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Int., 102, 51-68.Kato, N. and Hirasawa, T., 1999, Nouniform and Unsteady Sliding of a Plate Boundary in a Great Earthquake Cycle: A Numerical Simulation Using a Laboratory-derived Friction Law, Pure andApplied Geophys., 155, 93-118.Kato, N. and Hirasawa, T., 1999, The Variation of Stresses due to Aseismic Sliding and Its Effect on Seismic Activity, Pure and Applies Geophys., 155, 425-442.Kato, N. and T. E. Tullis, 2001, A composite rate- and state-dependent law for rock friction, Geophys.Res. Lett., 28, 1103-1106.Kato, N. and T. Hirasawa, 1999, A model for possible crustal deformation prior to a coming large interplate earthquake in the Tokai district, central Japan, Bull. Seismol. Soc. Am., 89, 1401-1417. Kato, N. and T. Hirasawa, 2000, Effect of a large outer rise earthquake on seismic cycles of interplate earthquakes: A model study, J. Geophys. Res., 105, 653-662.Kato, N. and X. Lei, 2001, Interaction of parallel strike-slip faults and a characteristic distance in the spatial di stribution of active faults, Geophys. J. Int., 144, 157-164.Kato, N., 2001, Simulation of seismic cycles of buried intersecting reverse faults, J. Geophys. Res., 106, 4221-4232.Kato, N., M. Ohtake and T. Hirasawa, 1997, Possible mechanism of precursory s eismic quiescence: Regional stress relaxation due to preseismic sliding, Pure and Appl.Geophys., 150, 249-267. Kato, N., Satoh, T., Lei, X., Yamamoto, K. and Hirasawa, T., 1999, Effects of Fault bend on the Rupture Propagation Process of Stick-Slip, Tectonophys., 310, 81-99.Kato, T. and M. Ando, 1997, Source mechanisms of the 1944 Tonankai and 1946 Nankaido earthquakes; spatial heterogeneity of rise times, Geophys. Res. Lett., vol. 24, no.16, 2055-2058. Kato, T. and G. S. El-Fiky, 2000, Strain rate distribution in Taiwan before the 1999 Chi-Chi, Taiwan earthquake derived from GPS observations, Bull. Earthq. Res. Inst., 75, 93-104.Kato, T., et al., 1998, IDNDR Early Warning Programme - Reports on Early Warning -, International IDNDR-Conference on Early Warning Systems for the Reduction of Natural Disasters, edited at the event of the EWC'98, Potsdam, Germany, Sept. 7-11.Kato, T., G. S. El-Fiky, E. N. Oware, and S. Miyazaki, 1997, Crustal strains in the Japanese islands as decuced from GPS dense array, Proceedings of the International Symposium on Current Crustal Movement and Hazard Reduction in east Asia and southeast Asia (ed., H. Hsu et al.), 47-57. Kato, T., G. S. El-Fiky, E. N. Oware, and S. Miyazaki, 1998, Crustal strains in the Japanese islands as deduced from dense GPS array, Geophys. Res. Lett., 25(18), 3445-3448.Kato, T., H. Takiguchi, H. Kobayashi, and T. Nakaegawa, 1999, Estimation of water vapor based on GPS observation in Thailand, in the Proceedings of the '99 Workshop on GAME-T in Thailand (GAME Publication No. 18, GAME-Tropics Publication No. 6), 239 (Abstract).Kato, T., Y. Kotake, S. Nakano, J. Beavan, K. Hirahara, M. Okada, M. Hoshiba, O. Kamigaichi, R. B.Feir, P.H. Park, M. D. Gerasimenko, and M. Kasahara, 1998, Initial results from WING, the continuous GPS network in the western Pacific area, Geophys. Res. Lett., 25, 369-372.Kato, T., Y. Terada, M. Kinoshita, H. Kakimoto, H. Issiki, M. Matsuishi, A. Yokoyama, and T. Tanno, 2000, Real Time Observation of Tsunami by RTK-GPS, Earth, Planets and Space, 52(10), 841-845.Katsumata, K. and Kasahara, M., 1999, Precursory Seismic Quiescence before the 1994 Kurile Earthquake (Mw=8.3) Revealed by Three Independent Seismic Catalogs, Pure and Applied Geophysics, 155, 2/4, 443-470.Katsumata, A., 1999, Attenuation function of displacement amplitude for magnitude calculation, Pap.Meteor.Geophys., vol.50, p.1-14.Katsumata, A., 2001, Magnitude determination of deep-focus earthquakes in and around Japan with regional velocity-amplitude data, EPS, vol.53, accepted.Katsumata, A., 2001, Relationship between displacement and velocity amplitudes of seismic waves from local earthquakes., EPS, vol.53, acceptedKawakata H., Sato, S., Ogasawara, H., Mino, K. and Sekiguchi, S., 2001, Stress change prior to the major event in the 1989 earthquake swarm off the eastern Izu peninsula, Japan, Submitted to Pure Appl. Geophys.Kawakata, H., A. Cho, T. Kiyama, T. Yanagidani, K. Kusunose, and M. Shimada, 1999, Three-dimensional Observations of Faulting Process in Westerly Granite under Uniaxial and Triaxial Conditions by X-ray CT Scan. Tectonophysics, 313, 293-305.。

《创业管理》第四章

《创业管理》第四章

创业企业战略规划的流程与方法
流程
创业企业战略规划的流程主要包括以下几个步骤:分析市场环境、确定企业使命和愿景、制定战略目标、设计 业务战略和职能战略、制定实施计划和监控调整。
方法
创业企业战略规划的方法有很多种,以下是一些常见的方法:SWOT分析、PEST分析、波特五力模型、价值 链分析、平衡计分卡等。同时,创业企业还可以结合自身实际情况,不断创新和优化方法,以实现企业的差异 化竞争和快速发展。
客户关系管理的策略与实践
要点一
客户关系管理策略
创业企业需要制定客户关系管理策略,包括客户数据的 收集和分析、客户细分、客户沟通和客户反馈等方面。 通过制定客户关系管理策略,可以帮助企业更好地了解 客户需求和行为,从而制定更精准的营销策略。
要点二
客户关系管理实践
客户关系管理实践包括建立良好的客户关系、提高客户 满意度和忠诚度、增加客户价值和市场占有率等方面。 创业企业需要通过制定客户关系管理策略来提高客户满 意度和忠诚度,增加客户价值和市场占有率。同时,也 需要根据市场变化和客户需求的变化不断调整和优化客 户关系管理策略。
激发创业精神
创业精神的激发需要营造良好的创业环境,包括政策支持、社会氛围、市场 机遇等,同时还需要培养个人的创业素质和技能。
创业者的素质与能力
素质
创业者需要具备强烈的创业意愿、创新思维、风险意识、抗压能力等素质,这些 素质可以通过实践和学习等方式逐渐提升。
能力
创业者需要具备领导能力、市场洞察力、资源整合能力、团队管理能力等关键能 力,这些能力可以通过锻炼和实践等方式不断提升。
VS
资源管理工具
企业可以借助各种工具进行资源管理,如 信息化管理软件、智能化设备等。这些工 具可以帮助企业实现资源的快速调度和优 化配置,提高管理效率和准确性。同时, 企业还可以借助管理咨询、市场调查等工 具来获取外部信息,以拓展自身的视野和 思路。

Optimization of chemically defined cell culture media – Replacing fetal bovine serum in mammalian i

Optimization of chemically defined cell culture media – Replacing fetal bovine serum in mammalian i

