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 time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,Chi...The time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,China must maintain a certain pace of economic growth and strive to double its real GDP per capita by 2035.However,by the current growth trajectory,China’s average economic growth rate is expected to stay at approximately 3.8%over the period between 2020-2035.This makes the GDP per capita growth target hard to achieve.Even when in a high-quality development stage,China should speed up economic growth while enhancing growth quality.Speed and quality are interdependent rather than contradictory with each other.To ramp up economic growth potentials,China must proceed with market-oriented reforms and shift economic growth drivers.To improve economic growth quality,household consumption should be increased to unleash China’s full potential,not only as the factory floor of the world but also one of world’s biggest markets,i.e.“dual circulations.”With appropriate policy response,China’s economy will be poised to achieve the goal of doubling real GDP per capita by 2035,marking a large stride in its economic aggregate and urban and rural household per capita incomes.展开更多
Xianning City is a main tea producing area in Hubei Province,the capital of"border-selling tea"in China,and an important starting point for the Ten-Thousand-Mile Tea Road across the Eurasian continent.This p...Xianning City is a main tea producing area in Hubei Province,the capital of"border-selling tea"in China,and an important starting point for the Ten-Thousand-Mile Tea Road across the Eurasian continent.This paper studies the tea industry in Xianning from the aspects of top 100 counties of tea industry,important agricultural cultural heritage,famous Chinese historical and cultural villages,China’s time-honored brands,major brands,and designated production enterprises of border-selling tea.Besides,it introduces intellectual property resources of the tea industry from traditional knowledge,biological genetic resources,new plant varieties,patents,geographical indications,trademarks,etc.Then,it analyzes major problems in the inheritance,innovation and high-quality development of Xianning tea,especially the border-selling tea.Finally,it comes up with constructive recommendations of starting the cultural inheritance and development project and upgrade project of the tea industry to build the capital of China’s border-selling tea.展开更多
Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies....Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies.Technological innovation is a short-term activity that attaches importance to economic benefits while human capital accumulation is a long-term strategic process with lifelong benefits,and human capital is the foundation of technological innovation.In empirical part,this paper adopts Solow Residual Method to calculate stock,elasticity and growth rate of human capital of 10 countries after eliminating physical capital,labor force and technological innovation.It is found that human capital stock in the United States is the largest and human capital growth in China is the fastest.Calculation is followed by measurement.We construct a comprehensive index of human capital by using Index Weight Assignment Method and Two-level&Three-factor CES Function to measure and predict human capital level in China.Both calculating and measuring results show that growth rate of China’s human capital is around 5%.In the future,for high-quality economic development,China should give priority to human capital development and comprehensively improve human capital competitiveness.展开更多
In this article, the relationship between the knowledge of competitors and the development of new products in the field of capital medical equipment has been investigated. In order to identify the criteria for measuri...In this article, the relationship between the knowledge of competitors and the development of new products in the field of capital medical equipment has been investigated. In order to identify the criteria for measuring competitors’ knowledge and developing new capital medical equipment products, marketing experts were interviewed and then a researcher-made questionnaire was compiled and distributed among the statistical sample of the research. Also, in order to achieve the goals of the research, a questionnaire among 100 members of the statistical community was selected, distributed and collected. To analyze the gathered data, the structural equation modeling (SEM) method was used in the SMART PLS 2 software to estimate the model and then the K-MEAN approach was used to cluster the capital medical equipment market based on the knowledge of actual and potential competitors. The results have shown that the knowledge of potential and actual competitors has a positive and significant effect on the development of new products in the capital medical equipment market. From the point of view of the knowledge of actual competitors, the market of “MRI”, “Ultrasound” and “SPECT” is grouped in the low knowledge cluster;“Pet MRI”, “CT Scan”, “Mammography”, “Radiography, Fluoroscopy and CRM”, “Pet CT”, “SPECT CT” and “Gamma Camera” markets are clustered in the medium knowledge. Finally, “Angiography” and “CBCT” markets are located in the knowledge cluster. From the perspective of knowledge of potential competitors, the market of “angiography”, “mammography”, “SPECT” and “SPECT CT” in the low knowledge cluster, “CT scan”, “radiography, fluoroscopy and CRM”, “pet CT”, “CBCT” markets in the medium knowledge cluster and “MRI”, “pet MRI”, “ultrasound” and “gamma camera” markets in the high knowledge cluster are located.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
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 time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,China must maintain a certain pace of economic growth and strive to double its real GDP per capita by 2035.However,by the current growth trajectory,China’s average economic growth rate is expected to stay at approximately 3.8%over the period between 2020-2035.This makes the GDP per capita growth target hard to achieve.Even when in a high-quality development stage,China should speed up economic growth while enhancing growth quality.Speed and quality are interdependent rather than contradictory with each other.To ramp up economic growth potentials,China must proceed with market-oriented reforms and shift economic growth drivers.To improve economic growth quality,household consumption should be increased to unleash China’s full potential,not only as the factory floor of the world but also one of world’s biggest markets,i.e.“dual circulations.”With appropriate policy response,China’s economy will be poised to achieve the goal of doubling real GDP per capita by 2035,marking a large stride in its economic aggregate and urban and rural household per capita incomes.
