding.

Study of Venture Capitalist Compensation Structure Based on Reputation Model

The development of venture capital has drawn much attention, and many qualitative analysis and discussions have been proposed. A quantitative model is proposed based upon Reputation Model. The present compensation structure of U. S. venture capital limited partnerships is analyzed and a kind of new compensation structure is proposed. The relations between the venture capitalist’ s effort level and the two compensation structures are given . The comparison of analytical results proves that the present compensation structure in U.S. may not be the best choice, and that the proposed one can give a better motivation for venture capitalist’s management action.

Is the Equity Transfer Agreement of a Chinese-Foreign Contractual Joint Venture Valid? A Case Comment on Xianyuan v.Zhongxin

Under Chinese law, when parties have signed an equity transfer agreement of the Chinese-Foreign contractual joint venture, they need to report to the examination and approval authority for approval. However, due to imperfection of and conflicts among laws and regulations as well as misunderstanding of the above system, it is always difficult for judges to determine the validity of such equity transfer agreement under the administrative approval system. Among the three categories of FIEs provided in Chinese law 1, scholars have had a comprehensive discussion over equity transfer agreement involving Sino-Foreign Equity Joint Venture Enterprises, but this case is concerned with the equity transfer agreement of a Chinese-Foreign contractual joint venture. In this case, the People's Supreme Court holds that the equity transfer agreement that has not undergone the approval procedures are not valid but not void. Furthermore, the parties that are bound to submit the agreement to the approval authority shall perform their duties of this kind.

Analysis of China's venture capital

Analyzes the necessity and possibility of developing venture capital in China, puts forward a train of thoughts as to how to develop China′s venture capital.

Venture Capital是风险投资还是创业投资?

风险投资(VentureCapital,简称VC),是一种风靡全球的投资方式。中国政府上世纪90年代末进行广泛推动,其间引起了中国政府部门、实务界、企业界、研究界登的关注,但关于VentureCapital的译名的问题在大陆始终有所争议。事实上,VentureCapital的五个阶段的种子期、初创期、成长期、扩张期、成熟期无不涉及到较高的风险,具体表现有项目的筛选、尽职调查、后期监控、知识产权、选择技术、公共政策、信息高度不对称、道德品质、管理团队、商业伙伴、财务监管、环境、税收、政治、沟通平台、上市推荐等。VentureCapital的投资区别于其他类别的投资就在于其的“高风险”性,“创业投资”仅仅代表了“风险投资”过程中的一部分。“创业投资”、“创新投资”是“子集”,“风险投资”是“总集”。因此,将VC翻译成风险投资是可以真正地、最好地、完整地体现出普及、警示和发展等方面的作用的。

Steerable microcatheters for complex percutaneous coronary interventions in octogenarians: from Venture to Swift Ninja

0ctogenarians represent the fastest growing group of patients undergoing percutaneous coronary intervention(PCI),now constituting more than one in five patients treated with PCI in real-world practice.[1,2]Comparing coronary lesion characteristics of patients aged<≥80 years to those≥80 years undergoing PCI,the octogenarians have a higher prevalence of calcified and ostial lesions,tortuous coronary anatomy,multi-vessel disease and left main stem(LMS)stenosis.⑶Furthermore,they often have greater ischemic burden than their younger counterparts,suggesting an even greater benefit following revascularization.

Sino-Japan Joint Venture for Producing High

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Incentive Contracts for Venture Capital Syndication

Aiming at the incentive problems of venture capital syndication at the second and later stages, an game model is set up by principal agent and incentive theory, given that the lead venture capitalist has already some knowledge of the project quality from his initial funding of the project. Under symmetric and asymmetric information, the model analyzes how the optimal syndication contracts induce venture capitalists to truthfully reveal their information to each other, and vary with the level of venture capitalists＇ expertise and information in evaluating projects.