ReviewOptimization of chemically defined cell culture media –Replacing fetal bovine serum in mammalian in vitro methodsJ.van der Valk a,*,D.Brunner b ,K.De Smet c ,Å.Fex Svenningsen d ,P.Honegger e ,L.E.Knudsen f ,T.Lindl g ,J.Noraberg d ,A.Price h ,M.L.Scarino i ,G.Gstraunthaler jaNCA,DWM,Fac.Veterinary Medicine,Utrecht University,Yalelaan 2,3584CM Utrecht,The Netherlandsbzet-Life Science Laboratorium,zet –Centre for Alternative and Complementary Methods to Animal Testing,Industriezeile 36/VII,4020Linz,Austria cFederal Agency for Medicines and Health Products,DG PRE Authorisation,Victor Hortaplein 40,Bus 40,B-1060Brussels,Belgium dInstitute of Molecular Medicine,Department of Neurobiology Research,University of Southern Denmark,J.B.Winslows Vej 21,DK-5000Odense C,Denmark eDepartment of Physiology,University of Lausanne,CH-1005Lausanne,Switzerland fDepartment of Public Health,Faculty of Health Sciences,University of Copenhagen,Denmark gInstitut für angewandte Zellkultur,München,Germany hIn-Vitro Methods Unit/European Centre for the Validation of Alternative Methods,Institute of Health and Consumer Protection,European Commission Joint Research Centre,Ispra (VA),Italy iINRAN,National Research Institute on Food and Nutrition,Via Ardeatina 546,00178Rome,Italy jDepartment of Physiology and Medical Physics,Innsbruck Medical University,Fritz-Pregl-Strasse 3,A-6020Innsbruck,Austriaa r t i c l e i n f o Article history:Received 10March 2010Accepted 25March 2010Available online 31March 2010Keywords:In vitro methods Fetal bovine serum Serum-freeGood cell culture practice Tissue culture 3Rsa b s t r a c tQuality assurance is becoming increasingly important.Good laboratory practice (GLP)and good manu-facturing practice (GMP)are now established standards.The biomedical field aims at an increasing reli-ance on the use of in vitro methods.Cell and tissue culture methods are generally fast,cheap,reproducible and reduce the use of experimental animals.Good cell culture practice (GCCP)is an attempt to develop a common standard for in vitro methods.The implementation of the use of chemi-cally defined media is part of the GCCP.This will decrease the dependence on animal serum,a supple-ment with an undefined and variable composition.Defined media supplements are commercially available for some cell types.However,information on the formulation by the companies is often lim-ited and such supplements can therefore not be regarded as completely defined.The development of defined media is difficult and often takes place in isolation.A workshop was organised in 2009in Copen-hagen to discuss strategies to improve the development and use of serum-free defined media.In this report,the results from the meeting are discussed and the formulation of a basic serum-free medium is suggested.Furthermore,recommendations are provided to improve information exchange on newly developed serum-free media.Ó2010Elsevier Ltd.All rights reserved.Contents 1.Introduction (1054)2.Development of a serum-free medium...................................................................................10552.1.Basal medium .................................................................................................10552.2.Supplements ..................................................................................................10550887-2333/$-see front matter Ó2010Elsevier Ltd.All rights reserved.doi:10.1016/j.tiv.2010.03.016Abbreviations:ATCC,The American Type Culture Collection;ADCF,animal-derived component-free;BSA,bovine serum albumin;CD,chemically defined;DMEM,Dulbecco minimal essential medium;DSMZ,German Collection of Microorganisms and Cell Cultures;ECACC,European Collection of Animal Cell Cultures;ECOPA,European Concensus Platform for Alternatives;ECVAM,European Centre for the Validation of Alternative Methods;EGF,epidermal growth factor;ESAC,ECVAM Scientific Advisory Committee;ESTIV,European Society of Toxicology in vitro ;FBS,fetal bovine serum;GCCP,good cell culture practice;GLP,good laboratory practice;GMP,good manufacturing practice;INVITROM,the Dutch-Belgian Society for in vitro Methods;ITS,Insulin transferrin and selenium;MEM,minimal essential medium;NGF,nerve growth factor;PET,polyethyleneterephthalate;PL,platelet lysates;SFM,serum-free medium;TEER,trans-epithelial electrical resistance;3Rs,replacement,refinement reduction of use of experimental animals.*Corresponding author.Tel.:+31302532163;fax:+31302537997.E-mail address:j.vandervalk@uu.nl (J.van der Valk).Toxicology in Vitro 24(2010)1053–1063Contents lists available at ScienceDirectToxicology in Vitroj o u r n a l ho m e p a g e :w w w.e l s e v i er.c om/locate/toxinvit2.2.1.Hormones (1055)2.2.2.Growth factors (1056)2.2.3.Protease inhibitors (1056)2.2.4.Protein hydrolysates (1056)2.2.5.Shear force protectors (1056)2.2.6.Proteins (1056)2.2.7.Vitamins (1056)2.2.8.Amino acids (1056)2.2.9.Glutamine (1056)2.2.10.Trace elements (1056)2.2.11.Lipids (1056)2.2.12.Antibiotics (1056)2.2.13.Attachment factors (1056)2.2.14.Osmolarity (1057)2.3.‘‘Building a serum-free medium (1057)2.4.Adaptation of cell lines to serum-free medium (1057)2.4.1.Reduction of serum content (1057)2.4.2.Sequential adaptation (1057)2.4.3.Adaptation with conditioned medium (1057)2.4.4.Inside adaptation (1058)3.Promoting the development and use of serum-free media (1058)rmation sources (1058)3.2.The serum-free media interactive online database(D.Brunner) (1058)3.3.Validating new media and adapted cells (1058)3.4.Other activities (1059)4.Examples of serum-free studies (1059)4.1.Human platelet lysates as a serum substitute in cell culture media(G.Gstraunthaler) (1059)4.2.Serum-free aggregating brain cell cultures(P.Honegger) (1059)anotypic brain slice cultures and defined serum-free medium Neurobasal with B27(J.Noraberg) (1059)4.4.Defined medium and serum-containing medium occasionally induce cells to use different signal transduction pathways to proliferate(Å.Fex Svenningsen) (1060)4.5.Optimization of culture conditions for human intestinal Caco-2cells to improve functional differentiation in serum-free media(M.L.Scarino) (1060)5.Conclusions (1061)6.General recommendations (1061)7.Recommendations for developing serum-free cell culture media (1061)Acknowledgements (1061)References (1061)1.IntroductionIn vitro methods are widely used tools to study physiological, biological and pharmacological activities at the cell and tissue le-vel.In addition,in vitro methods are also becoming increasingly important in the production of biological components,such as hormones and vaccines.Mammalian cells are generally grown un-der well-established conditions in incubators,where the temper-ature is typically kept at37°C with a controlled humidified gas mixture of5%CO2and95%O2.To achieve good experimental reproducibility,the composition of the cell culture medium is essential.The simplest medium is the classical Ringer’s solution (Ringer and Buxton,1887),which was developed as a solution with optimal concentrations of different salts to preserve frog heart muscle tissue.To maintain cells and tissues for longer peri-ods of time,the medium should also contain components like nutrients and pH buffering substances.This type of medium was formulated by Harry Eagle,who developed Eagle’s minimal essen-tial medium(Eagle’s MEM or MEM).MEM also contained amino acids,glucose and vitamins(Eagle,1955).A similar basal medium, MEM modified by Dulbecco(Dulbecco’s Modified Eagle’s Medium, DMEM),is still used to maintain primary cell cultures and cell lines.To keep cells alive for longer periods of time and to evaluate proliferation,migration and differentiation a basal medium must be supplemented with several factors.Serum,from animals or humans,is most commonly used to maintain and proliferate cells. Fetal bovine serum(FBS)serves most purposes and is the present standard.FBS is a complex mixture of different factors and contains a large number of components,like growth factors,proteins,vita-mins,trace elements,hormones,etc.,essential for the growth and maintenance of cells.However,the use of FBS is controversial for a number of rea-sons.First of all,the collection of serum causes unnecessary suf-fering for the unborn calf(van der Valk et al.,2004).Secondly, seasonal and continental variations in the serum composition, produces batch-to-batch variations.This,in turn,causes pheno-typical differences in the cell cultures,resulting in variations of the results.Additionally,due to the likelihood of contamination (e.g.,BSE),the use of animal products is strongly discouraged for production of new biological medicinal products(Anon, 1993;Schiff,2005;van der Valk et al.,2004).In fact,as much as20–50%of commercial FBS is virus-positive(Wessman and Levings,1999).Since in vitro methods are among the most favoured methods to replace animal methods(Hartung,2007),there is a demand for reliable and scientifically better defined cell and tissue culture methods including quality assurance(Gupta et al., 2005).Guidelines for good cell culture practice(GCCP),involving recommendations with respect to the use of serum-free media,1054J.van der Valk et al./Toxicology in Vitro24(2010)1053–1063have previously been published(Coecke et al.,2005;Hartung et al.,2002).The ECVAM Scientific Advisory Committee(ESAC) has also published a statement that strongly recommends the use of serum-free substitutes for current and new in vitro methods(ESAC,2008).Although,there is no legal basis for applying GCCP,it is recommended that GCCP becomes part of good laboratory practice(GLP)and good manufacturing practice (GMP).A workshop,to discuss the possibilities to reduce the use of FBS in cell and tissue culture was organised in2003(van der Valk et al.,2004).The report from this meeting provides clear recommendations to reduce or stop the suffering of live unborn bovine calfs from which blood is drawn for the production of FBS.Ethical,safety and scientific grounds were also given for the replacement of FBS and other animal components in cell and tissue culture methods.In2009,a follow-up workshop was organised to discuss current in vitro methods devoid of FBS,or other animal components.The workshop,held in Copen-hagen,Denmark,was organised under auspices of the European Society of Toxicology In Vitro(ESTIV),the Dutch-Belgian Society for In Vitro Methods(INVITROM)and the Danish in vitro Toxicology Network.The results from this workshop clearly demonstrate the possibilities to grow a number of different primary cell and tissue cultures as well as cell lines without the use of animal products.Furthermore,directions were provided on how to develop a serum-free,chemically defined,culture media for mammalian cell and tissue cultures in basic and applied research.This report aims at discussing the advantages of defined cell culture media and to give directions for the development of a basic defined media for a wider audience.2.Development of a serum-free mediumThe attempts to grow cells date back for at least50years (Pumper,1958;Waymouth,1955).Early attempts to grow cells in serum-free,hormone-supplemented media were performed to understand the role of serum in cell culture media.The efforts to identify all the serum components that are physiologically relevant to maintain proliferation of cells in culture,and the attempts to re-place the serum with its defined components,were not successful (Taub,1990).Since then,several different serum-free formulations have been developed where the media are supplemented with approximately10essential components(Pazos et al.,2004).About 10–20%of these strategies appeared to be successful(Pazos et al., 2004).The pioneering work by Hayashi and Sato(1976)replacing serum by the addition of selected hormones,promoting growth and stimulating differentiation of specific cells,led to the development of a good chemically defined,serum-free media (see Box1)(Barnes and Sato,1980a,b;Bjare,1992;Grillberger et al.,2009;Gstraunthaler,2003;Taub,1990).In the last10years, investigations into cell function have led to the identification of a growing number of components which have been useful in the development of modern serum-free cell culture media.Many transformed or newly transfected cell lines can successfully be maintained in these enriched serum-free media without adapta-tion and the number of cell-specific media is growing steadily. Now,more than100different available serum-free media formula-tions have been developed and can be readily used without great investments in time and money to develop one’s own(Zähringer, 2009).2.1.Basal mediumWith time,it has become clear that almost every cell type has its own requirements concerning medium supplements.Therefore, a universal(serum-free)cell and tissue culture medium may not be feasible.Different cell types have different receptors involved in cell survival,growth and differentiation and release different fac-tors to their environment.The threshold for developing or using a new(defined)medium when the current FBS containing medium works well,is high for obvious reasons.In order to aid in this process,a strategy for the development of new media will be discussed below.It is recommended to start a new formulation with a50:50(v/v) mixture of DMEM and Ham’s nutrient mixture F-12(Ham,1965). This medium formulation combines the high amino acid content of DMEM with the highly enriched Ham’s F-12(Barnes and Sato, 1980a,b;Jayme et al.,1997).Furthermore,the basal medium must contain an essential,so called,ITS supplement(insulin,transferrin and selenium).Insulin,thefirst of the components of the ITS sup-plement,has been known to be essential in cell culture from1924 and is now the most commonly used hormone in culture media (Gey and Thalhimer,1924).Transferrin is also an essential protein in culture medium where the main action is to transfer iron into the cells(Bjare,1992).Selenium is an essential trace element and acts in particular in selenoproteins which protect cells against oxi-dative stress(Helmy et al.,2000).2.2.SupplementsAlthough some cell types can be maintained in the basal medium (Bettger and McKeehan,1986;Butler and Jenkins,1989),most cells need additional supplements to survive,proliferate and/or differen-tiate.The most commonly supplied components will be discussed below.2.2.1.HormonesAll hormones of mammalian organisms are physiological con-stituents in blood circulation and are thus also present in serum Box1Culture mediaSerum-free media:serum-free media do not require sup-plementation with serum,but may contain discrete pro-teins or bulk protein fractions(e.g.,animal tissue orplant extracts)and are thus regarded as chemically unde-fined(see:chemically defined media).Protein-free media:protein-free media do not contain highmolecular weight proteins or protein fractions,but maycontain peptide fractions(protein hydrolysates),and arethus not chemically defined.Protein-free media facilitatethe down-stream processing of recombinant proteinsand the isolation of cellular products(e.g.,monoclonalantibodies),respectively.Animal-derived component-free media:media containingno components of animal or human origin.These mediaare not necessarily chemically defined(e.g.,when they con-tain bacterial or yeast hydrolysates,or plant extracts).Chemically defined media:chemically defined media donot contain proteins,hydrolysates or any other compo-nents of unknown composition.Highly purified hormonesor growth factors added can be of either animal or plantorigin,or are supplemented as recombinant products(see:animal-derived component-free media).J.van der Valk et al./Toxicology in Vitro24(2010)1053–10631055in varying amounts(Lindl and Gstraunthaler,2008;Price and Greg-ory,1982).Supplementation with hormones was therefore afirst step in the development of serum-free media(Barnes and Sato, 1980a,b;Hayashi and Sato,1976).Insulin has been shown to be obligatory in all serum-free media formulations.Other hormones most widely used in serum-free cell culture are glucocorticoids (dexamethasone and hydrocortisone),triiodothyronine(T3),and hormones that cell-specifically act by increasing intracellular cAMP levels(see