基金Supported by Special Soft Science Research Project for Hubei Province Science and Technology Innovation Talents and Services(2022EDA060)。
文摘Xianning City is a main tea producing area in Hubei Province,the capital of"border-selling tea"in China,and an important starting point for the Ten-Thousand-Mile Tea Road across the Eurasian continent.This paper studies the tea industry in Xianning from the aspects of top 100 counties of tea industry,important agricultural cultural heritage,famous Chinese historical and cultural villages,China’s time-honored brands,major brands,and designated production enterprises of border-selling tea.Besides,it introduces intellectual property resources of the tea industry from traditional knowledge,biological genetic resources,new plant varieties,patents,geographical indications,trademarks,etc.Then,it analyzes major problems in the inheritance,innovation and high-quality development of Xianning tea,especially the border-selling tea.Finally,it comes up with constructive recommendations of starting the cultural inheritance and development project and upgrade project of the tea industry to build the capital of China’s border-selling tea.
文摘Human capital,as a synthesis of wisdom and physical fitness condensed in workers,is sometimes confused with technological innovation by existing literature.This paper makes comparisons between these two terminologies.Technological innovation is a short-term activity that attaches importance to economic benefits while human capital accumulation is a long-term strategic process with lifelong benefits,and human capital is the foundation of technological innovation.In empirical part,this paper adopts Solow Residual Method to calculate stock,elasticity and growth rate of human capital of 10 countries after eliminating physical capital,labor force and technological innovation.It is found that human capital stock in the United States is the largest and human capital growth in China is the fastest.Calculation is followed by measurement.We construct a comprehensive index of human capital by using Index Weight Assignment Method and Two-level&Three-factor CES Function to measure and predict human capital level in China.Both calculating and measuring results show that growth rate of China’s human capital is around 5%.In the future,for high-quality economic development,China should give priority to human capital development and comprehensively improve human capital competitiveness.
文摘In this article, the relationship between the knowledge of competitors and the development of new products in the field of capital medical equipment has been investigated. In order to identify the criteria for measuring competitors’ knowledge and developing new capital medical equipment products, marketing experts were interviewed and then a researcher-made questionnaire was compiled and distributed among the statistical sample of the research. Also, in order to achieve the goals of the research, a questionnaire among 100 members of the statistical community was selected, distributed and collected. To analyze the gathered data, the structural equation modeling (SEM) method was used in the SMART PLS 2 software to estimate the model and then the K-MEAN approach was used to cluster the capital medical equipment market based on the knowledge of actual and potential competitors. The results have shown that the knowledge of potential and actual competitors has a positive and significant effect on the development of new products in the capital medical equipment market. From the point of view of the knowledge of actual competitors, the market of “MRI”, “Ultrasound” and “SPECT” is grouped in the low knowledge cluster;“Pet MRI”, “CT Scan”, “Mammography”, “Radiography, Fluoroscopy and CRM”, “Pet CT”, “SPECT CT” and “Gamma Camera” markets are clustered in the medium knowledge. Finally, “Angiography” and “CBCT” markets are located in the knowledge cluster. From the perspective of knowledge of potential competitors, the market of “angiography”, “mammography”, “SPECT” and “SPECT CT” in the low knowledge cluster, “CT scan”, “radiography, fluoroscopy and CRM”, “pet CT”, “CBCT” markets in the medium knowledge cluster and “MRI”, “pet MRI”, “ultrasound” and “gamma camera” markets in the high knowledge cluster are located.
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.
