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.

Research on the path of effective management of participation in joint-venture railway companies by China railway group

Purpose-Following the regional restructuring,the number of joint-venture railway companies in which the Group participates has significantly increased.This paper aims to explore the challenges faced by China Railway Group in managing participation in joint-venture railway companies.The study seeks to propose specific approaches to ensure the effective management of these companies,thereby maximizing the benefits of the regional restructuring and supporting the development of a strong transportation country and a modern infrastructure system.Design/methodology/approach-Based on the change in the shareholding relationship between China Railway Group and the joint-venture railway companies,and considering the current situation of the regional restructuring of these companies,as well as the insights from existing literature and typical case studies,this paper proposes some specific paths for effective management of joint-stock railway companies which China Railway Group participated in.Findings-The problems in participation management are the unclear dual leadership role of the party committee,the lack of discourse power,the lack of synergy between shareholders,the increasing risk of sustainable operation of the loss-making companies and the role of dispatched personnel is not fully played.Based on the theories,combined with the existing research and practical cases,the paper proposed specific approaches,such as perfecting top-level system design,maintaining the discourse power,carrying out differentiated management,arranging personnel rationally,arranging shareholders synergy,and innovating methods to provide references for China Railway Group’s subsequent management of joint venture railway companies.Originality/value-This paper contributes to the existing literature by providing a comprehensive analysis of the challenges faced by China Railway Group in managing participation in joint-venture railway companies following the regional restructuring.The study offers novel insights and practical recommendations for addressing these challenges.The findings can serve as valuable references for China Railway Group’s subsequent management of joint-venture railway companies which participated in,as well as for other stateowned enterprises facing similar challenges in managing their joint ventures.

Committed to Safe Production China-Indonesia joint venture HBAP strives to ensure safe, stable operations while fulfilling social responsibility

Recently,PT Huadian Bukit Asam Power (HBAP) was awarded the"Zero Accident Award"by the Ministry of Manpower of the Republic of Indonesia.This national-level award for safe production in Indonesia serves to testify to the enterprise's achievements in safe and stable operations from June 1,2018,to December 31,2023.

Venture Capital Syndication under Social Network Theory:Literature Review and Prospect

As an important channel for start-ups to obtain R&D funds and external knowledge and information resources,and as one of the key methods for investment institutions to leverage scale and synergy effects to enhance investment returns,venture capital syndication holds significant research value in the field of venture capital.This paper reviews the literature,summarizing the motivations behind the formation of joint investment networks,the conceptual characteristics of the three core theories of social network theory,and the empirical research on venture capital syndication within the framework of social network theory.It also highlights the existing research results,identifies gaps,and anticipates future research directions.

A New Venture Analysis Method and Its Application

The new venture analysis is the foundation of venture development. In this paper, 14 venture prototypes are proposed based on the attributes of venture.Then, a new venture analysis method is discussed by the way of matching the new venture with the corresponding prototype. Considering the fuzziness of human subjective grading, the L-R fuzzy numbers are used to express the variables and corresponding fuzzy algorithm are applied in analysis. At the end, an application example is applied to indicate the effectiveness of the method.

Patent Activity of Start-Ups and the Structuring of Venture Lending Contracts

This paper empirically examines the effect of patents on capital costs in venture lending contracts. Based on a proprietary dataset entailing 119 venture lending contracts issued by a European venture lending fund between 2002 and 2009 in Europe, the United States, and Israel, we conduct the first quantitative empirical analysis on venture lending as an innovative form of financing for entrepreneurial fLrrns. Our results show that the presence of at least one granted or pending patent negatively influences direct （credit spread） and indirect （warrant coverage） costs of venture lending contracts. Thus, the presence of patents conveys information and is a signal of quality to the payoff distribution of the venture loans. Furthermore, we show that the company development stage negatively influences the relation between patents and capital costs, i.e., in later stages, patents seem to represent a less relevant quality signal than in earlier stages.

Determinants of Joint Venture Performance in Cambodia

This study reviews important variables related to joint venture performance and identifies the key determinants of joint venture performance in Cambodia. A model of joint venture performance in Cambodia is proposed and tested. Finally guidelines for successful joint venture performance in Cambodia are proposed. Based on a study of 62 firms and interviews with 19 joint venture mangers and government officers, it was found that the most important factors driving the formation of a joint venture included access to an emerging new market, utilization of abundant and cheap labor, and existence of government incentives. The most serious obstacles to joint venture performance in Cambodia were corruption, lack of physical infrastructure, bureaucracy, and competition from a black market and smuggling. For the results indicate there are significant correlations between performance and trust, control, commitment, and ownership. Suggested guidelines to improve joint venture performance in Cambodia are proposed.

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.

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.

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。

Sino-Japan Joint Venture for Producing High

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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.

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.

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.

The Dynamic Model of Allocation Control in Venture Capital

The allocation of control and stock in venture capital is the key point of the venture capital project.This paper develops a dynamic model of control and stock and profoundly analyses how to allocate the control between the entrepreneur and the venture capitalist.The model reveals the relationship of control and stock's structure,the time and the degree of imparting the control to the entrepreneur or the venture capitalist,the condition of retracting the control and compensation accordingly.

Classroom“Joint Venture”-an Effective Teaching Approach for Oral Business-English Course

遵照外贸英语教学立足于为我国外贸战线服务,多出人材,出好人材的宗旨,考虐到中国外贸干部的工作特点和我国外贸英语教学的特有条件,经过多年实践,证明“中外教师合上口语翻译课”(Classroom“Joint Venture”)是一条提高外贸口语教学质量的有效途径。该教学方法有以下三个特点:1、创造更加接近实际工作环境的课堂气氛,使学生每节课都能进入“角色”,从而极大地调动了学生的学习积极性;2、集中中外教师的各自优势,整个教学过程为锻炼及提高学生的双语表达能力提供了良好的机会;3、使课堂管理更加富有成效。该教学方法对教师提出了更高的要求,强调中外教师共同准备教材、共同备课,及时总结学生在课堂活动中出现的问题。象所有新生事物一样,Classroom“Joint Venture”教学方法尚存在许多亟待解决的问题和不足之处,欲使之日趋完善,应须付诸艰苦的劳动和努力。

The Effectiveness of Cross-cultural Competence in Joint Ventures

The paper uses the theory of core competence based on knowledge capital to build up international joint venture’s effective capability system of cross-culture. It involves in forming common mind of business, strategies of glocalization, complementary skills of cross-culture and cross-cultural training. It also presents the case of Lansheng Daewoo Corp to give a positive analysis.

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.

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