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 ne...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.展开更多
The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, ...The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, since it was authorized to manage its own foreign trade in 1981, the Corporation’s export trade has expanded steadily. Especially since 1992, its development in foreign trade has skyrocketed because China Shou Gang International Trade Construction Company was approved to be set up. In 1993, it exported 239,700 tons of steel. Its foreign exchange income reached US$630 million, of which the Shou Gang’s self-managed exports took up US$96.98 million. During the展开更多
I Since 1990, as a person in charge of key research projects of the China Tibetology Research Center, I have had opportunities almost every year to conduct field surveys on anthropology in Tibet together with my colle...I Since 1990, as a person in charge of key research projects of the China Tibetology Research Center, I have had opportunities almost every year to conduct field surveys on anthropology in Tibet together with my colleagues. Our investigations focus on the family. The purpose of our surveys is to see social changes in Tibet during the 50 years after the Democratic Reform through the study of the family as a social cell.展开更多
The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a sup...The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening.展开更多
ⅠKeeping step with the economic re-structuring and the policy of opening tothe outside world,marked progress hasbeen made in China’s urban constructionand great strides have been taken in cityplanning during the ten...ⅠKeeping step with the economic re-structuring and the policy of opening tothe outside world,marked progress hasbeen made in China’s urban constructionand great strides have been taken in cityplanning during the ten years and more re-cently.This is manifested in the following5 respects.A.Thanks to the展开更多
Purpose:This article explores the relationship between governmental policy and the development of higher vocational education in China.Design/Approach/Methods:The article begins with a textual analysis of dozens of po...Purpose:This article explores the relationship between governmental policy and the development of higher vocational education in China.Design/Approach/Methods:The article begins with a textual analysis of dozens of policy documents on higher vocational education issued by the Chinese government since 1999.Findings:The article argues that the development of higher vocational education in China has been largely policy-driven.This development can be divided into four stages:scale development,quality improvement,capacity building,and systemwide enhancement.The transition between each of these developmental stages was marked by new policy initiatives undertaken by the Chinese government.Originality/Value:The government’s recent efforts to expand higher vocational education enrollment by one million students have significant implications for China’s higher vocational education.Additionally,the proposed“1 + X”model—which attaches equal importance to academic education and skill training—may represent the beginning of a new stage in the development of higher vocational education in China.展开更多
Based on economic growth theory and the World Bank＇s analytical framework relating to the quality of growth, the present paper constructs a framework that encompasses physical, international, human, natural and knowl...Based on economic growth theory and the World Bank＇s analytical framework relating to the quality of growth, the present paper constructs a framework that encompasses physical, international, human, natural and knowledge capital to synthetically interpret economic development. After defining the five types of capital and total capital, we analyze the dynamic changes of these types of capital in China and in other countries. The results show that since China＇ s reform and opening up, knowledge, international, human and physical capital have grown rapidly, with speeds of growth higher than that of economic growth. As the five types of capital have all increased at varying paces, the savings level of total capital in China has quadrupled in 25 years and overtook that of the USA in the 1990s. The changes in the five types of capital and total capital reveal that there are progressively multiple driving forces behind China＇ s rapid economic development. Implications for China＇s long-term economic development are thereby raised.展开更多
The microbiome in gastrointestinal tracts play an important role in regulating nutrient utilization and absorption, gut immune function, and host growth or development. This study was conducted to investigate the comp...The microbiome in gastrointestinal tracts play an important role in regulating nutrient utilization and absorption, gut immune function, and host growth or development. This study was conducted to investigate the composition and dynamic distribution of caecal microbiota in pullets during the first 16 weeks. Growth performance, immune organs index, and intestinal morphology of pullets were analyzed at 3, 6, 12 and 16 weeks of age. The caecal contents were collected for microbiota analysis by 16S rRNA gene sequencing method. With advancing ages in pullets, the gradually increased average daily feed intake (ADFI), feed conversion ratio (FCR) and intestinal villus height, but the gradually decreased organs index of thymus and bursa were determined. Meanwhile, more abundant caecal bacterial com-munities were determined from pullets at 12 and 16 weeks of age than those at 3 and 6 weeks of age. Furthermore, the dominant microflora of pullets from different weeks of age were analyzed by using LEfSe: The higher abundance of Blautia, Prevotella, Alistipes, and Eggerthella were found at 6 weeks;Anaerostipes, Oscillospira, Enterococcus and Methanobrevibacter were determined at 12 weeks;and the higher abundance of Parabacteroides, Anaerofustis, Lactobacillus and Butyricimonas were determined at 16 weeks. Further functional predicted analysis by PICRUSt revealed that the endocrine system and car-bohydrate metabolism were significantly developed at 3 weeks. The development of the immune system was predicted to be mainly during 6 to 12 weeks, while cardiovascular diseases and circulatory system were during 12 to 16 weeks. In addition, the significantly negative correlation between Bacteroides and villus height, the significantly negative correlation between growth parameters (ADFI and FCR) and Bacteroides, Oscillospira and Alistipes;and the significantly positive relations between growth parameters (ADFI and FCR) and Bilophila, Lactobacillus, Rikenella and Anaerofustis were determined by using Pearson analyses. In conclusion, our data demonstrated that growth performance and intestinal morphology correlate well with caecal microbiota, which could provide new insights to establish or develop nutri-tional strategies to manage the intestinal health or development of laying pullets.展开更多
文摘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.