Section2.3).Water-soluble complexes of steroids are commercially available.2.2.2.Growth factorsGrowth factors are generally added to the basal medium to increase cell proliferation and to stimulate specific cell functions. Traditionally,growth factors and other supplements are added as bulk in the form of fetal bovine serum(FBS).Most growth factors are highly cell type specific.Others are of more general use and can also have positive effects on several different cell types.Fibroblast growth factor-2,for example,has a positive effect on the phenotype of chondrocytes cultured in serum-free medium(Mandl et al.,2004).Some cells in culture may release growth factors thereby stimulating their own proliferation and that of other cells(Gospodarowicz and Moran,1976).2.2.3.Protease inhibitorsThe protease inhibitors that are introduced by the addition of FBS are a1-antitrypsin and a2-macroglobulin(Gstraunthaler, 2003).The inhibitors terminate the trypsination process and act beneficially by inhibiting lysosomal peptidases that may occasion-ally be released during cell turnover.Protease inhibitors thus have a protective effect on cells,but are not essential.When no protease inhibitors are supplied,one should carefully assess the trypsin concentration.2.2.4.Protein hydrolysatesProtein hydrolysates are used to deliver amino acids and small peptides.These are not essential in cell culture and the effect is somewhat controversial.In fact,some studies report a beneficial effect in cell cultures(Burteau et al.,2003;Schlaeger,1996),while other studies demonstrated that protein hydrolysates do not sup-port cell growth and that higher concentrations actually reduce cell growth(Keay,2004).Protein hydrolysates are chemically not de-fined(see Box1)and may cause problems in reproducibility and comparability of experiments.2.2.5.Shear force protectorsTurbulence in bioreactors and perfusion cultures cause shear stress in cells.Serum protects cells from this shear force(Elias et al.,1995;van der Pol and Tramper,1998).Pluronic F68has a similar effect(Zhang et al.,1992),but is not essential for ordinary cell cultures.2.2.6.ProteinsProteins are carriers for different low molecular weight compo-nents and may facilitate cell adhesion(Taub,1990).Bovine serum albumin(BSA)is often used as a lipid carrier.However,BSA is de-rived from animals and may either be contaminated or may con-tain impurities(Taub,1990).Nowadays,recombinant proteins, including albumin,are available for animal component-free cell culture(Keenan et al.,2006).2.2.7.VitaminsVitamins are provided by the basal medium.At least seven vita-mins were found to be essential for cell growth and proliferation: choline,folic acid,nicotinamide,pantothenate,pyridoxal,ribofla-vin,and thiamine(Bjare,1992;Butler and Jenkins,1989;Taub,1990).B-vitamins are necessary for cell biochemistry,and are also present in DMEM as well as in Ham-F-12.2.2.8.Amino acidsAll13essential amino acids are necessary for culturing mam-malian cells(Arg,Cys,Gln,His,Ile,Leu,Lys,Met,Phe,Thr,Trp, Tyr,and Val)and are present in high concentrations(0.5–4mM) in DMEM.The seven non-essential amino acids(Ala,Asn,Asp, Glu,Gly,Pro,and Ser)are provided by Ham’s F-12.2.2.9.GlutamineGlutamine is an essential precursor for the synthesis of proteins and ribonucleotides.It is also important respiratory fuel for rapidly dividing cells and cells that use glucose inefficiently(Glacken, 1988;Reitzer et al.,1979;Zielke et al.,1984).However,glutamine also has its drawbacks:it is unstable in solution,and glutamine breakdown and metabolism result in the production and accumu-lation of ammonia,which is toxic to cells(Schneider et al.,1996), since it is not absorbed by serum proteins in serum-free and/or protein-free media.To overcome these disadvantages,alternatives for the use of glutamine in culture media were developed.Gluta-mate,for example,can replace glutamine in cell cultures that ex-press sufficient glutamine synthetase activity.A more recent invention is the use of glutamine-containing dipeptides,alanyl-glutamine and glycyl-glutamine,commercially available under the trade name GLUTAMAX™(Christie and Butler,1994).These dipeptides are more stable and heat resistant,which even makes it possible to autoclave the media that contain these molecules. The dipeptides are intra-or extracellularly cleaved by peptidases, thereby releasing glutamine and either alanine or glycine.The availability of glutamine is therefore dependent on the peptidase activity,which results in lower rates of glutamine consumption and ammonia production.GLUTAMAX™can be substituted for glutamine on a1:1M basis.2.2.10.Trace elementsMost trace elements are available in the basal medium since Ham’s F-12is qualitatively rich in necessary trace elements (Ham,1965).2.2.11.LipidsThe role of fatty acids and lipids in cell culture has long been ne-glected.Lipids serve as energy stores,as structural constituents of cellular membranes,and in transport and signalling systems.Some lipids are available in the basal medium.However,essential fatty acids and ethanolamine are recommended as supplements. Water-soluble supplements are commercially available.Serum albumin is a carrier of fatty acids and lipids(see Section2.2.6).Essential fatty acids are components of several serum-free med-ia formulations.2.2.12.AntibioticsWherever possible,the use of antibiotics should be avoided (Kuhlmann,1996).Antibiotic-resistant microorganism may develop,and antibiotics may also have adverse effects on cell growth and function.2.2.13.Attachment factorsMost mammalian cells need a special culture substratum for cell attachment in order to survive and grow in vitro.The plastic culture dish,that is specifically treated to introduce charge and hydrophilicity into the polystyrol surface,e.g.,with poly-L(or D)-ly-sine or ornithine,is the most commonly used substrate for cell attachment.Coating the plastic dishes with other substrates like extracellular matrix components(Kleinman et al.,1987)or1056J.van der Valk et al./Toxicology in Vitro24(2010)1053–1063collagenous matrices (Kleinman et al.,1981)further facilitates the adhesion of anchorage-dependent cells.2.2.14.OsmolarityAlthough mammalian cells express a reasonable wide tolerance to osmolarity,osmolarity should always be carefully checked and compensated for when adapting to a new cell culture formulations.2.3.‘‘Building ”a serum-free mediumAs shown above,to exclude FBS from a cell and tissue culture medium,and still maintain cell adhesion,growth and proliferation it is important to include a large number of several components in the cell culture medium.In Fig.1,a schematic modular approach for the development of serum-free media is shown as a ‘‘media pyramid”.The bottom of the pyramid contains the basal medium,which includes DMEM/Ham’s F-12(50:50,v/v),supplemented with insulin–transferrin–selenium (ITS).To make adherent cells stick to the bottom of the culture vessel,coating with components of the extracellular matrix should be considered.Cell attachment factors are often required for serum-free culture.The next step in media formulation development is the addition of specific hormones and growth factors.Epidermal growth factor (EGF)and glucocorticoids (hydrocortisone and dexamethasone),for example,are present in most media.Depending on the cell type,additional cell-specific growth factors may also be needed,like nerve growth factor (NGF)for neurons.It has been demon-strated that cultures of epithelial cells need a supplementation with agonists,that specifically elevates cellular cAMP levels (Gstraunthaler,2003).In this respect,also forskolin and cholera toxin,although acting as strong pharmacological agents,were used as in vitro mitogens.The tip of the pyramid represents increased specificity in ser-um-free media composition:the addition of lipids,antioxidants and/or specific vitamins.Retinoic acid (vitamin A)is an additive re-quired in cell culture media for a number of epithelial cell types.Vitamin E (a -tocopherol)and ascorbate (vitamin C)are presum-ably acting as antioxidants.Other antioxidants found in serum-freemedia formulations are b -mercaptoethanol (b -ME)and selenium (see above).2.4.Adaptation of cell lines to serum-free mediumThere are several approaches to adapt cultured cells to a serum-free medium (Fig.2).Typically,a cell culture has to undergo a gradual weaning process which involves progressive adaptation to lower serum concentrations until serum-free conditions are reached.The cultures to be adapted should be in the logarithmic phase of growth and should have viability over 90%.However,one should also keep in mind that an unwanted selection of a change in the population of cells,during the adaptation process,by indirectly selecting cells capable to grow in serum-free media,may occur.Therefore,it is necessary to check the performance of cultures and to monitor cellular morphology and function during weaning.In order to aid the process of weaning several adaption proto-cols are listed below (and in Fig.2):2.4.1.Reduction of serum contentIn this protocol,serum content is reduced at each passage until 0.1%serum is reached.After cultivation in normal medium con-taining 10%FBS,the consequent serum reduction steps (from 5%to 0.1%FBS)are carried out in serum-free,hormone-supplemented medium.2.4.2.Sequential adaptationSimilar to protocol 1,cells are passaged into mixtures of serum-containing and serum-free media,until complete serum-free condition is reached.If the last step,changing from 75%to 100%serum-free,is too stressful for the cells,it is recommended to keep the cell culture in a 10%serum-containing and 90%ser-um-free medium mixture for 2–3passages,before switching to a complete serum-free medium.2.4.3.Adaptation with conditioned mediumThis adaptation follows protocol 2,however,cells are passaged into decreasing mixtures of conditioned media from the passage before.in serum-free culture media pre-coating of culture vessels with: collagen type I, type IV , laminin, fibronectin,Basement Membrane Matrigel™basal medium: DMEM / Ham F-12 (50:50, v/v) + ITSgrowth factors: EGF, FGF, NGF, IGF-1, PDGF, VEGF, TGF-βhormones:glucocorticoids, thyroid hormones, cell- specific agonists that signal via cAMP (ADH, PTH, PGE2, glucagon)lipids:fatty acids, cholesterol, ethanolamine vitamins acting as anti-oxidants: α-tocopherolascorbic acid, vitamins: retinoic acidchemically defined, serum-free media:β-MEJ.van der Valk et al./Toxicology in Vitro 24(2010)1053–106310572.4.4.Inside adaptationIn this protocol,freshly seeded cells are weaned in serum-free medium,and cultures are grown to confluence.The confluent monolayer is then passaged into serum-free medium.3.Promoting the development and use of serum-free media rmation sourcesBefore using the experimental approach to set up a serum-free medium for a given cell type,cell lines or tissue culture,a search for already existing media formulations should be performed This can be done by a thorough literature survey,or by a search in a re-cently established serum-free media online database(see Section 3.2).There are several databases that contain information on com-mercially available serum-free media formulations and supple-ments(Anon,2009a,b,c).Approximately450different serum-free cell culture media formulations are now commercially available, but only for a limited number of cell types(Anon,2009a,b,c). Regrettably,the formulations of specific supplements for the com-mercially available media are generally not available,and those can therefore not be considered as fully defined media.Such for-mulations have also been changed without informing the users (Chen et al.,2008;Cressey,2009),and supplements with the same name may differ in formulation between suppliers.Today,the information on available serum-free media formula-tions,particularly when these are not commercially available,is unfortunately scarce.Nevertheless,development of serum-free media and cell adaptation protocols are ongoing processes in sev-eral laboratories,often without knowledge about research pro-cesses,experiences and results of other laboratories regarding this topic.This is partly due to a lack in communication between labs and particularly the lack of a common forum where such for-mulations could be posted.It is recommended that these obstacles must be overcome in order to encourage future use and develop-ment of serum-free media.It is further recommended to collect formulations of‘‘in lab developed”media in databases,where access to reliable protocols including detailed formulations,should be free.It is also recom-mended to publish established protocols in dedicated online databases like Springer Protocols and Nature Protocols.When pub-lishing studies with newly developed serum-free formulations spe-cific keywords should be used in the publication to enable easy retrieval of the publications.Key words like3R,serum-free media or defined media are recommended.3.2.The serum-free media interactive online database(D.Brunner)To make the search for serum-free media easier,a new collec-tion of commercially available serum-free media has been devel-oped in a free accessible unique interactive online database (Brunner et al.,2010;Falkner et al.,2006).Specifications of serum-free media(i.e.,ability to maintain cells of specific organism,organs,tissue,cell type and disease)were col-lected and systematically arranged with respect to specific stan-dards(ICD2007of WHO and ITIS).Additional commercially available cell lines,hybridoma and primary cells from ATCC,ECACC and DSMZ are included in the database to allow a‘‘reverse search”by specifying the used cells to gain a serum-free medium.This search modus is based upon comparison of specifications and can also be used tofind most similar serum-free media.Furthermore,the degree of chemical definition,e.g.,serum-free (SFM),animal-derived component-free(ADCF)or chemically de-fined(CD),and the kind of medium,e.g.,basal media,media sup-plements,or full replacement media can be selected.Presently, 452serum-free media and4817continuous cell lines,hybridoma lines and primary cultures from ATCC,ECACC and DSMZ that are commercially available are included in the database.Despite extensive search for serum-free media and adapted cell lines,there is still a lack of detailed information from companies and suppliers. It is intended to open the database for interactive exchange of information and guidelines from experts in thefield in order to continuously improve and extend the serum-free online database. The database is accessible at .3.3.Validating new media and adapted cellsIn a statement on the use of FBS and other animal-derived supplements(ESAC,2008),the ECVAM Scientific Advisory Commit-tee strongly argues for the development of new serum-free in vitro culture methods.Furthermore,when an in vitro method using serum-containing media is presented to ECVAM for validation,a justification for using serum must be provided.To promote the use of serum-free media,ECVAM(European Centre for the Valida-tion of Alternative Methods)will encourage the submitters of new tests systems for validation studies to make their protocols public if their model is designed under serum-free conditions.Existing culture methods where animal components are being replaced, should be validated against serum-containing media to ensure that1058J.van der Valk et al./Toxicology in Vitro24(2010)1053–1063。

创新创业管理课程教学大纲

创新创业管理课程教学大纲

《创新创业管理》课程教学大纲一、课程基本信息二、课程目标(一)总体目标:本课程是经济和管理类专业的专业选修课程之一。

本课程主要包括创业机会、创业情境、商业模式、创新理论等主要内容,关注创业过程向创业认知的深化以及创新与创业知识的结合。

本课程突出理论与案例结合、经典理论与最新学术成果结合,通过课堂讲解和案例教学。

本课程将使学生全面掌握经典和前沿的创新与创业理论、方法,并运用于实践当中。

旨在让学生在从工业社会向信息社会转型以及全球创业热潮的背景下关注并了解创业思维和行动,塑造和强化创新创业精神,提升社会责任感和可持续发展观。

(二)课程目标:课程目标1:了解创新创业思维和行动,理解创业行动的内在规律及创新创业活动本身的独特性1.1了解创新创业活动的定义,掌握其基本原理和内容1.2 区分创新创业思维与其它管理思维的相似点和区别之处,了解创新创业活动的独特性课程目标2:通过课程教学与实践,提升学生在国际化背景下创新创业的知识运用能力2.1 塑造和强化学生的创新创业精神2.2 培养学生创业的社会责任和可持续发展价值观课程目标3:通过思考训练,培养学生的领导力技能3.1 通过讨论、演讲和书面分析,加强学生的沟通能力3.2 通过小组实践与案例分析,强化学生的团队合作精神(三)课程目标与毕业要求、课程内容的对应关系表1:课程目标与课程内容、毕业要求的对应关系表三、教学内容第一章创业、创业情境与创业思维1.教学目标:(1)了解创业活动的普遍性与特殊性;(2)认识创业与创新之间的关系;(3)学习创业认识的中的个体观、过程观、认知观;(4)提升创业情境中的创新能力。