洋Vc的新一轮进入者——专访Agilent Venture高级投资经理Jai Das先生

Jai Das先生是美国Agilent Venture风险投资公司的投资经理，他负责对于半导体、通讯及数据中心系统、光系元件和自动化测试领域的投资评估，主要选择全球范围内处于起步阶段的技术型公司进行投资。Jai Das先生曾在Intel投资公司负责软件方面的战略投资。他曾获芝加哥大学商学院MBA。在中国创业投资中期论坛期间，本刊记者对他进行了专访。

China Venture Capital Review

Based on our joint survey with Zero2ipo.com, Ltd, we have gathered data from 175 domestic and foreign venture capital companies, and mainly focused on 125 companies (92 domestic and 33 foreign) in large scale. According to our research,

The Rising Road of Zhongce Pharmaceuticals——The total investment of the venture is RMB88 million, with a registered capital of RMB77.5 million

The Yantai People’s Pharmaceutical Factory, little known to the outside in the past, rose to prominence in 1993. Today it has become one of the largest enterprises in profit and tax returns and one of the hundred technically strongest enterprises in Yantai city. In 1993, its profits increased seven times or. er 1992. In the first four months of this year, it realized

China Moves to Boost Venture Capital

The Chinese government recently announced measures to stimulate venture capital(VC)in an effort to sustain the ongoing entrepreneurial wave,To increase investment in cash-starved startups,China will nurture more VC investors,strengthen policy support,

Indorama Ventures和Loop Technologies将组建合资企业从塑料废料生产PET树脂和聚酯纤维

Indorama Ventures公司通过其子公司美国Indorama Ventures控股公司与可持续塑料树脂和聚酯的技术创新者加拿大Loop工业公司于2018年9月25日达成协议,组建一家平等拥有的合资企业Indorama Loop Technologies公司(ILT),将从饮料和消费品公司的塑料废料生产聚对苯二甲酸乙二醇酯(PET)树脂和聚酯纤维。该合作伙伴关系汇集了Indorama Venture的制造足迹和Loop的专有技术。ILT将拥有全球独家许可.

The Role of Venture Capital in Supporting the Development Process of Innovative Start-Ups:Evidence From the Italian Market

This research paper investigates the role of Italian venture capital in supporting innovative start-ups in their early-stage process,which is usually focused on the creation of a new product or the development of a new service.The aim of the study is to observe and assess the key economic features of innovative start-ups funded at the beginning of the early-stage by venture capital funds and thereafter analyze the level of development of target companies at four years since the capital injection.The sample of deals created to describe this dynamic process is composed by investments realized between 1996 and 2012 and,in this way,according to the chosen methodology,it is representative of Italian venture capital role and contribution in the years from 1996 to 2016.The authors used for their empirical study a proprietary database,Venture Capital Monitor—VeMTM.Through the analysis of collected data,the paper describes the strategic importance of venture capital investments in early-stage opportunities both for target companies and the Italian socio-economic environment,and finds aggregate values of reference to quantitatively define the socio-economic outcome of this kind of operations.A final further contribution is provided by comparing the present results to the ones of two previous studies conducted by the authors.

Weisheng Electronics Co., Ltd.——An Outstanding Sino-foreign Hi-tech Joint Venture

The Weisheng Electronics Co., Ltd., a Sino-foreign hi-tech joint venture, is based in Changsha, capital of Hunan Province. This science-industry-trade integrating hi-tech industrial group has branches in Beijing, Shanghai and Hongkong. Since its founding, the company has developed hitech products in energy, finance and health, intelligent energy measuring products in particular. It has taken the lead in the province’s Sino-foreign hitech enterprises. Using RMB 110 million of funds for its first-phase project, the

Shanghai-Ek Chor Motorcycle Co., Ltd.—An Outstanding Sino-Foreign Joint Venture

Charas Li, deputy general manager of Shanghai-Ek Chor Motorcycle Co. Ltd., which has been named one of the best 10joint ventures in China, enjoys a close association with his employees. Reporter Qian Youwei, talked to Charas Li about the establishment and development of his company. Li said that the international

Anhui Hongqing Precision Machinery Co.Ltd.——A Sino-foreign Joint Venture

Established in 1991,thecompany exclusively produces andmanages numerical control lathesmajored at processing centres ofvarious specifications.It has a verygood condition for fair competition,with complete production processesfrom casting,machining toassembling,an excellent staffengaged in product development,production,quality control