文摘The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, since it was authorized to manage its own foreign trade in 1981, the Corporation’s export trade has expanded steadily. Especially since 1992, its development in foreign trade has skyrocketed because China Shou Gang International Trade Construction Company was approved to be set up. In 1993, it exported 239,700 tons of steel. Its foreign exchange income reached US$630 million, of which the Shou Gang’s self-managed exports took up US$96.98 million. During the
文摘I Since 1990, as a person in charge of key research projects of the China Tibetology Research Center, I have had opportunities almost every year to conduct field surveys on anthropology in Tibet together with my colleagues. Our investigations focus on the family. The purpose of our surveys is to see social changes in Tibet during the 50 years after the Democratic Reform through the study of the family as a social cell.
文摘The paper analyzes the interaction between the pension system and capital marketdevelopment, especially the case of China. A funded pension system is most likely to boostthe capital market, but in the absence of a supportive financial infrastructure and effectivefinancial regulation, a funded system will not be successful. Chinas determination to establisha partially funded system is a first step in the right direction, but without the separation ofindividual accounts from the social pooling and their replenishment, the working out of theimplicit pension debt, and improvements in pension fund management and regulation, thepension system will not be sustainable. The key to capital market development in the processof the pension reform is to enact laws to protect the interests of pensioners, to contract outpension fund management to professional asset managers, and to accelerate the financialopening.
文摘ⅠKeeping step with the economic re-structuring and the policy of opening tothe outside world,marked progress hasbeen made in China’s urban constructionand great strides have been taken in cityplanning during the ten years and more re-cently.This is manifested in the following5 respects.A.Thanks to the
文摘Purpose:This article explores the relationship between governmental policy and the development of higher vocational education in China.Design/Approach/Methods:The article begins with a textual analysis of dozens of policy documents on higher vocational education issued by the Chinese government since 1999.Findings:The article argues that the development of higher vocational education in China has been largely policy-driven.This development can be divided into four stages:scale development,quality improvement,capacity building,and systemwide enhancement.The transition between each of these developmental stages was marked by new policy initiatives undertaken by the Chinese government.Originality/Value:The government’s recent efforts to expand higher vocational education enrollment by one million students have significant implications for China’s higher vocational education.Additionally,the proposed“1 + X”model—which attaches equal importance to academic education and skill training—may represent the beginning of a new stage in the development of higher vocational education in China.
文摘Based on economic growth theory and the World Bank＇s analytical framework relating to the quality of growth, the present paper constructs a framework that encompasses physical, international, human, natural and knowledge capital to synthetically interpret economic development. After defining the five types of capital and total capital, we analyze the dynamic changes of these types of capital in China and in other countries. The results show that since China＇ s reform and opening up, knowledge, international, human and physical capital have grown rapidly, with speeds of growth higher than that of economic growth. As the five types of capital have all increased at varying paces, the savings level of total capital in China has quadrupled in 25 years and overtook that of the USA in the 1990s. The changes in the five types of capital and total capital reveal that there are progressively multiple driving forces behind China＇ s rapid economic development. Implications for China＇s long-term economic development are thereby raised.
基金supported by Chinese Universities Scientific Fund(2452021002)the National Key Research and Development Program of China(2017YFD0500505)the Program for Shaanxi Science&Technology(2018ZDCXL-NY-0201,2018ZDXM-NY-051)
文摘The microbiome in gastrointestinal tracts play an important role in regulating nutrient utilization and absorption, gut immune function, and host growth or development. This study was conducted to investigate the composition and dynamic distribution of caecal microbiota in pullets during the first 16 weeks. Growth performance, immune organs index, and intestinal morphology of pullets were analyzed at 3, 6, 12 and 16 weeks of age. The caecal contents were collected for microbiota analysis by 16S rRNA gene sequencing method. With advancing ages in pullets, the gradually increased average daily feed intake (ADFI), feed conversion ratio (FCR) and intestinal villus height, but the gradually decreased organs index of thymus and bursa were determined. Meanwhile, more abundant caecal bacterial com-munities were determined from pullets at 12 and 16 weeks of age than those at 3 and 6 weeks of age. Furthermore, the dominant microflora of pullets from different weeks of age were analyzed by using LEfSe: The higher abundance of Blautia, Prevotella, Alistipes, and Eggerthella were found at 6 weeks;Anaerostipes, Oscillospira, Enterococcus and Methanobrevibacter were determined at 12 weeks;and the higher abundance of Parabacteroides, Anaerofustis, Lactobacillus and Butyricimonas were determined at 16 weeks. Further functional predicted analysis by PICRUSt revealed that the endocrine system and car-bohydrate metabolism were significantly developed at 3 weeks. The development of the immune system was predicted to be mainly during 6 to 12 weeks, while cardiovascular diseases and circulatory system were during 12 to 16 weeks. In addition, the significantly negative correlation between Bacteroides and villus height, the significantly negative correlation between growth parameters (ADFI and FCR) and Bacteroides, Oscillospira and Alistipes;and the significantly positive relations between growth parameters (ADFI and FCR) and Bilophila, Lactobacillus, Rikenella and Anaerofustis were determined by using Pearson analyses. In conclusion, our data demonstrated that growth performance and intestinal morphology correlate well with caecal microbiota, which could provide new insights to establish or develop nutri-tional strategies to manage the intestinal health or development of laying pullets.