2.教学重难点:(1) 创业与创新的区别;(2)效果逻辑和因果逻辑的区别;(3)技术创新与科学创新的区别。

3.教学内容:(1)创业活动及其本质;(2)创业认识的演进(个体观、过程观、认知观);(3)创业的类型;(4)创业逻辑与创业思维;(5)创业情境中的创新活动。

高技术企业知识管理道德风险的进化博弈分析

高技术企业知识管理道德风险的进化博弈分析

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韩 艳 ,马 晓 燕 ,赵 品华
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创新创业管理_北京理工大学中国大学mooc课后章节答案期末考试题库2023年

创新创业管理_北京理工大学中国大学mooc课后章节答案期末考试题库2023年

创新创业管理_北京理工大学中国大学mooc课后章节答案期末考试题库2023年1.顾客投诉增加是巴林杰在《创业管理》中提出的一家企业成长过快的10个警示信号之一。

参考答案:正确2.以提高质量和个性化服务为目标的企业一定要追求扩大规模。

参考答案:错误3.商业模式的重要组成部分就是核心战略,它定义了与竞争对手开展竞争的方式。

参考答案:正确4.容忍失败而不是惩罚失败是库拉特科在《新创企业管理》)中提出的成长阶段五个关健管理要素之一。

参考答案:正确5.生命周期理论揭示了创业企业在市场上的发展要经历一个从产生到消亡的过程。

参考答案:正确6.迈瑞德提出的新创企业发展的五个阶段表现为:创建、早期成长、连续成长、成熟、衰退。

参考答案:错误7.来自组织和管理的不确定性,是拜尔斯在《技术创业》中提出的创业企业五个不确定性来源之一。

参考答案:正确8.新企业的管制合法性来源于人们对特定社会活动的边界和存在合理性的共同感知。

参考答案:错误9.企业新进入缺陷产生的根源是缺乏稳定的企业内部流程和建立内部流程的高昂成本。

参考答案:正确10.“大量时间被用于救火”是弗莱姆兹提出的新企业10条“增长的痛苦”表现之一。

参考答案:正确11.新企业聚焦成长的管理重点之一是要从过分追求速度转到突出企业的价值增加上。

参考答案:正确12.T型人才是指参考答案:一专多能型人才_复合型人才13.T型人才素质的含义是指:参考答案:字母T的一竖代表专业素质,一横代表超越特定专业的综合素质_字母T的一横代表有广博的知识面,一竖代表有知识的深度14.大学生创新创业政策分为几种类型?参考答案:管理服务类政策_教育培训类政策_注册登记类政策_财政金融类政策15.对于新创企业而言,现金至关重要。

参考答案:正确16.创业团队的成员之间发生冲突是不正常的。

参考答案:错误17.作为一个创业团体必然应该共同承担责任。

参考答案:正确18.创业团队成员之间需要有一定的互补性。

FEATURES...................................................................................

FEATURES...................................................................................

D O C-0332-010,RE V ECSM12C32 Educational Module for Freescale MC9S12C321CONTENTSCAUTIONARY NOTES (4)FEATURES (5)REFERENCES (6)INTRODUCTION (6)GETTING STARTED (6)OPERATION (7)POWER (7)PWR (7)CONNECTOR J1 (7)PWR_SEL JUMPER (8)RESET SWITCH (8)LOW-VOLTAGE DETECT (8)TIMING (8)COMMUNICATIONS (9)COM CONNECTOR (9)CONNECTOR J1 (9)USER OPTIONS (10)SWITCHES (10)LED’S (10)DEVELOPMENT SUPPORT (11)ASCII MONITOR OPERATION (11)MONITOR COMMANDS (11)MONITOR MEMORY MAP (11)INTERRUPT SUPPORT (12)INTERRUPT VECTOR TABLE (12)SERIAL MONITOR OPERATION (14)SERIAL MONITOR MEMORY MAP (14)BDM_PORT HEADER (14)MECHANICAL DETAILS...............................................ERROR! BOOKMARK NOT DEFINED. APPENDIX A..................................................................ERROR! BOOKMARK NOT DEFINED.BILL OF MATERIALS................................................ERROR! BOOKMARK NOT DEFINED.FIGURESFigure 1: PWR_SEL (8)Figure 2: COM Connector (9)Figure 3: MCU_PORT Connector (10)Figure 4: BDM_PORT (15)TABLESTable 1: Serial COM Signals (9)Table 2: User Option Jumper Settings (10)Table 4: Monitor Commands (11)Table 5: Monitor Memory Map (11)Table 6: MON12 Interrupt Vector Table (12)Table 7: Serial Monitor Memory Map (14)REVISIONFebruary 22, 2005B Update initial releaseApril 7, 2005C Updated monitor information. Differentiated betweenserial monitor and debug monitor. Updated docu-ment format. Removed BOM and Schematic.June 8, 2005D Updated installed monitor information. Added BOMto appendixJune 8, 2006E Removed BOM and Mechanical Dwg. Updated boardpart numberCAUTIONARY NOTES1) Electrostatic Discharge (ESD) prevention measures should be used when handling thisproduct. ESD damage is not a warranty repair item.2) Axiom Manufacturing does not assume any liability arising out of the application or use ofany product or circuit described herein; neither does it convey any license under patent rights or the rights of others.3) EMC Information on the CSM12C32 module:a) This product as shipped from the factory with associated power supplies and cables, hasbeen verified to meet with requirements of CE and the FCC as a CLASS B product.b) This product is designed and intended for use as a development platform for hardwareor software in an educational or professional laboratory.c) In a domestic environment, this product may cause radio interference in which case theuser may be required to take adequate prevention measures.d) Attaching additional wiring to this product or modifying the products operation from thefactory default as shipped may effect its performance and cause interference with nearby electronic equipment. If such interference is detected, suitable mitigating measures should be taken.TERMINOLOGYThis module uses option selection jumpers and cut-traces to setup default configuration. Ter-minology for application of the option jumpers is as follows:Jumper – a plastic shunt that connects 2 terminals electricallyJumper on, in, or installed - jumper is installed such that 2 pins are connected together Jumper off, out, or idle - jumper is installed on 1 pin only. It is recommended that jump-ers be idled by installing on 1 pin so they will not be lost.Cut-Trace – a circuit trace connection between component pads. The circuit trace may be cut using a razor knife to break the default connection. To reconnect the circuit, simply install a suitably sized 0-ohm resistor or attach a wire across the pads.FEATURESThe CSM12C32 is an educational module for the FREESCALE MC9S12C32 microcontroller. The included wall plug, DB9 serial cable, sample software tools, examples, and debug monitor makes application development quick and easy. A background DEBUG port is provided for development tool use and is compatible with HCS12 BDM interface cables and software. A monitor has also been preloaded into MCU Flash to provide the user with a simple develop-ment platform. The monitor is accessible through the COM connector. A 40-pin connector al-lows the CSM12C32 module to be connected to an expanded evaluation environment such as the Axiom Manufacturing, MCU Project Board - 2.Features:♦MC9S12C32 MCU, 48 QFP♦32K Byte Flash EEPROM♦2K Bytes RAM♦31 I/O lines♦ Timer/PWM♦SCI and SPI Communications Ports♦Key Wake-up Port♦BDM DEBUG Port♦CAN 2.0 Module♦ Analog Comparator♦8 MHz Internal Bus Operation Default♦25 MHz Bus Operation using internal PLL♦+3.3VDC to +5VDC operation♦40 pin connector provides access to most MCU I/O signals♦Power Input Selection Jumper♦On-board, regulated +5V power supply♦Optional power input from Connector J1♦Optional power output through Connector J1♦16 MHz Ceramic Resonator♦RS-232 Serial Port w/ DB9 Connector♦8-Ch, 10-bit, Analog Comparator with full rail-to-rail operation andexternal trigger capability♦8-Channel, 16-bit Timer with Input Capture, Output Compare,and PWM capabilities♦User Components Provided♦ 3 Push Button Switches: 2 User, RESET♦ 3 LED Indicators: 2 User, VDD♦ Jumpers♦Disable User Functions♦ Power Select♦ Connectors♦40-pin MCU I/O Connector♦ 2.0mm Barrel Connector Power Input♦DEBUG BDM Connector♦DB9 Communications Connector♦Supplied with DB9 Serial Cable, Documentation (CD), Manual, and Wall plug type power supply. Specifications:Module Size 2.2” x 1.6”Power Input: +9VDC @ 200 mA typical, +6 to +16VDC rangeREFERENCESReference documents are provided on the support CD in Acrobat Reader format. More infor-mation can be found in the Application Notes section of the Freescale Web site.CSM12C32_SCH_B.pdf CSM12C32 Module Schematic Rev BCSM12C32_UG_C.pdf CSM12C32 User Guide, Rev C (this document)9S12C32DGV1.pdf MC9S12C32 Device User Guide9S12C32_ZIP.zip Zip file containing Device Block User GuidesModule_QuickStart.pdf Educational Module Quick Start GuideAN2548.pdf Serial Monitor Program for HCS12 MCU’s INTRODUCTIONBefore using this module, the user should be familiar with the hardware and software operation of the target MCU. Refer to the MC9S12C32 User Manual and MC9S12C32 Reference Man-ual for details on MCU operation. The module’s purpose is to promote the features of the MC9S12C32 and to assist the user in quickly developing an application in a known working environment. Users should be familiar with memory mapping, memory types, and embedded software design for quick, successful, application development.The CSM12C32 Educational Module is a fully assembled, fully functional module supporting Freescale MC9S12C32 microcontroller. The module comes with a serial cable, power supply, and an embedded monitor for stand-alone operation. Support software for this module is pro-vided for Windows 95/98/NT/2000/XP operating systems.Application development may be performed by using the embedded monitor, or any compati-ble BDM cable with supporting host software. The embedded monitor provides an effective, low cost, debug method. Note that when a BDM cable is used for debugging, the BDM pod should be powered from an external supply.GETTING STARTEDPlease refer to the Educational Module Quick Start Guide to quickly setup the hardware and install the AxIDE terminal interface.OPERATIONThe CSM12C32 module provides input and output features designed to assist embedded ap-plication development. Access to MCU port signals is available through module the connector J1. This connector may also be used to input power to the module or to output power to at-tached modules. RS-232 communications signals may also be input through connector J1. Care must be exercised when using the J1 to power the module, as only regulated voltage in the range of +3.3V to +5V should be supplied to this connection. The on-board regulator pro-vides a fixed +5V voltage to the module.Five option jumpers and 3 cut-traces control module operation. Enabling a jumper option re-quires installing a shunt across the associated header pins. Removing the shunt disables the associated option. An option enabled by a cut-trace can be disabled by removing the circuit trace between the cut-trace component pads. Use a sharp knife to cut the embedded circuit trace. Be careful not to damage adjacent circuitry. To re-enable the option, simply install a 1206 sized 0-ohm resistor or piece of wire across the cut-trace component pads.PowerPower is supplied to the module through a 2.0mm barrel connector at location PWR for stand-alone operation. The module may also be powered through connector J1 when connected to the MCU Project Board. Power may be sourced off-module through connector J1 to external circuitry. Power routing on the module is determined by the PWR_SEL jumper.PWRThe PWR connector accepts a 2.1mm, center-positive, barrel plug that allows the module to be powered from a wall-plug transformer or from a desktop power supply. Input voltage should be limited to between +7V and +20V. Input voltage of +9VDC is typical. This input supplies the on-board +5V regulator that powers the module.Connector J1Power may be supplied to the module through the pins J1-1 and J1-2. Use of this option re-quires a regulated voltage input limited to the range of +3.3VDC to +5VDC. This input is con-nected directly to the module power and ground planes. Care should be exercised not to over-drive this input. Use of connector J1 to supply +3.3V to the module requires disabling the volt-age supervisor (LV1) by opening cut-trace CT-1. See the Low-Voltage Detect section below. To re-enable the low-voltage supervisor, install a 1206 sized 0-ohm resistor at CT1. Connector J1 may also be used to source +5V power from the on-board regulator to external modules attached to connector J1. The PWR_SEL option header determines how power is routed to the module.PWR_SEL JumperThe PWR_SEL jumper is a 4-position option header that configures power routing on the CSM12C32 module. The module may be powered by an external transformer connected to the PWR connector or through connector J1. The module may also source power to auxiliary modules connected to the connector J1. Damage may occur if the J1 power input pins are over-driven. Refer to the Table 3 below to determine correct PWR_SEL jumper setting. Figure 1: PWR_SEL12Source power input from barrel connector PWR.12Source power input from connector J1.1 2Source power from barrel connector PWR and supply power to external cir-cuitry connected to J1.Reset SwitchThe RESET switch provides an asynchronous reset input to the MCU. Pressing the RESET switch produces a low-voltage level on the RESET input to the MCU. The low-voltage supervi-sor (LV1) holds the RESET line low for approximately 150 ms after the pushbutton is released.Low-Voltage DetectA DS1813 (LV1) provides POR, low-voltage detect, and pushbutton reset services for the module. At power-on, LV1 holds the MCU in reset for 150 ms after V CC reaches approximately 4.35V. During normal operation, LV1 asserts RESET when V CC falls below 4.35V and holds RESET true for 150 ms after VCC returns to normal. The push-button operation is described in the paragraph above. Use of connector J1 to supply +3.3V to the module requires disabling LV1.LV1 may be disabled by opening the cut-trace CT1. Simply remove the circuit trace between the cut-trace pads to open the circuit. To restore the circuit functionality, install a 1206 size, 0-ohm, resistor or a short piece of wire across the cut-trace pads.TimingA ceramic resonator (Y1) provides a 16.0 MHz base operating frequency to the MCU. This supports a default 8.0 MHz internal operating frequency. Higher frequencies are possible us-ing the embedded PLL. The resonator output is routed to the MCU only and is not available at the MCU Port connector (J1). The MCU ECLK output is available to the user at connector J1 if enabled.CommunicationsThe CSM12C32 module provides a single RS-232 communications port. An RS-232 trans-ceiver (U2) provides RS-232 signal level to TTL/CMOS logic level translation. RS232 signals TXD and RXD are routed between the transceiver and the MCU. These signals are also routed to connector J1. RS-232 communication signals input on J1 must be TTL/CMOS logic levels; no translation support is provided through this path. The transceiver output may also be driven off-module if the signals are suitably buffered. As added development support, hardware flow control signals RTS and CTS are available on the logic side of U2. These sig-nals are routed to vias located near the transceiver (U2). RTS has been biased properly to support 2-wire RS-232 communications.Use of the J1 connector to input RS-232 signals requires disabling the on-board RS-232 trans-ceiver. Otherwise, signal corruption may occur. Disabling the on-board transceiver is accom-plished by opening cut-traces CT1, and CT2. Simply remove the circuit trace between the cut-trace pads to open the circuit. To restore the circuit functionality, install a 1206 size, 0-ohm, resistor or a short piece of wire across the cut-trace pads.Table 1: Serial COM SignalsCOM Signal MCU Port Connector DisableTXD PS1/TXD J1-5CT5RXD PS0/RXD J1-7CT4COM ConnectorA standard 9-pin Dsub connector provides external connections for the COM port. The COM port is configured as a DCE device. Component U2 provides RS-232 translation services. The figure below shows the DB9 connector.Figure 2: COM Connector16TXD27RTS RXD38CTS49NC GND5Female DB9 connector that interfaces to the DCE serial port via anRS232 transceiver. It provides simple 2-wire asynchronous serial com-munications without flow control. A straight-through serial cable may be connected to a DTE device such a PCPins 1, 4, and 6 are connected together.Connector J1Connector J1 provides access to CSM12C32 I/O port signals.Figure 3: MCU_PORT ConnectorV x12PE1/IRQ*Default Signal AssignmentsGND34RESET*MCU PORT Signal Disable PS1/TXD56MODC/BKGDPS0/RXD78NC PS1/TXD COM1 TXD CT-5PP5/KWP5910NC PS0/RXD COM1 RXD CT-4PE0/XIRQ*1112NC PE1/IRQ*SW1User1 PT0/PW0/IOC01314NC PP5/KWP5SW2User2PT1/PW1/IOC11516NC PA0LED1User3 PM4/MOSI1718PAD00/AN00PB4LED2User4PM2/MISO1920PAD01/AN01PM5/SCK2122PB4PM3/SS*2324PA0PE4/ELCK2526PM1/TXCAN Note: Default signal assignment should be disabled to use the signal at connector J1PE7/XCLKS2728PM0/RXCANPAD02/AN022930PT2/PW2/IOC2PAD03/AN033132PT3/PW3/IOC3PAD04/AN043334PT4/PW04/IOC4PAD05/AN053536PT5/IOC5PAD06/AN063738PT6/IOC6PAD07/AN073940PT7/IOC7User OptionsUser options include 2 LED’s, and 2 pushbutton switches. Each user option may be enabled individually using the USER option header. When the appropriate USER option jumper is in-stalled, the associated user option is enabled. Removing a jumper disables the associated user option.Table 2: User Option Jumper SettingsJumper On Off MCU SignalUser 1Enable SW1Disable SW1PE0/XIRQ*User 2Enable SW2Disable SW2PP5 /KWP5User 3Enable LED1Disable LED1PA0User 4Enable LED2Disable LED2PB4SwitchesTwo push button switches provide momentary, active low, input to the MCU for user applica-tions. Pressing a switch provides a momentary low logic level input tot the MCU. SW1 and SW2 provide input to MCUI/O ports PE0 and PP5 respectively.LED’sTwo LED’s provide active-low, visual output for user applications. A low voltage level driven out on the appropriate MCU port causes the LED to light. MCU ports PA0 and PB4 drive LED1 and LED2 respectively.DEVELOPMENT SUPPORTThe CSM12C32 ships from the factory with a serial monitor installed in FLASH. An ASCII monitor is also installed to provide quick and easy debug access to the user. The text monitor is available out of RESET. The serial monitor is available by pressing and holding SW1 as the module exits RESET. In the discussion below, the terms text and ASCII are used inter-changeably.ASCII Monitor OperationThe debug monitor provides a simple application development platform for developing applica-tion code. The debug monitor allows the user to quickly and easily develop and debug RAM based application code.The debug monitor is accessible through the COM port using an ASCII terminal program such as HyperTerminal or AxIDE. The terminal should be configured for 9600, 8, N, 1 with no flow-control. The monitor relocates the hardware interrupt vector table from 0xFF8A:0xFFFF to 0X0F8A:0x0FFF(see Table 3 below). The vectors remain in the same order as the default hardware table. The Reset vector is reserved; user should use autostart to start applications from reset.ASCII Monitor Memory MapTable 3: Monitor Memory Map$0000 -$03FFRegisters1K bytesReserved$0800 -$0DFFInternal RAM. 1.5K bytes$0E00 -$0F8BMonitor Reserved$0F8A -$0FFF Relocated Interrupt Vector Table512 bytes Reserved$8000 -$BFFFUser Program Memory16K bytes$C000 -$FFFFProtected Monitor Space16K bytesMonitor CommandsTable 4: Monitor CommandsBF <StartAddress> <EndAddress> [<data>]Block Fill memory range with data BR [<Address>]Set/Display user breakpoints CALL [<Address>]Call user subroutine at <Address>GO [<Address>]Begin/continue execution of user codeHELP Display the Mon12 command summaryLOAD [P]Load S-Records into memory, P = Paged S2 MD <StartAddress> [<EndAddress>]Memory Display BytesMM <Address>Modify Memory Bytes (8 bit values)MW <Address>Modify memory Words (16 bit values)MOVE <StartAddress> <EndAddress><DestAddress>Move a block of memoryRD Display all CPU registersOFFSET – [arg]Offset for downloadProceed Continue program executionRM Modify CPU Register ContentsSTOPAT <Address>Trace until addressT [<count>]Trace <count> instructionsNOTE: Items in Italics are not implemented at this time.Interrupt SupportAll interrupt services under are provided through the relocated vector table, see Table 5 below. Each location in the table is initialized to a value of $0000 to cause the trap of an unscheduled interrupt. Any nonzero value will allow the interrupt to proceed to the user's service routine that should be located at the address indicated. The interrupt service delay is +21 cycles over the standard interrupt service.To use vectors specified in the table, the user must insert the address of the interrupt service routine during software initialization into the ram interrupt table. For an example, for the IRQ vector, the following is performed:Example:IRQ Service routine label = IRQ_SRVRam Vector Table address is defined in table below, IRQ vector definition:VIRQ EQU $0FF2; define ram table vector locationPlace IRQ service routine address in the table:MOVW#IRQ_SRV,VIRQThis vector initialization will remain in effect until a RESET is invoked.Interrupt Vector TableTable 5: MON12 Interrupt Vector TableRam Interrupt Vector Address MCU Interrupt VectorAddressTRAP code VectorSource0F8A FF8A02LVI0F8C FF8C04PWME 0F8E FF8E06PTPI 0F90FF9008C4TX0F92FF920A C4RX0F94FF940C C4ERR0F96FF960E C4WU0F98FF9810C3TX0F9A FF9A12C3RX0F9C FF9C14C3ERR0F9E FF9E16C3WU0FA0FFA018C2TX0FA2FFA21A C2RX0FA4FFA41C C2ERR0FA6FFA61E C2WU0FA8FFA820C1TX0FAA FFAA22C1RX0FAC FFAC24C1ERR0FAE FFAE26C1WU0FB0FFB028C0TX0FB2FFB22A C0RX0FB4FFB42C C0ERR0FB6FFB62E C0WU0FB8FFB830FEPRG0FBA FFBA32EEPRG0FBC FFBC34SPI20FBE FFBE36SPI10FC0FFC038I2C0FC2FFC23A BDLC0FC4FFC43C CRGC0FC6FFC63E CRGL0FC8FFC840PACBO0FCA FFCA42MCNT0FCC FFCC44PTHI0FCE FFCE46PTJI0FD0FFD048ADC10FD2FFD24A ADC00FD4FFD44C SCI10FD6FFD64E SCI00FD8FFD850SPI00FDA FFDA52PACAI0FDC FFDC54PACAO0FDE FFDE56TOF0FE0FFE058TC70FE2FFE25A TC60FE4FFE45C TC50FE6FFE65E TC40FE8FFE860TC30FEA FFEA62TC20FEC FFEC64TC10FEE FFEE66TC00FF0FFF068RTI0FF2FFF26A IRQ0FF4FFF46C XIRQ0FF6FFF66E SWI0FF8FFF870TRAP0FFA FFFA72COP0FFC FFFC74CLM0FFE FFFE76RESERVEDSerial Monitor OperationA serial binary monitor is loaded in the MCU internal flash memory. Press and hold SW1 while pressing the RESET button or applying power. This section provides a brief description of this serial monitor operation. Refer to application note AN2548 for complete details on the serial monitor operation. This application note may be found on the Support CD received with the module or from the Freescale web site.Serial Monitor Memory MapTable 6: Serial Monitor Memory Map0x0000 –0x03FFRegisters1K bytesReserved0x3800 –0x3FFF Internal RAM(Relocated)2K bytes Reserved0x8000 –0xBFFF Fixed Flash EEPROM Block 1(visible at RESET)16K bytes0xC000 –0xF77F Fixed Flash EEPROM Block 213.8K bytes0xF780 –0xF7FF User Vectors (Relocated) User Reset Vector F7FE:F7FF0xF800 –0xFFFF Vectors (Protected)2.12K bytesNOTE: Although the monitor does not support external memory, the user can enable externalmemory accesses in the unfilled areas of the memory map.The 2K-byte serial monitor program provides an RS-232 serial interface to a host PC. Serial data rate is 115.2K bps. The monitor is compatible with Metrowerks CodeWarrior Develop-ment Studio and other serial monitor interface IDE’s. The serial monitor is not compatible with ASCII interface programs such as HyperTerm or AxIDE. The monitor supports 23 primitive commands to control the target MCU. To allow a user to specify the address of each interrupt service routine, this monitor redirects interrupt vectors to an unprotected portion of FLASH.To boot to the serial monitor, the user simply pressed and holds SW1 while pressing the RESET switch or applying power. The status of SW1 is read only during the rising edge of RESET. To load user application on start-up, the user is responsible for programming the pseudo-reset vector (0xF7FE:0xF7FF). Pressing SW1 after the MCU exits reset will not ac-cess the serial monitor. After exiting reset, pressing SW1 has effect as defined in the user ap-plication.BDM_PORT HeaderBDM access is gained through the BDM_PORT header. This is a 6-pin header that allows connection of a compatible HCS12 BDM cable. Refer to the documentation for the specificBDM cable used for details on its use. The figure below shows the pin-out for the DEBUG header.Figure 4: BDM_PORTMODC/BKGD12GND34RESET*56VDD See the HC12 Reference Manual for complete DEBUG documentation。

高新技术创业特点及关键条件

高新技术创业特点及关键条件
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EXECUTIVE SUMMARY..........................................................................

EXECUTIVE SUMMARY..........................................................................

DG XIII – E/4 Second Metadata Workshop, 26 June 1998Table of contentsEXECUTIVE SUMMARY (2)1. INTRODUCTION (4)2. SPECIFIC OBJECTIVES OF THE SECOND WORKSHOP (5)3. PARTICIPATION (6)4. STRUCTURE OF THE WORKSHOP (6)5. MORNING SESSION: TECHNICAL ISSUES (6)6. AFTERNOON SESSION: STRATEGIC ISSUES (8)7. CONCLUSIONS (8)8. LIST OF ACRONYMS AND REFERENCES (9)APPENDIX 1. PROGRAMME (13)APPENDIX 2. PRESENTATIONS (14)APPENDIX 3. LIST OF PARTICIPANTS (44)DG XIII – E/4 Second Metadata Workshop, 26 June 1998E XECUTIVE SUMMARYOn 26 June 1998, the second workshop of a series on the subject of metadata organised by the European Commission DGXIII/E4 took place in Luxembourg.32 participants attended the workshop. Many organisations in Europe involved in the implementation of metadata for electronic resources were represented, as were several European Commission services.The workshop contained one session on technical and implementation issues and one session on strategic and standardisation issues reflecting the specific objectives of the workshop.The first specific objective was to give a number of projects the opportunity to present results in the area of metadata from various perspectives. In the morning session, the issues that were covered in the presentations were:metadata creation toolsdefinition of local extensions to Dublin Core for specific application areasthe use of controlled vocabularymultilingual metadataThe presenters of these subjects conducted a panel discussion on these issues and others raised by the audience.The second specific objective was to discuss metadata in a broader context with project participants and experts involved in definition and standardisation of metadata elements. In the afternoon session, presentations covered:metadata activities in contextfuture developments in Dublin CoreIn a plenary discussion, the participants discussed strategic issues concerning the definition and standardisation of metadata element sets.The major conclusions of the workshop can be summarised as follows:the strategic discussions highlighted that establishing widely accepted agreements is essential for the success of metadata;it is necessary that consensus on agreements for metadata is achieved across domains (e.g. libraries, museums, education, business, etc.);agreements and standards need to be maintained over time in a clear and open way with participation of all interested parties (especially user communities) to guarantee stability over time;formal and informal bodies involved in the standardisation of metadata sets (Dublin Core community, CEN, ISO) need to find effective ways of co-operation to ensure maximum acceptance of agreements and to avoid overlapping activities; further metadata workshops organised by the European Commission are considered to be valuable platforms for co-ordination and exchange of experience.DG XIII – E/4 Second Metadata Workshop, 26 June 1998 For further information, including PowerPoint presentations, see the Workshop’s Web site at: http://www2.echo.lu/libraries/en/metadata2.htmlFor more information on the Libraries sector of the Telematics Application Programme, see: http://www2.echo.lu/libraries/en/libraries.htmlDG XIII – E/4 Second Metadata Workshop, 26 June 19981.I NTRODUCTIONThis document is the report of the second Workshop on Metadata, held in Luxembourg on 26 June 1998.DGXIII/E4, the Electronic publishing and libraries unit, is organising a series of workshops on the issue of metadata. Intended participation is from libraries sector projects within the Telematics Applications Programme and from projects in other TAP sectors and other programmes, both EU and national. The primary objectives of the workshops are:To establish a platform for co-ordination between projects concerned with metadata in a broad sense.Under the current Framework Programme for RTD there are a number of projects concerned with metadata as such or with descriptions and descriptors of electronic documents. These projects will come across the same issues and problems and will benefit from concertation, as this will allow them to compare their concepts and approaches with others.To make a wider European community aware of developments in the standards arena and stimulate feedback from the projects to the standards.Developments in metadata in the Internet, specifically in Dublin Core, are moving fast. Some European organisations invest in participating in the Dublin Core workshops but not all have easy access to this activity. By inviting Dublin Core workshop participants to present the developments in the proposed workshops, a wider European audience can be informed on this subject. At the same time, models and experiences from the projects can be fed back into the standards arena.The first workshop which took place on 1 and 2 December 1997, contained a tutorial, project presentations, breakout sessions discussing various aspects of metadata creation and usage.The workshop, although recognising the usefulness of Dublin Core as a starting point in metadata descriptive standards, brought forward a number of concerns regarding the current state and the further development of Dublin Core:•There is currently no formal responsibility for the maintenance of Dublin Core: development takes place in an informal group of invited experts which meets once or twice per year in what is known as the Dublin Core Workshop Series.•The current technical state of Dublin Core is unstable: during the meetings of the Dublin Core group, changes are being made to the format and there is no convergence to a stable version.•The use of the current Dublin Core metadata format is not supported by the existence of guidelines: some of the philosophy and terminology of Dublin Core isDG XIII – E/4 Second Metadata Workshop, 26 June 1998 not obvious to the uninitiated user which could lead to different interpretations adversely affecting interoperability.It was also identified that the current take-up of Dublin Core is slow and that there is a lack of critical mass. This seems to be a classical chicken-and-egg situation: authors and publishers do not invest in providing Dublin Core metadata if the Internet indexing services (the ‘harvesters’) do not utilise it, and harvesters do not collect Dublin Core and use it for selective indexing if there is not enough data available. If this situation cannot be changed, Dublin Core might not turn into reality.The workshop identified a number of actions that could be taken to promote and encourage the use of Dublin Core, including the following:1.There needs to be clarity about version control and maintenance of Dublin Core.The Dublin Core group, addressed through the mailing list META2, will be asked to give a clear statement about this.2.Further pilot projects should be started to further develop experience, test out theissues and help realise a critical mass of Dublin Core metadata. The European Commission and national bodies like National Libraries might have a role to play by encouraging the provision of Dublin Core metadata in documents, e.g. in project deliverables and electronic documents in the national deposit.3.The interest and requirements existing in Europe warrant the establishment of aEuropean group of implementers discussing the practical issues of implementing metadata in general and Dublin Core in particular. The Luxembourg workshops, such as this December 1997 one and a second one scheduled for mid-1998, could develop into a regular series.4.The liaison with other groups concerned with metadata, such as the CEN/ISSSworking group on Metadata for Multimedia Information (MMI), should be established to ensure applicability and interoperability of metadata as widely as possible and cover the needs of a wide range of communities.The report of the first workshop is available on the Web at http://www2.echo.lu/libraries/en/metadata.html.2.S PECIFIC OBJECTIVES OF THE SECOND WORKSHOPThe specific objectives of this second workshop, held in Luxembourg on 26 June 1998, were as follows.The first specific objective of the second workshop was to give a number of projects the opportunity to present results in the area of metadata from various perspectives. In the morning session, the issues that were covered in the presentations were:•metadata creation tools•definition of local extensions to Dublin Core for specific application areasDG XIII – E/4 Second Metadata Workshop, 26 June 1998•the use of controlled vocabulary•multilingual metadataThe presenters of these subjects conducted a panel discussion on these issues and others raised by the audience.The second specific objective was to discuss metadata in a broader context with project participants and experts involved in definition and standardisation of metadata elements. In the afternoon session, presentations covered:•metadata activities in context•future developments in Dublin CoreIn a plenary discussion, the participants discussed strategic issues concerning the definition and standardisation of metadata element sets.The programme of the workshop is attached in Appendix 1. Printouts of the presentation, with short biographical notes of the presenters are attached in appendix 2.3.P ARTICIPATION32 persons representing projects from the Telematics programme, national projects and various Commission services attended the workshop.The list of participants is attached as appendix 3.4.S TRUCTURE OF THE WORKSHOPThis second workshop was organised on a single day and contained two sessions: one session on technical and implementation issues and one session on strategic and standardisation issues reflecting the specific objectives of the workshop.5.M ORNING SESSION: TECHNICAL ISSUESIn the first presentation, Anna B RÜMMER of Lund University in Sweden demonstrated metadata creation software constructed for the Nordic Metadata Project. This creation software on the Web offers an easy way to attach descriptive metadata to resources and has helped to build the SweMeta Dublin Core Database for Sweden, which contains 110.000 records. The system also allows users to assign a unique URN to their resource. Currently there is no statistical information on the use of the various elements, which could provide interesting information. There is no validation of the terms entered. This could be considered in the future.Erik D UVAL of Leuven University in Belgium presented the Ariadne project aiming at sharing and re-use of pedagogical resources to make the best use of scarce high-quality material for educational purposes. The project provides authoring tools that produce base metadata, which helps in creating a corpus of consistent descriptions. The project constitutes a closed environment for the participants, allowing a strongDG XIII – E/4 Second Metadata Workshop, 26 June 1998 exercise of editorial control and therefore of quality. Furthermore, users have the possibility to add annotations to the descriptions. A “Replicator Scheme” controls the distribution and access to the resources available in the Central Pool and the Local Pools in various places around Europe. The project has not reached the stage where a critical mass of material is available and is looking for further participants. The Ariadne project is co-operating with the IMS (Instructional Management Systems) project to co-ordinate the metadata definitions and agree a common metadata set. This set is not technically speaking Dublin Core as it has a richer structure and contains elements specific to educational use of the resources, but the mapping of Dublin Core into the Ariadne metadata set is considered to be possible. Also the project participates in the work in the IEEE Learning Technology Standards Committee which develops technical Standards, Recommended Practices, and Guides for software components, tools, technologies and design methods that facilitate the development, deployment, maintenance and interoperation of computer implementations of education and training components and systems.Paul M ILLER of the Archaeology Data Service in the UK introduced the advantages of using controlled vocabularies and thesauri. For users, these tools would help gaining more effective access to resources and reduce the number of false hits. Creators would be able to make more consistent descriptions and achieve a better integration of new and existing resources. It was noted that a major factor for the use of controlled vocabulary is the ease with which it can be used in both the process of creation of metadata and in the process of searching.Matthew S TIFF of the Museum Documentation Association in the UK spoke about multilingual aspects of information retrieval. He discussed the creation of parallel metadata in multiple languages versus the use of translation tools and multilingual thesauri. He identified the need for new tools but also noted these tools will be expensive and will take a lot of time to develop. Various options can be explored to create multilingual thesauri, including linking existing monolingual ones and translating one thesaurus in multiple languages. He touched upon the fundamental issue of incomplete equivalence of terms in different languages. Project Term-IT is investigating mechanisms to facilitate the production and dissemination of multilingual thesauri in the cultural sector through establishing dialogue with users and analysis of the economics of thesaurus production.As a conclusion of the technical session it was identified that:quality is a crucial issue both in the creation of metadata and in its maintenance there should be a clear focus on the user when designing tools to help create and use metadata; user communities should be actively involved to make sure their requirements are taken into accountspecial attention must be given to the change in concepts and terminologies over time.DG XIII – E/4 Second Metadata Workshop, 26 June 19986.A FTERNOON SESSION: STRATEGIC ISSUESThe first presentation in the afternoon session was delivered by Ian C AMPBELL-G RANT of ICL, chairman of the CEN/ISSS Workshop on Metadata for Multimedia Information. He introduced the work of this group as part of a new approach to standardisation especially intended to achieve rapid agreements on standards and a wide acceptance n the market. The specific objectives of the group include to gather information on metadata activities, to identify gaps and overlaps in current work and to disseminate this information to European industry, projects and programmes. The group is currently working to establish a framework that will help to find existing activities in the area of metadata definition.In the final presentation, Stuart W EIBEL of OCLC in the US presented the current state and the future prospects for the Dublin Core metadata initiative. He outlined the objectives of the initiative, noting that it is a simple set for descriptive elements that are relevant for resource discovery. It could be used as a cross-domain “switching”language, working together with other sets in the framework provided by RDF. He presented the current thinking on the issue of more formally standardising Dublin Core, working through any body that would be appropriate for that purpose (IETF, ISO, NISO, CEN/ISSS).In the discussion that took place after the presentations, several aspects were identified:the involvement of user communities and business areas is crucial to make sure their requirements are being taken into accountagain the issue of critical mass was raised: Dublin Core and other structured metadata forms an ‘island in the sea of marked data’. There needs to be more metadata before it can produce benefits to the users.the CEN/ISSS workshop could form an appropriate platform for rapid standardisation of Dublin Core in the form of a CEN Workshop Agreement; this needs to be further explored.the issue of maintenance of metadata standards is very important. The mechanism and structure should allow open and international participation to ensure the widest possible and agreement7.C ONCLUSIONSThe major conclusions of the workshop can be summarised as follows:the strategic discussions highlighted that establishing widely accepted agreements is essential for the success of metadata;it is necessary that consensus on agreements for metadata is achieved across domains (e.g. libraries, museums, education, business, etc.);agreements and standards need to be maintained over time in a clear and open way with participation of all interested parties (especially user communities) to guarantee stability over time;DG XIII – E/4 Second Metadata Workshop, 26 June 1998formal and informal bodies involved in the standardisation of metadata sets (Dublin Core community, CEN, ISO) need to find effective ways of co-operation to ensure maximum acceptance of agreements and to avoid overlapping activities; further metadata workshops organised by the European Commission are considered to be valuable platforms for co-ordination and exchange of experience.8.L IST OF ACRONYMS AND REFERENCESACM the Association for Computing Machinery, an internationalscientific and educational organization dedicated to advancingthe arts, sciences, and applications of information technology.ADS Archaeology Data Service./ahds/AHDS Arts and Humanities Data Service./ALA American Library Association./ALCTS /ccda/Ariadne RTD project under the "Telematics for Education andTraining" sector of the 4th Framework Programme of theEuropean Union. The project focuses on the development oftools and methodologies for producing, managing and reusingcomputer-based pedagogical elements and telematicssupported training curricula.http://ariadne.unil.ch/CEN European Committee for Standardisation.http://www.cenorm.be/CEN/ISSS European Committee for Standardisation - InformationSociety Standardisation System.http://www.cenorm.be/isss/default.htmCIDOC The International Committee for Documentation of theInternational Council of Museums (ICOM), the internationalfocus for the documentation interests of museums and similarorganisations./CIMI Consortium for the Computer Interchange of MuseumInformation./CPA Commission on Preservation and Access./programs/cpa/cpa.htmlDC Acronym for Dublin CoreDesire Telematics for Research project addressing the needs ofresearch users in the context of a European informationnetwork based on the World Wide Web (WWW).http://www.surfnet.nl/surfnet/projects/desire/DG XIII Directorate General XIII of the European Commission.http://europa.eu.int/en/comm/dg13/13home.htm. See also:http://www2.echo.lu/home.htmlDublin Core Dublin Core is a 15-element metadata element set intended tofacilitate discovery of electronic resources./metadata/dublin_core/EC European Commission.http://europa.eu.int/ERCIM The European Research Consortium for Informatics andMathematics - aims to foster collaborative work within theEuropean research community and to increase co-operationwith European industry.EULER Telematics for Libraries project aiming to provide user-oriented, integrated network based access to mathematicalpublications.http://www.emis.de/projects/EULER/ICL /ICOM The International Council of Museums, a Non-GovernmentalOrganisation (NGO) maintaining formal relations with UNESCO,devoted to the promotion and development of museums and themuseum profession at an international level./IEEE The Institute Of Electrical And Electronics Engineers, Inc., atechnical professional society with the objective to advance thetheory and practice of electrical, electronics and computerengineering and computer science.IETF The Internet Engineering Task Force, a large openinternational community of network designers, operators,vendors, and researchers concerned with the evolution of theInternet architecture and the smooth operation of theInternet.IMS Instructional Management Systems Project, an investmentmembership of academic, commercial and governmentorganisations developing a set of specifications and prototypesoftware for facilitating the growth and viability of distributedlearning on the Internet./ISO International Organisation for Standardisation.http://www.iso.ch/MDA Museum Documentation Association, body in the UK formuseum information management, supporting museums in allaspects of heritage information management including thecrucial area of Information and Communications Technology(ICT)./MIT Massachusetts Institute of Technology./MMI CEN/ISSS Workshop on Metadata for MultimediaInformation.http://www.cenorm.be/isss/Workshop/MMI/Default.htm NGDF National Geospatial Data Framework (UK)./NISO U.S. National Information Standards Organization:Nordic Metadata Scandinavian co-operation project creating basic elements of a metadata production and utilisation system:http://renki.helsinki.fi/meta/NSF National Science Foundation (US), an independent U.S.government agency responsible for promoting science andengineering through programs that invest in research andeducation projects in science and engineering./OCLC Online Computer Library Center, Inc., a non-profit, membership, library computer service and researchorganisation in Dublin, Ohio, USARDF Resource Description Framework, a specification currentlyunder development, designed to provide an infrastructure tosupport metadata across many web-based activities:/RDF/RLG Research Libraries Group.RTD Research & Technological DevelopmentSweMeta Dublin Core Database for Sweden.TAP The Telematics Applications Programme, one of theEuropean Commission's research programmes, aimed atstimulating RTD on applications of information and/orcommunications technologies in areas of general interest:http://www2.echo.lu/telematics/telehome2.htmlTEISS Telematics - European Industry Standards SupportTelematics for Libraries The Libraries sector of the Telematics Applications Programme:http://www2.echo.lu/libraries/en/libraries.htmlTerm-IT a preparatory-phase project under the Language Engineeringsector of the Telematics Applications Programme, aimed atleading to the development of methods and systems toimprove the production, dissemination and exploitation ofmultilingual terminology resources/term-it/URN Universal Resource Name:/html.charters/urn-charter.htmlA PPENDIX 1.P ROGRAMMEMETADATA WORKSHOP 26 JUNE 1998EUROFORUM Building352*5$00(09:00-09:20Welcome, registrationPatricia Manson, European Commission DG XIII/E-409:20-09:30IntroductionMakx D EKKERS, The Libraries Support Team0RUQLQJ VHVVLRQ 7HFKQLFDO LVVXHV09:30-10:00Metadata creation toolsAnna B RÜMMER, Univ. of Lund10:00-10:30Extension of Dublin Core for Educational materialErik D UVAL, Univ. of Leuven10:30-11:00Coffee break11:00-11:30Controlled vocabularyPaul M ILLER, Archaeology Data Service11:30-12:00Multilingual issuesMatthew S TIFF, Museum Documentation Association12:00-12:30Panel discussion12:30-13:30Lunch break$IWHUQRRQ VHVVLRQ 6WUDWHJLF LVVXHV13:30-14:00Metadata activities in contextIan C AMPBELL-G RANT, ICL (chair CEN/ISSS open Workshop on Metadatafor Multimedia Information)14:00-14:30Future developments in Dublin CoreStuart W EIBEL, OCLC14:30-15:00Tea break15:00-15:45Discussion15:45-16:00Wrap-up and closingAriane I LJON, Head of Unit, European Commission DG XIII/E-4A PPENDIX 2.P RESENTATIONSMetadata creation toolsAnna B RÜMMER, Univ. of LundBiographical note:Anna Brümmer is an electronic information services librarian at Lund University Library development department NetLab since the first of February 1996. She began after having finished her studies in library and information science in January 1996. Between 1996-1998 she has, among other things, been involved in the EU-project DESIRE, the Development of a European Service for Information on Research and Education. She is also involved in project EULER, European Libraries and Electronic Resources in Mathematical Sciences, integrating bibliographic databases, library online public access catalogues, electronic journals from academic publishers, online archives of pre-prints and grey literature, and indexes of mathematical Internet resources. For the time being she is the pro tem. head of NetLab.Abstract:Metadata tags are, in an end user perspective, complicated to produce. The talk presented one solution aiming to facilitate the metadata creation process (for end users): a metadata creation tool. The presentation described the issues involved in, and related to, the Dublin Core metadata creation and provided explanations on construction of DC Metadata records. The starting point was the Nordic Metadata project, which has developed basic elements of a metadata production and utilisation system, based on the Dublin Core Metadata Element Set. The result is the Nordic Metadata DC production template/creator, which was demonstrated at the workshop.The presentation included a short introduction to the web resource identifier URN (Uniform Resource Names) and an URN generator.The presentation is available on the Web at:http://www.lub.lu.se/EULER/presentations/creator.html.(one page print-out of Web page)Extension of Dublin Core for EducationalmaterialErik D UVAL, Univ. of LeuvenBiographical note:Erik Duval is a post-doctoral fellow of the National Fund for Scientific Research - Flanders and a part-time professor at the Katholieke Universiteit Leuven, Belgium. His main research areas are distributed hypermedia systems, data modelling, the application of information and communication technology in education, metadata and computer science education. He co-ordinates the development of the Knowledge Pool System for the ARIADNE project and is a member of the IEEE Computer Society, the ACM and the program committee of the WebNet Conference Series.Abstract:This presentation covered the current status of the author’s work on educational metadata. Since about two years, the ARIADNE project has developed both a structure and an infrastructure for educational metadata <http://ariadne.unil.ch>. The structure extends Dublin Core to a considerable extent and includes circa 70 data elements, grouped in 9 categories and defined over abstract data types. The infrastructure includes a tool for describing pedagogical documents and a distributed database of these documents and their descriptions, called the Knowledge Pool System. The ARIADNE results have been input in standardisation work in the Learning Object Metadata Working Group of the IEEE Learning Technology Standards Committee </p1484>.(6 pages printout of PowerPoint presentation, 6 slides to a page)(6 pages printout of PowerPoint presentation, 6 slides to a page)(6 pages printout of PowerPoint presentation, 6 slides to a page)(6 pages printout of PowerPoint presentation, 6 slides to a page)(6 pages printout of PowerPoint presentation, 6 slides to a page)(6 pages printout of PowerPoint presentation, 6 slides to a page)Controlled vocabularyPaul M ILLER, ADSBiographical note:Dr. Paul Miller is Collections Manager for the Archaeology Data Service (ADS)</>, one of five service providers comprising the Arts & Humanities Data Service (AHDS) </> in the United Kingdom.The ADS seeks to both preserve and encourage the reuse of digital archaeological data, whether by physically taking and mounting data or by working with existing organisations and technologies to facilitate distributed access mechanisms.Paul is responsible for the development of this distributed catalogue, and is closely involved with a number of evolving metadata initiatives around the world. These include the Dublin Core </metadata/dublin_core>, the UK's National Geospatial Data Framework (NGDF) </>, and the work of the Consortium for the Computer Interchange of Museum Information (CIMI) </>.Abstract:This presentation went into the problems of terminology and vocabulary, which become increasingly apparent as opportunities for cross-searching between different data sources grow. Efforts to develop controlled lists of terms have been relatively isolated in individual disciplines or geographic areas.With the current explosion in projects to provide remote access to these resources, and initiatives to link diverse resources together for the first time, new problems have arisen, namely;•divorcing of resources from the local expertise developed to support and maintain them •integrating diverse terminologies•contextualising the terminologies•providing access to the terminologiesIn conclusion, controlled terminology remains an important weapon in the information scientist's arsenal, but the new distributed world in which these terminologies are increasingly being used perhaps requires a new approach to some old problems, an approach which was explored in this paper.。

高技术创业风险评价指标体系的构建

高技术创业风险评价指标体系的构建

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关键词 : 高技 术 ; 业风险 ; 标体 系 创 指 现今 . 业 已成 为 一 国经济 发展 的强劲 推 动力 。在 我 着 。 创 在构 建指标 体 系时要 将这 些 风险 因素视 为一个有 机系 国 。 业 已代 替政 府 在 经济 中唱 主 角 。 多企 业 的 出现 成 统进 行研究 , 针 对高 技术 创 业所 面 临 的风 险进行 分析 , 企 更 并
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DIVIDENDS AND EXPROPRIATION

DIVIDENDS AND EXPROPRIATION

Forthcoming, American Economic ReviewDIVIDENDS AND EXPROPRIATIONMara Faccio, Larry H. P. Lang, and Leslie Young*July 31, 2000AbstractWhereas most US corporations are widely-held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of “crony capitalism”are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampeningFootnotes* Faccio: Assistant Professor, Facoltà di Economia, Dipartimento di Scienze dell'Economia della Gestione Aziendale, Università Cattolica del Sacro Cuore, Largo Gemelli 1, 20123 Milano, Italy. Tel: 39 02 72342436 (e-mail: mara.faccio@mi.unicatt.it); Lang: Professor of Finance, Finance Department, The Chinese University of Hong Kong, Hong Kong. Tel: 852 2609 7761 (e-mail: llang@.hk.); Young: Professor of Finance and Executive Director, The Asia Pacific Institute of Business, The Chinese University of Hong Kong, Hong Kong. Tel: 852 2609 7421 (e-mail: leslie@.hk). We acknowledge helpful comments from Maurizio Murgia, Andrei Shleifer, a referee, and seminar participants at the 2000 European Financial Management Association meeting in Athens. We thank Stijn Claessens, Simeon Djankov, and Joseph Fan for providing their data for East Asia. Larry Lang acknowledges research support from a Hong Kong UGC Earmarked Grant.insider expropriation. Dividend rates are higher in Europe, but lower in Asia, when there are multiple large shareholders, suggesting that they dampen expropriation in Europe, but exacerbate it in Asia. (JEL G34, G35)Failures in East Asian corporate governance have recently attracted wide attention through being blamed for the East Asian financial crisis. Based only on journalistic anecdotes, the accusations of “crony capitalism” met regional scepticism and are now being shrugged off as East Asian economies recover. This paper provides a comprehensive analysis of the ownership and control structure of East Asian corporations, with West European corporations as benchmarks. We document that the problems of East Asian corporate governance are, if anything, more severe and intractable than suggested by commentators at the height of the financial crisis. These problems we locate in an extraordinary concentration of control, whereby 8 groups control more than 1/4 of the corporations in the 9 most advanced East Asian economies. This control is obscured behind layers of corporations, hence insulated against the forces of competition on less-than-transparent capital markets. By examining how dividend behaviour is related to the structure of ownership and control, we find evidence of systematic expropriation of the outside shareholders of corporations at the base of extensive corporate pyramids. Thus, the controlling shareholders can extract high returns from projects that yield negative returns to the corporation. The piling up of such projects in East Asia, with their burden of unrepayable debt, helped precipitate the financial crisis. Moreover, the concentration of corporate control is such that these problems should be recognized as problems of political, not merely corporate, governance. In Western Europe, corporate control is also highly concentrated, but we identify critical differences in the ownership and control structure, such that macroeconomic problems are unlikely to result.Research on corporate governance has mostly addressed the USA, whose well-regulated,transparent financial markets and dispersed share ownership leave the salient agency problem as that between manager and shareholders.1 In East Asia, widely-held corporations are in the minority, the predominant ownership structure being control by a family, which often supplies a top manager. These features of “crony capitalism” are actually even more pronounced in Western Europe, as we shall document by tracing the ultimate ownership of 5897 corporations from the Worldscope database for 5 West European and 9 East Asian economies. Therefore, the salient agency problem in these economies is expropriation of outside shareholders by the controlling shareholder 2. As noted by Lucian Bebchuk et al. (1998), Daniel Wolfenzon (1999) and Stijn Claessens et al. (1999a), particularly rich possibilities for expropriation arise when the corporation is affiliated to a group of corporations, all controlled by the same shareholder, which we find to be true for about half the corporations in Western Europe as well as in East Asia.3 Corporate wealth can then be expropriated by the insiders who set unfair terms for intra-group sales of goods and services and transfers of assets and control stakes.41Michael C. Jensen (1986, 1989) argued that managers can expropriate dispersed shareholders by diverting corporate resources for perquisites and empire building.2Andrei Shleifer and Robert Vishny, (1997, p.759) argue that when “large owners gain nearly full control of the corporation, they prefer to generate private benefits of control that are not shared by minority shareholders”.3Group affiliation is insignificant in the US. See Shleifer and Vishny’s (1997) survey of corporate governance.4Shleifer and Vishny (1997), Bebchuk et al. (1998), Wolfenzon (1999) and Claessens et al.(1999a).Dividends play a basic role in limiting insider expropriation because they remove corporate wealth from insider control. This view of dividends is taken by La Porta, Lopez-de-Silanes, Shleifer, and Vishny (2000b) who report that higher dividends are paid by corporations in countries with strong legal protection of minority shareholders, such as those countries with codes based on Common Law rather than Civil Law. This paper builds on their research by relating dividend rates to the discrepancy between the controlling shareholder’s ownership rights O and its control rights C. Like Claessens et al. (1999a) and La Porta et al. (2000a), we use the ratio O/C as a measure of the corporation’s vulnerability to insider expropriation within a group of corporations because its conceptual simplicity facilitates exposition and empirical analysis. Econometric analysis of the relationship between dividend rates and the O/C ratio gets beyond the analysis of specific types of expropriation5 to test how capital markets generally respond to the threat of insider expropriation in a broad range of economies.5An important strand of the literature links ownership structures to the expropriation of different classes of stakeholders. Ileen Malitz (1989) examines debt restructuring in the United States for expropriation of bondholders’ wealth by block-holders of equity. For listed stocks in the United States , Myron Slovin and Marie Sushka (1997) study the expropriation of shareholders in subsidiaries by the parent corporation, but cannot confirm expropriation.David Weinstein and Yishaf Yafeh (1998) find that Japanese corporations affiliated to bank-controlled groups pay higher interest rates on their liabilities than unaffiliated corporations, and interpret this as evidence that banks expropriate other stakeholders. Other studies of corporate governance and performance in Japan include Masahiko Aoki (1990), Takeo Hoshi, David Scharfstein, and Anil Kashyap (1991), Stephen Prowse (1992), and Steven Kaplan (1994).We find that significantly higher dividends are paid by corporations that are “tightly-affiliated” to a business group via a chain of control that comprises at least 20 percent of the control rights at each link, and amongst such corporations, to those having a lower O/C ratio. By contrast, for corporations not tightly affiliated to a group, a lower O/C ratio is associated with significantly lower dividend rates. This correlation is driven by those corporations that are “loosely affiliated” to a group in that the control links are all above the 10 percent level, but are not all above the 20 percent level. This suggests that investors anticipate strongly the expropriation within corporations with low O/C ratios that are tightly affiliated to a group; higher dividends are paid to allay these concerns, as corporations compete for capital. However, investors seem less alert to expropriation within loosely-affiliated corporations, allowing their insiders latitude to pay lower dividends, given a greater discrepancy between their ownership and control rights. In our 5 West European economies, loosely-affiliated corporations comprise only 2.94 percent of our sample; in our 9 East Asian economies, they comprise 15.44 percent. Moreover, the 8 largest East Asian groups at the 10 percent level of control comprise over 1/4 of all East Asian corporations and 3/4 of those that are loosely affiliated. Most expropriation appears to occur here.Group-affiliated corporations in Western Europe pay significantly higher dividend rates than in East Asia. Moreover, the presence of multiple large shareholders increases dividend rates in Europe, but reduces them in Asia. Thus, in Europe, the other large shareholders appear to help contain the controlling shareholder’s expropriation of minority shareholders; in East Asia they appear to collude in that expropriation. Against the West European benchmark, we thus have quantitative evidence on the impact of the failures of East Asian corporate governance and institutional development that the Asian financial crisis highlighted as “crony capitalism”.Section I explains the economic role of the controlling shareholder’s ratio O/C ofownership to control rights as an indicator of the corporation’s vulnerability to expropriation, hence as a driver of dividend policy. Section II presents definitions and summary statistics on ownership and control in Europe and Asia. Section III presents definitions and summary statistics on dividend rates. Section IV presents our regression results. Section V discusses the policy implications of our findings. Data sources are listed in Appendices A and B.I. The Economic Framework.We first explain the economic basis for testing for a relationship between the O/C ratio and dividends, highlighting two considerations with opposite implications for the sign of this relationship. An investor can gain control rights in a corporation Z in excess of his ownership rights by pyramiding, i.e., owning Z indirectly through another corporation Y. Control of Y then gives control over all the voting rights of Y in Z, which will typically exceed the investor’s ownership stake in Z through his partial ownership of Y. More generally, if he owns a fraction x of the shares of corporation X, which owns a fraction y of the shares in corporation Y, which owns a fraction z of the shares in Z, then via this ownership chain, he owns a fraction xyz of the shares of Z. However, his share of the control rights of Z via this control chain can be measured by its weakest link, i.e., the minimum of x, y and z. For example, an investor who owns 50 percent of the shares of X, which owns 40 percent of the shares of Y, which owns 30 percent of the shares in Z, has 6 percent of the ownership rights of Z, but 30 percent of its control rights.Let O be the controlling shareholder’s share of the ownership rights in a corporation and let C be his share of the control rights. The O/C ratio will be low if he controls the corporation via a long chain of intermediate corporations, i.e., the corporation is at the base of a pyramid that offers many opportunities for intra-group transactions to expropriate minority shareholders. This indicates that a corporation with a low O/C ratio will pay low dividends, since the controllingshareholder will seek to keep control of corporate resources. However, this consideration must be traded off against the impact of dividend policy on the corporation’s market valuation, hence the future terms on which it can access capital markets.Rational investors, perceiving the higher risk of insider expropriation within a corporation with a lower O/C ratio, would attach a lower value to its stock and would be less willing to supply capital.6 Dividend policy can address these concerns. In practice, dividend rates are stable: increases are contemplated only if the managers believe that they can be sustained, mindful that dividend reductions tend to bring sharp falls in stock market value.7 Dividend policy is thus a vehicle for long-term commitments by managers to shareholders, that can be used to address the agency problems arising from information asymmetry and incomplete contracting between the two parties.8 If these agency problems seem particularly severe in the light of objective6Consistent with investors regarding a low O/C ratio as indicating greater vulnerability to insider expropriation, Claessens et al. (1999a) find a positive relationship between O/C and Tobin’s Q for corporations in East Asia. Given our finding of a negative relationship between O/C and dividends, we would expect a negative relationship between Q and dividend rates.Testing the relationship between market valuation and dividends is beyond the scope of this paper.7 John Lintner (1956), Eugene F. Fama and Harvey Babiak (1968), Joseph Aharony and ItzhakSwary (1980), Drew Fudenberg and Jean Tirole (1995), Roni Michaely, Richard H. Thaler and Kent L. Womack (1995).8Michael J. Barclay, Clifford W. Smith and Ross L. Watts (1995) provide a statement and empirical test of the agency cost model of dividends. The extensive literature on the information revelation function of dividends includes Ross L. Watts (1973), Sudiptoinformation, such as a low O/C ratio, then managers could commit to refrain from expropriation by committing to a high dividend rate, thereby sustaining their corporation’s stock market valuation and future access to capital. 9Theoretical analysis of the interaction between the above two considerations would involve a choice of model structure that prejudges which factors are key. By regressing dividends on the O/C ratio, we seek to identify the factors that are empirically important in determining how capital markets respond to the threat of insider expropriation across a broad range of economiesBhattacharya (1979), Paul Asquith and David Mullins (1983), James A. Brickley (1983), Kose John and Joseph Williams (1985), Merton H. Miller and Kevin Rock (1985), Avner Kalay and Uri Loewenstein (1985, 1986), Paul M. Healy and Krishna G. Palepu (1988), Praveen Kumar (1988), Larry H. P. Lang and Robert H. Litzenberger (1989) and Bong-Soo Lee (1995). Other explanations of why firms pay dividends include taxation (Robert H.Litzenberger and Krishna Ramaswamy (1979), Merton H. Miller and Myron S. Scholes (1978, 1982), James Poterba and Lawrence Summers (1984)); transaction costs (R.Richardson Pettit (1972)); and forestalling the diversion of cash to unprofitable projects that provide private benefits to "insiders" (Frank Easterbrook (1984), Jensen (1986), Lang and Litzenberger (1989)).9 If dividend changes affect expectations about expropriation, then stock market value shouldbe more sensitive to dividend changes when O/C is low, than when it is high. Although beyond the scope of this paper, this could be tested by observing the effect of changes in dividend announcements on corporations with high O/C ratios, as opposed to those with low O/C ratios. To be consistent with our hypothesis, the latter group should exhibit a greater announcement effect for a given dividend change.in Europe and Asia. Since the O/C ratio might fail to reflect this threat fully, our regressions are biased toward finding insignificant results.10 We shall control for other possible systematic determinants of dividends, such as whether the corporation is in Europe or Asia, whether the legal system is based on Civil or Common Law, capital constraints, and financial leverage. 11 We hypothesize that the tradeoff between the above two considerations depends on how tightly a corporation is controlled: if control is tight, so that the possibility of expropriation is highly visible to investors, then the second consideration should dominate and dividend rates should be negatively related to the O/C ratio; if control is loose, so that the possibility of10 High management ownership obviates the bonding of management behaviour via dividends,so the inclusion of O as an independent variable in our regressions could weaken the relationship between O/C and dividends. In fact, adding O has no significant impact on our results. Moreover, the coefficient of O is neither statistically significant nor consistent in sign across regressions. Thus, the impact of high management ownership seems to be captured adequately through the O/C ratio.11In line with Jensen’s (1986) arguments on free cash flow, debt is an alternative to dividends in controlling agency problems, including those arising from a low O/C ratio within a group.These arguments suggest that, in developed capital markets, firms with a low O/C ratio should have relatively high levels of debt. However, debt might be used to facilitate expropriation in capital markets where it is not readily enforceable, as international lenders found to their cost in Thailand, Indonesia and South Korea. Mara Faccio et al. (2000) consider how to distinguish empirically between these two roles of debt. The present paper controls for the impact of debt by including the debt/asset ratio as an independent variable in the regressions.expropriation is more obscure, then the first consideration should dominate and dividend rates should be positively related to the O/C ratio.II. Ownership and Control of Corporations in Europe vs. Asia.We study corporations from France, Germany, Hong Kong, Indonesia, Italy, Japan, Malaysia, Philippines, Singapore, South Korea, Spain, Taiwan, Thailand, and the U.K. In the Worldscope database of all listed corporations in these countries, we use the accounting data for 1992-96, eliminating corporations reporting data that are not credible for a functioning business: negative cash flows, negative earnings or dividends exceeding sales, cash flow or earnings. We obtain ownership data on these corporations from Worldscope, plus national stock exchanges, national company handbooks and the other sources listed in Appendices A and B. We trace backwards through the network of indirect ownership via other corporations to identify all the ultimate owners of each corporation that own at least 5 percent of its shares. We also identify the control stake of any ultimate owner that maintains a chain of control over that corporation which includes at least 5 percent of the control rights at each link.12 Claessens et al. (2000) carried out this task using 1996 data for East Asian corporations, of which 2603 have credible accounting data also; Faccio and Lang (2000) extend their work to Western Europe, identifying the ultimate ownership and control of 3294 corporations with credible accounting data in 1996. Thus, our empirical results are based on 5897financial and non-financial corporations, including many of small and medium size. Table 1 gives summary statistics of our East Asian and West European samples. For comparison, we give (in the column headed “LLS”) the corresponding 1995 statistics of La Porta et al. (1999) for a sample of 870 non-financial corporations from 27 countries, each represented by its 20 largest corporations, plus a sample of 10 medium-size12The same 5 percent cut-off was used by La Porta et al. (1999) and Claessens et al. (2000).corporations. Their statistics differ from ours mainly because their sample has a higher ratio of large corporations.Because of the difficulty of organizing dispersed shareholders, an ultimate owner that is the largest shareholder and holds a large percentage of its voting shares usually has de facto control. Such an owner is defined to be the corporation’s "controlling shareholder" at the specified percentage of voting rights. We consider two cutoff levels: 20 percent and 10 percent. The 20 percent cutoff has been used in earlier studies by La Porta et al. (1999) and Claessens et al. (2000); we find evidence that control links of this strength are well recognized by investors. However, we also find evidence that weaker control links permit expropriation that is not recognized by investors. If no shareholder holds at least the cutoff percentage of the control rights, then the corporation is said to be "widely-held" at this control level. While corporations that are widely held at the 20 percent or the 10 percent levels are typical in the US, Table 1A shows that such corporations are a minority in Asia (respectively 43.60 percent and 20.28 percent), and even more so in Europe (respectively 39.01 percent and 15.60 percent). Thus, we focus on the agency problems of corporations with a controlling shareholder at these control levels. Families are the predominant controlling shareholders in Asia at both the 20 percent and the 10 percent levels (controlling respectively 37.86 percent and 45.05 percent of corporations) and even more so in Europe (controlling respectively 43.13 percent and 55.90 percent).13 The controlling shareholder has especially tight control of a corporation if it has family ties to a top manager (CEO, Honorary Chairman, Chairman, or Vice-Chairman of the corporation) or if all other ultimate owners hold only a small proportion of the control rights, say13The percentages would be even higher if we exclude Japan and the U.K., which have much less family control.less than 10 percent. Table 1B shows that European corporations are more likely to have family ties between the controlling shareholder and a top manager, but are also more likely to have multiple large owners with at least 10 percent of the control rights.[Table 1 goes about here]A corporation is said to be “group-affiliated” if it satisfies one of the following criteria: (i) it is controlled by a shareholder via pyramiding, i.e., indirectly through a chain of corporations; (ii) it controls another corporation in the sample; (iii) it has the same controlling shareholder as at least one other corporation in the sample; (iv) its controlling shareholder is a widely-held corporation or a widely-held financial institution14. Table 1C gives the percentages of corporations that are group-affiliated at the 20 percent and the 10 percent levels of control, as well the percentages of corporations in three nested subsets: those controlled via a pyramid; via cross-holding (i.e., the controlled corporation Z owns some shares in its controlling shareholder or in a corporation in its control chain); and via reciprocal holdings (i.e., the controlled corporation Z is the controlling shareholder of the corporation that controls it).At both levels of control, Europe has a substantially smaller proportion of corporations controlled by pyramiding and cross-holding. It has a slightly smaller percentage of group-affiliated corporations at the 20 percent level, but a substantially lower percentage at the 10 percent level. Lowering the cutoff level of control from 20 percent to 10 percent adds only 97 European corporations (2.94 percent) to those classified as group-affiliated. This suggests that14Such corporations have the same incentive and opportunity to manipulate the corporations that they control as the controlling shareholder of a corporate pyramid. The same definition was used in Claessens et al. (1999b). Tarun Khanna and Krishan Palepu (2000) use a different definition.high levels of control rights (in excess of 20 percent) are generally needed for effective control in Europe. By contrast, lowering the cutoff level of control from 20 percent to 10 percent adds 402 Asian corporations (15.44 percent) to those classified as group-affiliated, i.e., over 1/7 of Asian corporations are “loosely affiliated”, in that they are group-affiliated at the 10 percent level but not at the 20 percent level. This suggests that in Asia, effective control can be achieved with low levels of control rights, presumably because minority shareholders enjoy less protection.Table 1D shows that, compared to Asia, the controlling owner in Europe typically owns a much higher proportion of shares in the corporations that it controls (34.6 percent vs. 15.70 percent), so it has less incentive to expropriate minority shareholders. It also has less scope to expropriate because it has a much higher ratio of ownership to control rights (0.877 versus 0.746).Table 2 shows that, at the 20 percent level of control, the size distribution of groups does not differ greatly between Europe and Asia; neither region has a group comprising more that 100 companies. However, at the 10 percent level, the typical European group is significantly smaller, and thus more transparent, which also reduces the scope for expropriation. At the 10 percent level, there are 0 European groups, but 3 Asian groups, comprising more than 100 corporations. In Europe, the top 5 ultimate owners control 326 corporations (9.90 percent); the top 18 groups control 533 (16.18 percent). In Asia, the top 6 ultimate owners control 611 corporations (23.47 percent), including 313 (77.86 percent) of those that are loosely-affiliated; the top 22 ultimate owners control 838 (32.19 percent), including 335 (83.33 percent) of those that are loosely-affiliated. Our regressions will indicate that loosely-affiliated corporations are most vulnerable to expropriation.[Table 2 goes about here]III. Dividend DataThe rate at which corporations pay dividends provides a perspective on insider expropriation because dividends transfer wealth from the discretion of the controlling shareholder to all shareholders on a pro-rata basis. By contrast, balance sheet items above the dividend line can be manipulated in favor of the controlling shareholder. We define dividends as total cash dividends paid to common and preferred shareholders.15 The rate at which dividends are paid shall be measured by four ratios:The dividend/cash-flows ratio (Div/cf), where cash flows are defined as total cash from operations, net of non-cash items from discontinued operations.The dividend/earnings ratio (Div/earn), where earnings are measured after taxes and interest but before extraordinary items.The dividend/sales ratio (Div/sale), where sales are net sales.The dividend/market-capitalization ratio (Div/mkcap), where market capitalization is the total market value of common and preferred stocks.The diversity of measures of the dividend rate should help insulate our overall conclusions from biases in individual measures that might arise from accounting practices and manipulations by controlling shareholders. In each case, we use 5-year averages over 1992-96, rather than annual figures, to smooth out noise and transitory factors. For corporations with incomplete data over the 5-year period, we compute the average over the years with complete data to maximize15Preferred stock resembles debt in locking management into fixed obligations so, in principle, it could also serve to bind managers from expropriating shareholders. However, in both Western Europe and East Asia, the book value of preferred stock is extremely small, so this is not a significant consideration in practice.the size of our sample.16 We adjust each corporation’s dividend rates for industry effects by subtracting the median of the dividend rate for sample corporations in the same industry, as measured by the 2-digit SIC code. This leads to the corporation's industry-adjusted (IA) dividend rate.[Table 3 goes about here]Table 3 explains the construction of the variables used in our regression, which include those described above, plus corporation- and country-specific variables that control for other factors that might have a systematic effect on dividends. Corporation-specific variables include size, measured by the logarithm of the corporation's total assets, Ln(TA), and leverage, measured by the ratio, D/A, of total financial debt (including leasing) to net assets. We expect highly-levered corporations to pay lower dividends, because (i) they must pay a higher interest rate on their loans; (ii) creditors will seek to prevent the transfer of wealth to shareholders; (iii) debt and dividends are substitutes in controlling agency problems.17 As in La Porta et al. (2000b), the growth of sales decile, GSDecile, controls for a corporation’s growth opportunities, which might call for retention of earnings to finance investment projects internally. A capital rationing dummy, CRation, controls for the rationing that a corporation might face in the capital markets. To construct this variable, we first compute the average annual increase in stock capital (i.e., excluding reserves and retained earnings) plus financial debt (including leasing) as a ratio of sales. The use of flow variables focuses upon current instead of past rationing and is less vulnerable to accounting biases. We take the 5-year average of this ratio to smooth over rationing16Our conclusions would have been unchanged had we simply eliminated corporations with incomplete data.17This last point is in line with Jensen’s (1986) arguments on free cash flow.。

夏锐的毕业论文

夏锐的毕业论文

我国高技术硅产业发展与应用摘要大家知道,煤,石油、天然气等都是不可再生资源,它们用一些就少一些,不可能再重新产生。

所以在现在科技高速发展,人们物质生活需求日益增加的前提下,要想实现社会的可持续发展,就必须去探索新能源,利用可再生能源,风能,太阳能等这些是可以再生的,本文主要介绍与太阳能有关的材料——硅。

硅是地球上很丰富的元素,地表层含硅23%。

硅的无机化合物很早就被利用。

随着工业的发展,特别是随着有机碳化学的发展,化学家们开始探索硅化学以及硅一碳结合的化学。

硅在光伏发电和太阳能方面有着广泛的用途,高技术硅产业关系到电子信息及光伏太阳能产业的开展。

经过停止方案指点下的战略性规划、建设信息共享机制、完善区域开展评价体系、整合资源、增强研发、成立国度产业工人基地等措施以及鼓舞中小企业配套生产,可以培育我国硅产业国际市场竞争力。

本文结合当前硅产业的发展状况和生产硅的工艺流程,来说明硅产业的发展状况,多晶硅生产流程及应用领域。

关键词:硅产业,多晶硅生产工艺流程,硅的种类与应用领域OUR HIGH TECHNOLOGY INDUSTRIAL DEVELOPMENT AND APPLICATION OF SILICONABSTRACTAs we all know, coal, oil, natural gas, are all non-renewable resources, they use some for less, can no longer reproduce. So now the rapid development of science and technology, increasing demand for material life of the people under the premise, in order to achieve sustainable development of society, we must to explore new energy, renewable energy, wind energy, solar energy and other which can be regenerated, and this paper Introduction and solar-related material – silicon.Silicon is the earth very rich elements, ground surface of silicon 23%. Silicon inorganic compounds have long used. With the development of industry, especially with the development of organic carbonization learn, chemists began to explore s ilicon chemistry and silicon a carbon combination of chemistry.Abstract: High-tech silicon industry is the foundation of the IT industry and solar energy industry. By some policies such as strategic layout based plan, information sharing, and the assessment system and integrate resources, we can improve our global competitive ability of silicon industry.Combining with the current silicon industry development condition and production silicon process, to illustrate silicon industry, the development situatio n of polysilicon production process and application fields.KEY WORDS:Silicon industry, Polysilicon production process, The types and application field silicon目录前言 (1)第1章硅产业发展状况 (2)1.1需求与供应状况 (2)1.2 投资与估量产能状况 (2)1.3 硅产业技术状况 (3)1.4 我国硅产业中存在的基本状况 (3)1.4.1 国内多晶硅发展状况 (4)1.4.2 技术及管理人才缺失 (5)1.4.3 商业信誉效果 (6)1.5 我国硅产业处置方案 (6)1.5.1 方案指点下的战略性区域规划 (6)1.5.2 建设信息共享机制 (7)1.5.3 完善区域开展评价体系 (7)1.5.4 整合资源,协作研发 (7)1.5.5 鼓舞开展中小企业,构成产业链配套群 (8)第二章多晶硅生产工艺 (8)2.1 改良西门子法 (9)2.2 硅烷法 (10)2.3 流化床法 (11)2.4 生产SOG硅的新工艺技术 (12)2.4.1 冶金法 (12)2.4.2 气液沉积法 (13)2.4.3 无氯技术 (14)2.4.4 碳热还原反应法 (14)2.4.5 铝热还原法 (14)2.4.6 常压碘化学气相传输净化法 (15)2.5 国内相关工艺研究进展 (15)2.5.1 改进改良西门子法 (15)2.5.2 低成本生产SOG硅的新工艺 (17)第3章硅的种类与应用领域 (19)3.1 硅的种类 (19)3.1.1 单晶硅 (19)3.1.2 多晶硅 (20)3.2 应用领域 (21)3.2.1 制作电力电子器件 (22)3.2.2 制作高效率太阳能光伏电池 (22)3 .2.3 制作射频器件和微电子机械系统(MEMS) (23)3.2.4 制作各种探测器、传感器,远红外窗口 (23)结论 (24)谢辞 (25)参考文献 (26)外文翻译 (28)前言硅在光伏发电和太阳能方面有着广泛的用途,高技术硅产业关系到电子信息及光伏太阳能产业的开展。

faculty &research working paper

faculty &research working paper

The Timing of Capacity Investment byStart-ups and Established Firmsin New Markets_______________Robert SWINNEYGérard P. CACHONSerguei NETESSINE2010/60/TOMThe Timing of Capacity Investment by Start-ups and Established Firms in New MarketsRobert Swinney *Gérard P. Cachon**Serguei Netessine***August 2010This paper can be downloaded without charge from the Social Science Research Network electroniclibrary at: /abstract=1664958A previous version of this paper was titled “Capacity Investment by Competitive Start-ups”. The authors thank the Mack Center for Technological Innovation at the Wharton School for support of this project, and the Department Editor, Associate Editor, and three anonymous referees for many helpful comments.* Assistant Professor of Operations, Information, and Technology at Graduate School of Business, Stanford University 518 Memorial Way, Stanford, CA 94305-5015 USA.Email: swinney@** The Fred Sullivan Professor; Professor of Operations and Information Management;Chairperson, Operations and Information Management The Wharton School, University ofPennsylvania 3730 Walnut Street 500 Jon M. Huntsman Hall Philadelphia, PA 19104-6340,USA. Email: cachon@* P rofessor of Technology and Operations Management, The INSEAD Chaired Professor of Technology and Operations Management at INSEAD Boulevard de Constance 77305 Fontainebleau, France. Email: essine@A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researcher's thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision.Printed at INSEAD, Fontainebleau, France. Kindly do not reproduce or circulate without permission.The Timing of Capacity Investment byStart-ups and Established Firms in New MarketsRobert SwinneyGraduate School of Business,Stanford University,swinney@Gérard P.CachonThe Wharton School,University of Pennsylvania,cachon@Serguei NetessineINSEAD,essine@September,2009;Revised February,2010,and August,2010AbstractWe analyze the competitive capacity investment timing decisions of both established…rms and start-ups entering new markets which are characterized by a high degree of demand uncer-tainty.Firms may invest in capacity early(when the market is highly uncertain)or late(whenmarket uncertainty has been resolved),possibly at di¤erent costs.In our model,established…rms choose investment timing and capacity level to maximize expected pro…ts.Start-ups areprone to bankruptcy if pro…t turns out to be too low,and hence choose investment timing andcapacity level to maximize the probability of survival.Surprisingly,we…nd that in monopolysituations,a start-up is more likely to prefer early investment than an established…rm,despitethe presence of demand uncertainty.In duopoly situations with one start-up and one estab-lished…rm competing in the same market,we characterize the equilibria of a strategic capacityinvestment timing game in which…rms choose when to build capacity.We…nd that whendemand uncertainty is high and costs do not decline too severely over time,the unique equilib-rium of this game is for the start-up to take a leadership role and invest…rst in capacity whilethe established…rm follows;by contrast,when two established…rms compete in an otherwiseidentical game,high demand uncertainty leads to both…rms investing late.Thus,the threat ofbankruptcy leads to an increase in sequential investment outcomes in which the start-up leads,a result that we demonstrate persists even if the start-up is concerned with both pro…t andbankruptcy risk or pro…t above the bankruptcy threshold.We conclude that the threat of…rmfailure signi…cantly impacts the dynamics of competition involving start-ups.1IntroductionFirms entering new markets face numerous operational challenges.Among the most crucial are issues related to capacity investment.Particularly when the size of a market is uncertain,twoA previous version of this paper was titled“Capacity Investment by Competitive Start-ups.”The authors thank the Mack Center for Technological Innovation at the Wharton School for support of this project,and the Department Editor,Associate Editor,and three anonymous referees for many helpful comments.1Electronic copy available at: /abstract=1664958common yet di¢cult decisions are how much capacity to invest in,and when to do it.When choos-ing how much capacity to build or reserve with a supplier,the trade-o¤is clear:too much capacity results in underutilized facilities(if output is reduced to match market demand)or depressed prices (if output remains high despite low demand),while too little capacity results in reduced sales and suboptimal pro…t and growth.Timing the capacity investment decision presents even subtler considerations.Uncertainty surrounding market size typically reduces over time,meaning a…rm that invests in capacity early is subject to a higher degree of demand uncertainty than a…rm that postpones the investment decision.On the other hand,in competitive situations,a…rm investing earlier than its rivals becomes the…rst-mover in the market,which may yield a strategic advantage.Indeed,the cost of capacity itself may change over time,either increasing(e.g.,if contract capacity becomes scarce as the market matures)or decreasing(e.g.,if learning enables lower-cost processes).These factors combine to make the decision of when to invest in capacity just as di¢cult and perilous,if not more so,as the decision of how much capacity to build or purchase.The timing of capacity investment when entering new markets is precisely the issue that we consider.We…rst examine stylized monopoly models in which the sole entrant to a new market must build or source capacity in anticipation of future demand.Eventual market size is uncertain, and the…rm is allowed to invest in one of two periods:if the…rm invests early,then it makes the capacity decision before knowing market size,whereas if it invests late,all demand uncertainty is eliminated and capacity is built or sourced after learning market size.The cost of capacity is allowed to vary between periods.Thus,a monopolist…rm must trade o¤the value of information (which is gained if the investment decision is delayed)with potential cost advantages from early investment.Because new markets are often pursued by nascent…rms,we focus on how the timing of capacity investment di¤ers between start-ups and established…rms.We consider the primary di¤erence between these two types of…rms to be the threat of bankruptcy or…rm rge established …rms diversifying into new markets are unlikely to face imminent peril should demand in that market turn out to be low;start-ups,on the other hand,are typically smaller…rms wholly invested in a single market,and thus,to a far greater extent than their established counterparts,face potentially disastrous consequences should the market fail to materialize as expected.The presence of this risk,2combined with the high degree of demand uncertainty that typically accompanies the development of a new market,implies that start-ups should have a utility function which takes into account the risk and consequences of failure.Hence,in our model,the objective of a start-up is to time the capacity investment decision to maximize the probability of survival.Established…rms,by contrast,do not face an imminent risk of failure,and hence make capacity decisions to maximize expected pro…t.In the monopoly setting,we examine how start-ups di¤er in their capacity timing decisions from established…rms,characterizing how market uncertainty,capacity costs,and the threat of failure in‡uence both capacity levels and investment timing.We…nd that established…rms are likely to prefer late investment even if early investment is cheaper,because the‡exibility to respond to market conditions engendered by late investment allows the…rm to capture higher pro…ts,particu-larly in high demand states.By contrast,start-ups prefer to invest in capacity whenever capacity is least expensive–that is,if capacity costs increase over time,start-ups prefer early investment–because lower capacity costs minimize the threshold market size that results in…rm survival and hence maximize the probability of survival.We then proceed to analyze duopoly models in which two…rms simultaneously consider entry into a new market.In addition to all of the trade-o¤s inherent in the monopoly model,the competitive interaction introduces a strategic aspect to the capacity investment timing decision: a…rm investing earlier than a competitor may gain a leadership position in a sequential game. We…nd that when a start-up competes with an established…rm,if market uncertainty is high (as in a new market)and costs do not decline severely over time,then the unique equilibrium is for the start-up to invest early,while the established…rm invests late.By contrast,when two established…rms compete,the only equilibrium when demand uncertainty is high is simultaneous: both…rms invest late.We thus conclude that the threat of failure experienced by a start-up tends to push capacity investment earlier–in both monopolistic and competitive situations–and leads to asymmetric investment timing equilibria in which start-up…rms,remarkably,act as…rst-movers in new markets,despite the apparent advantages of established…rms in terms of resources and technology.In this regard,our…ndings relate to several streams of research,for example the literature on disruptive innovation.The seminal works on this topic are Bower and Christensen(1995),Chris-3tensen and Bower(1996),and Christensen(1997);Schmidt and Druehl(2008)provide a recent review.A disruptive innovation is an improvement in a product or service that fundamentally changes its cost,performance,or target market in new or unexpected ways.1Such innovations are typically enabled by scienti…c,technological,or process advancements;for example,the rise of inex-pensive,physically compact desktop computers enabled the emergence of the personal computing market over the minicomputer and mainframe markets,and the development of cheap,tiny digital ‡ash storage technologies helped contribute to the dominance of digital photography over…lm pho-tography.A recurring question in this literature is:why do large,established…rms typically fail to embrace disruptive innovations early,while smaller start-up…rms often take a leadership role in bringing the innovations to market?Our model supports one possible answer to this question, namely,that it is the natural equilibrium of an endogenous timing game between a start-up and an established…rm.The remainder of this paper is organized as follows.§2provides a brief review of the literature.§3analyzes the monopoly model,while§§4–5analyze the duopoly model.§6presents several extensions to the basic model,and§7concludes the paper.2Related LiteratureThere are three primary streams of research related to our work:the operations literature on ca-pacity investment under uncertainty;the economics literature on competitive capacity investment; and the strategic management literature on new market entry and disruptive innovation.The latter topic was discussed in§1;here,we brie‡y review the remaining two broad areas,with further references to relevant works included throughout the remainder of the paper.Our model is one of capacity investment with stochastic demand.As such,it is related to the extensive operations literature on this topic–see the comprehensive review by Van Mieghem (2003).A number of papers consider the value of delaying capacity investment in order to obtain more accurate demand information–see,e.g.,the literature on postponement,such as Van Mieghem1We abstract from the details of innovation and focus on the outcome of innovation resulting in highly uncertain new markets;thus,while we use the term“disruptive”as it invokes an image of signi…cant market upheaval and uncertainty,innovation in our context could in fact be any of the four types of technological change described by Lange et al.(2009)–sustaining,disruptive,architectual,and competence destroying discontinuities–so long as the result is uncertainty in the size of the resultant market.4and Dada(1999),Anand and Girotra(2007),and Anupindi and Jiang(2008),though these works di¤er from ours in that they do not consider the possibility of…rm bankruptcy and the implications it may have on the timing incentives of a start-up…rm.Some works of particular relevance in this stream include Archibald et al.(2002),Babich et al.(2007),Babich(2008),Swinney and Netessine(2009),and Boyabatli and Toktay(2007),all of which consider the impact of bankruptcy risk on capacity or inventory decisions.Tanrisever et al.(2008)consider the related issue of simultaneous investment into capacity and process improvement in the presence of bankruptcy. While these papers address various consequences of bankruptcy on operational decisions(including process development,capacity levels,…nancial subsidies to suppliers,and contracting and sourcing strategies),no paper in the literature,to our knowledge,considers the impact of bankruptcy or…rm failure on capacity investment timing.Indeed,there is a relative lack of research in the operations literature on the topic of capacity investment timing for entry into new markets.We analyze duopoly models consisting of two…rms strategically investing in capacity before either begins to sell in the market.Similar models,frequently referred to as“endogenous leadership games”in the economics literature,have been studied by Gal-Or(1985),Saloner(1987),Hamilton and Slutsky(1990),Maggi(1996),and Bhaskaran and Ramachandran(2007).Maggi(1996) considers an endogenous leadership game with demand uncertainty,much like ours,although two key di¤erences are that the di¤ering objectives of start-ups(and hence the impact of bankruptcy) are not considered,and further capacity investment may occur in multiple periods(whereas in our model,capacity investment occurs in at most one period,due to,e.g.,high…xed costs).Also related along these lines is the long stream of research on capacity investment for entry deterrence, pioneered by Spence(1977).Lastly,there is an extensive literature on entry timing for reasons not related to strategic capacity investment.Some examples include social in‡uence(Joshi et al.2009),quality or cost improvements(Lilien and Yoon1990),product technology(Bayus and Agarwal2007),and product design(Klastorin and Tsai2004).Our paper di¤ers from these by focusing solely on the impact of bankruptcy risk on capacity investment timing under demand uncertainty,and exploring how such risk impacts timing in duopolistic settings.53Monopolistic FirmsIn this section,we introduce and analyze two di¤erent monopoly models of capacity investment timing in a new market with uncertain demand:§3.1discusses an established,pro…t-maximizing …rm,while§3.2considers a start-up prone to bankruptcy.The established…rm model is a relatively standard formulation,and serves as a vehicle to introduce the dynamics of our setting and also as a baseline for comparison with the bankruptcy-prone start-up.We defer all discussion of competition until§4.3.1A Monopolistic Established FirmAn established…rm(denoted by the subscript e)sells a single product.2The quantity of the product released to the market is Q e.The market price is given by the linear demand curve p(Q e)=A Q e.Prior to determining the production quantity,the…rm must invest in production capacity K e which determines its maximum output.This capacity may be internal to the…rm (e.g.,if the…rm in question is a manufacturer)or external(e.g.,if the…rm outsources production to a contract manufacturer).There is no constraint on the total amount of capacity that can be built or reserved in either case.Capacity investment may occur at one of two times:either early or late.Early investment is su¢ciently far in advance of the selling season that the total market size is uncertain.The uncertainty in market size is re‡ected in the demand intercept,A,which is modeled as a continuous random variable with positive support,distribution function F,mean ,and variance 2.Late investment,on the other hand,is su¢ciently close to the start of the selling season that all uncertainty in A is eliminated–hence,capacity investment is made after observing the realized value of A.Demand uncertainty may be reduced or eliminated via a variety of mechanisms.For example, uncertainty may be resolved exogenously if demand depends highly on overall market or economic conditions at the time of product release,or if demand is a function of overriding consumer trends in the category.The…rm may take actions to resolve demand uncertainty,such as performing extensive market research,employing consumer focus groups,or working with retailers to improve2We implicitly assume that the established…rm–diversifying into the new market–has already evaluated the impact(if any)that market entry will have on sales of its existing products,and determined that entry is pro…table; Druehl and Schmidt(2008)analyze this related problem of how new market entry can encroach on sales of existing (substitutable)products.6stly,the…rm may even produce some(economically insigni…cant)number of units (e.g.,using outsourced capacity)to sell in test markets,postponing full capacity investment until a later date.Regardless of when the…rm chooses the capacity,the production quantity(Q e)is determined after A has been observed and K e has been…xed(i.e.,just before the selling season),and hence output is subject to the constraint Q e K e.We assume that capacity investment,whenever it is made,is irreversible.Furthermore,capacity investment can occur in at most one period.3The total capacity cost is linear in the amount of capacity reserved,and the marginal cost of capacity may vary over time.The unit cost in the early period is denoted c1and the unit cost in the late period is denoted c2.We make no ex-ante assumption on the ordering of c1and c2.Costs that decrease over time(i.e.,c1>c2)may be re‡ective of exogenous technological or process cost improvements,innovation,or raw materials cost decreases;similarly,costs that increase over time (c1<c2)could occur if contract manufacturers o¤er a discount for early investment,if capacity in the later period is scarce,or if second period capacity must be installed more quickly,incurring expedited construction or con…guration costs.The reasons behind inter-temporal cost variation are outside the scope of this paper;rather,we will present results that hold conditional on a particular cost trend.The marginal production cost is zero,and for analytical tractability,we assume that the…rm adheres to a production clearance strategy:that is,the…rm always produces up to its capacity and releases the maximum quantity to the market,Q e=K e.(The issue of holdback,i.e.,producing a quantity less than the total capacity,is discussed in§6.3.)The established…rm,being a large, diversi…ed company,faces minimal risk of bankruptcy as a result of entry into this new market–hence,facing uncertainty in market size(A),the established…rm seeks to maximize expected pro…t, which is denoted E( e(K e)),where the absence of the expectation operator, e(K e),is used to denote pro…t for a particular realization of A.Throughout the analysis,optimal values(capacities, pro…ts,etc.)are denoted by the superscript .3In reality,…rms may be able to invest in capacity in multiple periods.Allowing such an option clearly does not impact the evaluation of deferred(late)investment,though it may increase the value of early investment.If…xed costs of capacity installation or expansion are high,then the value of an option to invest in both periods is relatively low–in the extreme case,if…xed costs are high enough,then…rms will only invest in capacity in one period.This is the case that we consider.7Given this formulation,the…rm’s optimal expected pro…t from early capacity investment isE( e)=maxE((A K e c1)K e);(1)K e 0while the…rm’s optimal expected pro…t from late capacity investment isE( e)=E max K e 0((A K e c2)K e) :(2) Thus,when the…rm is deciding whether or not to invest in capacity in the early period,it must compare(1)with(2).The following theorem provides the details of the optimal capacity timing and investment level.Theorem1A monopolist established…rm prefers early investment if and only if2<( c1)2 ( c2)2;(3) yielding optimal capacity K e=( c1)=2and expected pro…t E( e)=( c1)2=4.Otherwise, the…rm prefers late investment,yielding optimal capacity K e=(A c2)=2and expected pro…t E( e)=( c2)2=4+ 2=4.Proof.All proofs appear in the appendix.As Theorem1demonstrates,an established monopolist prefers early investment if and only if equation(3)holds,i.e.,if demand uncertainty is low and early investment is cheaper than late investment(c1<c2).Note that if capacity costs decrease over time(c1>c2),the…rm prefers late investment for any feasible variance(i.e.,for any 2 0).If capacity costs increase over time(c1<c2),the…rm may prefer early or late investment,depending on the level of demand uncertainty.3.2A Monopolistic Start-upA common feature of new markets,particularly those enabled by ground-breaking or unforeseen technological innovation,is that they are characterized,ex ante,by a large amount of demand uncertainty.Thus,far more so than their established counterparts,smaller start-up…rms are8exposed to a serious risk:the risk of bankruptcy or…rm failure,should demand turn out to be low. Consequently,while it is quite natural to assume that established…rms make decisions to maximize expected pro…ts,it is less clear that start-ups should or do behave in the same way:as Radner and Shepp(1996)and Dutta and Radner(1999)demonstrate,a…rm prone to bankruptcy that purely maximizes expected pro…t over an in…nite horizon will fail with probability one.The objective of a start-up should,then,take into account the acute risk of failure associated with entry into a new market.This implies that…rms particularly prone to bankruptcy–for our purposes,start-ups entering new markets–in fact have a utility function that depends both on operating pro…t and the risk of failure,e.g.,Total Utility=Operating Pro…t Cost of Bankruptcy Probability of Bankruptcy,(4)where the“cost of bankruptcy”represents either real costs(e.g.,default penalties on loans),or a virtual penalty term embodying the expected consequences of bankruptcy.4This type of utility function can be found,for example,in the seminal paper by Greenwald and Stiglitz(1990)and in Brander and Lewis(1988)and Walls and Dyer(1996).If the probability of default due to the outcome of this particular market is very low,then the…rm may safely ignore the last term and simply maximize expected operating pro…ts;this would be the case with large,established…rms considering diversifying entry into a new market that represents a small potential fraction of their total business.Our model in the preceding section addressed precisely this scenario.Alternatively,if the cost of bankruptcy is large compared to the assets of the…rm and would result in…nancial ruin,or if the probability of bankruptcy is high(either of which is likely to be the case for a start-up),the second term dominates the expression;the maximization problem may then be thought of as approximately equal to minimizing the probability of bankruptcy or,equivalently, maximizing the probability of survival.As a result,in what follows,we assume that the presence of failure risk implies that start-ups have a di¤erent objective than established…rms:instead of maximizing expected pro…ts,they maximize their chance of survival.Essentially,while any…rm has a true pro…t function that accounts for both operating pro…ts and the chance of bankruptcy as4From the accounting and…nancial points of view,the meaning of the word“bankruptcy”is often complex and does not necessarily imply that the company fails;the actual event of bankruptcy can have varying degrees of consequence to a…rm,ranging from reorganization(Chapter11bankruptcy)to total liquidation(Chapter7bankruptcy).When using this term we simply imply that the company becomes insolvent and ceases to exist due to the negative cash-‡ow.depicted in(4),we examine extreme cases:established…rms are entirely concerned with operating pro…ts while start-ups are entirely concerned with the probability of bankruptcy.As Chod and Lyandres(2008)discuss,the owners of private…rms(e.g.,start-ups in our model)are typically less diversi…ed than the owners of public…rms(established…rms in our model),and hence are more sensitive to the risk inherent in a single venture and the corresponding chance of failure.Thus,it’s reasonable that start-ups and established…rms have di¤erent objectives–see Chod and Lyandres (2008)and references therein for a detailed discussion of this matter.This dichotomization of the objective function,while stylized,allows us to obtain sharp results;we extend our analysis numerically to the case of other,more complicated,objective functions in§6.4.Consequently,the details of the model are identical to those introduced in§3.1,except for the objective function of the…rm.We use the subscript s to denote a start-up…rm.The start-up seeks to time its capacity investment and set the precise capacity level in order to maximize the probability of survival,denoted s(K s).We assume that survival occurs for the start-up if,at the end of the selling season,total revenues are greater than debt,where debt is de…ned to be the sum of two components:…xed,capacity-independent debt ,and variable,capacity-dependent debt, which is linear in the installed capacity.The…xed component of debt, ,is an exogenous parameter which may represent,for example, loans taken to fund initial start-up expenses,overhead,market research,or R&D costs.This aspect of the start-up’s debt is pre-existing and…xed at the start of our model,and the terms of the loan are structured such that must be repaid after the start-up begins generating revenues. In other words,the start-up raises capital in multiple rounds;early rounds fund R&D and start-up expenses while late rounds fund capacity investment.We analyze the stage of the game after the early rounds but before the later rounds,i.e.,after the start-up’s initial capital structure,R&D expenses,etc.have been…xed,similar to the second stage of the two-stage capital structure and capacity games analyzed in Brander and Lewis(1986)and Brander and Lewis(1988).The variable component of debt,linear in the capacity level,is only raised at the time that capacity is installed.Regardless of when the capacity investment is made(early or late)the terms of the loan state that repayment occurs after the start-up has generated revenues,i.e.,at the end of the selling season.Consequently,the start-up must generate enough operating revenue during the selling season to pay both components of its debt;otherwise,it will fail.In other words,survivalFigure1.The sequence of events in the monopolistic start-up model.occurs ifOperating Revenue +Capacity Costs,or,equivalently,if operating pro…t(revenues minus capacity costs)is greater than the…xed debt .The sequence of events is summarized in Figure1.In what follows,we assume that the start-up’s capacity costs are identical to the established …rm analyzed in the preceding section(c1and c2for early and late investment,respectively),with the understanding that,in general,the cost of capacity may be di¤erent for a start-up,particularly if the cost of capital di¤ers from an established…rm.§6.2explores a generalization of our model with heterogeneous capacity costs.The optimal survival probability from early investment is thuss=maxPr((A K s c1)K s );(5)K s 0while the optimal survival probability from late investment iss=Pr max K s 0((A K s c2)K s) :(6) Note that,in equation(6),we have assumed that a start-up investing late,no longer subject to any uncertainty in demand,chooses a capacity level to maximize pro…t;at this stage,the start-up does not maximize the probability of survival because the lack of uncertainty makes this quantity ill-de…ned.However,by maximizing pro…t after observing market size under late investment,the。

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近年来高技术发展出现了不少新特点
高度的创新性 高度的集成性 高度的渗透性 高度的竞争性 高速的转化周期 . 高技术产业化的速度快, 成 高速的转化周期. 高技术产业化的速度快 , 果转化周期短,市场反馈快,产品更新换代快. 果转化周期短,市场反馈快,产品更新换代快. 成果转化周期在19 世纪为50 年左右, 二战后为 7 成果转化周期在 19世纪为 50年左右 , 二战后为7 年左右,这些年来在一些领域进一步缩短. 年左右,这些年来在一些领域进一步缩短.如在 微型计算机领域, 甚至仅隔 6 微型计算机领域 , 甚至仅隔6 个月就有新一代产 品问世. 品问世.
4
走访创业者的要求
不是课堂上讲的企业 是高技术企业 创办不到五年 最好是清华校友创办的企业
5
导论:何谓创业?
创业 : 一般指发现 , 创造和利用适当的创业机 创业: 一般指发现, 会,组合生产要素,创立新的事业,以获得新的 组合生产要素,创立新的事业, 商业成功的过程或活动. 商业成功的过程或活动. 创业的目的 : 不外乎是为了获得商业上的成功 , 创业的目的: 不外乎是为了获得商业上的成功, 获得商业利润.尽管创业会有这样那样的风险, 获得商业利润.尽管创业会有这样那样的风险, 但真正的创业者常常会为了预期的"未来之梦" 但真正的创业者常常会为了预期的"未来之梦" 而冒险创业. 而冒险创业. 两类创业活动 : 独立创业 , 内部创业( 以现存 两类创业活动: 独立创业, 内部创业 ( 企业为平台, 企业为平台,以相对独立的组织单元开创新的事 业)
6
导论:理解高技术
何谓高技术?
一般将尖端技术,先导技术等称之为高技术. 具体包括七大技术领域:①信息技术;②生物技术;③ 具体包括七大技术领域:①信息技术;②生物技术;③ 新材料技术;④自动化技术;⑤新能源技术;⑥激光技 术;⑦航天技术.相应,使用这些技术的将技术密集型, 知识密集型产业称之为高技术产业. 高技术和高技术产业皆是历史的,动态的概念.由于不 高技术和高技术产业皆是历史的,动态的概念.由于不 同国家的经济及科技发展水平不同,对高技术和高技术 产业的界定也有差异.如经济合作与发展组织将高技术 产业界定为技术密集型产业.日本将高技术产业界定为 智能知识密集型产业,尖端技术产业.美国则将高技术 产业界定为高级技术产业.
每个小组走访一家高技术新创企业, 每个小组走访一家高技术新创企业,写调研报 有小组走访实况照片或录像为证), ),并在 告(有小组走访实况照片或录像为证),并在 课堂上汇报
e.期末个人写报告 个人就感兴趣的内容写篇感想(A4一页) e.期末个人写报告 个人就感兴趣的内容写篇感想(A4一页 一页) 考核 10%出勤+50%D+40%E 10%出勤+50%D+40%
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导论:高技术创业的主要特点 导论:高技术创业的主要特点
高难度,高投入,高风险, 高难度,高投入,高风险,高收益:
高难度,指高技术创业通常是R&D高密集的,企业的成长 高难度,指高技术创业通常是R&D高密集的, 及发展都需要持续的R&D支持. 及发展都需要持续的R&D支持. 高投入 , 指创办同样规模的企业 , 高技术企业通常需要 高投入, 指创办同样规模的企业, 较高的资金投入. 较高的资金投入. 高风险 , 指高技术创业者通常会遇到高技术开发 , 生产 高风险, 指高技术创业者通常会遇到高技术开发, 的探索性所引起的技术风险, 的探索性所引起的技术风险 , 由高技术产品市场的潜在 性引起的市场风险, 性引起的市场风险 , 由需要持续的资金投入引起的财务 风险, 由国家法律 , 政府政策" 事后规制" 风险 , 由国家法律, 政府政策 " 事后规制 " 引发的制度 风险. 风险. 高收益 , 指高技术创业如能成功 , 三, 五年之后 , 通常 高收益, 指高技术创业如能成功, 五年之后, 可以得到数十倍,上百倍于原始投入的巨大收益. 可以得到数十倍,上百倍于原始投入的巨大收益.
高技术创业管理
雷家骕 经管学院 技术经济与管理系 89953(0)
leijs@
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思考题
创业中会遇到那些问题? 创业管理与常规企业管理有那些差异? 课件同时挂在《高技术创业管理》 讨论区: 课件同时挂在《高技术创业管理》 讨论区: 入口地址:在"经管学院主页- 分类讨论"中: 入口地址:在"经管学院主页->分类讨论"中: 序号:124. 序号:124. 学生帐号:s547;学生口令:ma8923 学生帐号:s547;学生口令:ma8923
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联 系
教师:雷家骕-技术经济与管理系 教师:雷家骕
Tel.,62789953 Tel., email,leijs@ email, office.,南322 office.,南322
助教:李靖
email,lij27@ email,
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高技术创业:21世纪的创业主流 高技术创业:21世纪的创业主流
近年来,不断有人预期:21世纪是高技术产业的世纪,国家的兴旺, 近年来,不断有人预期:21世纪是高技术产业的世纪,国家的兴旺, 民族的生存,与一国高技术产业的发展速度与质量息息相关.相应, 民族的生存,与一国高技术产业的发展速度与质量息息相关.相应, 高技术创业即被视为21世纪的创业主流. 高技术创业即被视为21世纪的创业主流. 如在美国,20世纪的下半期,高技术产业对美国经济增长的贡献已 如在美国,20世纪的下半期, 达到整个经济增长的40% 贡献了经济总量的23% 达到整个经济增长的40%,贡献了经济总量的23%.仅处于美国硅 谷核心的加州圣克拉拉县( 谷核心的加州圣克拉拉县 ( Santa Clara ) 的工业产值早已超过 1 万 Clara) 的工业产值早已超过1 亿美元,成为全球第11位经济实体,且每年以两位数的速度增长. 亿美元,成为全球第11位经济实体,且每年以两位数的速度增长 . 早在1997年 圣克拉拉的出口额即超过纽约,波士顿, 早在1997年,圣克拉拉的出口额即超过纽约,波士顿,而成为全美 最大的经济实体. 最大的经济实体. 在我国,北京中关村科技园10多年来保持了持续的高速发展,迅速 在我国,北京中关村科技园10多年来保持了持续的高速发展, 成为首都新的经济增长点,方正,紫光,时代, 成为首都新的经济增长点,方正,紫光,时代,北新建材等企业的 主导产品占领了国内同类产品市场的40-70% 早在1997年 主导产品占领了国内同类产品市场的40-70%.早在1997年,中关村 科技园海淀园( 前为海淀高新技术产业试验区 ) 科技园海淀园 ( 前为海淀高新技术产业试验区) 即以占全市不到 1/60的从业人员,创造出了全市1/5的国内生产总值. 60的从业人员,创造出了全市1 的国内生产总值.
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53个国家级高新区高技术产品出口额及与全国比较 53个国家级高新区高技术产品出口额及与全国比较
亿美元 500 450 400 350 300 250 200 150 100 50 0 1996 1997 1998 1999 2000 2001 0% 30% 20% 10% 高新区高技术产 品出口额占的百 分比 60% 50% 40% 高新区高技术产 品出口额 我国高技术产品 出口额
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谢 谢
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21世纪的高技术创业活动将主要围绕 21世纪的高技术创业活动将主要围绕 11个技术领域: 11个技术领域:
能源技术, 能源技术,环境技术 农业与食品 计算机硬件, 计算机硬件,软件 通信技术, 通信技术,基于信息技术的服务 自动化制造, 自动化制造, 新材料 医药 新型交通运输
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主要要求
购买教材,自己阅读 到堂上课,自由组队5-7,参加讨论, 到堂上课,自由组队5 给出你的mail地址,关注的行业,以便 给出你的mail地址,关注的行业,以便 于联系和组织教学 发给助教李靖:lij27@
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参考教材
▲雷家骕,《高新技术创业管理》,机械工业出版社, 雷家骕 高新技术创业管理》 机械工业出版社, 2000年 2000年; ▲「美」Howard H. Stevenson,《新企业与创业者》中 Stevenson, 新企业与创业者》 文版,清华大学出版社,2002年 文版,清华大学出版社,2002年. ▲「美」小乔治斯托尔克,《企业成长战略》中文版, 小乔治斯托尔克, 企业成长战略》中文版, 中国人民大学出版社,哈佛商学院出版社,1999年 中国人民大学出版社,哈佛商学院出版社,1999年. ▲ [英] R.梅雷迪斯著,《管理团队-成败启示录》,机 R.梅雷迪斯著 梅雷迪斯著, 管理团队-成败启示录》 械工业出版社,2000年 械工业出版社,2000年; ▲[英]R.梅雷迪斯,《未来的组织形式》,机械工业出版 ]R.梅雷迪斯 梅雷迪斯, 未来的组织形式》 2000年 社,2000年; ▲「美」赫尔曼.西蒙,《谁是全球最优秀的公司》,新 赫尔曼.西蒙, 谁是全球最优秀的公司》 华出版社,2001年 华出版社,2001年 ▲随堂下发有关中英文资料. 随堂下发有关中英文资料.
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导论:理解高技术创业管理涉及的问题
创业活动管理(机会辨识,项目选择,内部创 创业活动管理(机会辨识,项目选择,内部创 业还是独立创业,商业模式,创业计划研写, 业还是独立创业,商业模式,创业计划研写, 构建团队,资源整合-获取资金) 构建团队,资源整合-获取资金) 企业治理结构选择(组织形式,产权安排,内 企业治理结构选择(组织形式,产权安排,内 部激励) 新创企业运营管理(从创新到批量化产销,知 新创企业运营管理(从创新到批量化产销,知 识产权管理,营销与品牌管理,危机管理) 识产权管理,营销与品牌管理,危机管理) 新创企业成长管理(成长本质与途径,创业者 新创企业成长管理(成长本质与途径,创业者 的成长) 的成长)
每个小组走访一家高技术新创企业, 每个小组走访一家高技术新创企业,写调研报 有小组走访实况照片或录像为证), ),并在 告(有小组走访实况照片或录像为证),并在 课堂上汇报
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