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Effect of Venture Capitalists on the ChiNext IPO First-Day Return in China (중국 차이넥스트 시장의 벤처캐피탈이 IPO 첫날 수익률에 미치는 영향)

  • Kang, Kai;Ahialey, Joseph Kwaku;Kang, Ho-Jung
    • Management & Information Systems Review
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    • v.36 no.4
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    • pp.117-127
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    • 2017
  • In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

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Research on the influence of web celebrity live broadcast on consumer's purchase intention - Adjusting effect of web celebrity live broadcast contextualization

  • Zou, Ji-Kai;Guo, Han-Wen;Liu, Zi-Yang
    • Journal of the Korea Society of Computer and Information
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    • v.25 no.6
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    • pp.239-250
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    • 2020
  • The purpose of this paper is to explore the influence of the "contextualization" effect of web celebrity live broadcast on the e-commerce platform on consumers' perception of product value, risk and purchase intention. Live in this paper, using Taobao shopping consumers as the research object, the survey method, questionnaire survey is adopted, the form through the questionnaire and distributed network, a live in order to further validation of web celebrity effect of contextualized actual influence on consumer purchase intention, questionnaire design the Likert scale, seven and recycling questionnaire analysis using the statistical software SPSS 23.0 and AMOS 22.0 after processing the data. After determining the reliability and validity of the questionnaire, the exploratory factor analysis was used to verify the hypothesis and calculate the actual adjustment degree of the "contextualization" effect of web celebrity live broadcasting on consumers' purchase intention. The research results of this paper are summarized as follows :(1) consumers' perceived value of products can significantly positively affect their purchase intention, while perceived risk has a significantly negative impact on their purchase intention; (2) consumers' trust and purchase intention to products are regulated by the "contextualization" of web celebrity live broadcast. Specifically, for web celebrity live broadcasting with good "contextualization" effect, the perceived value of consumer products has a positive impact on product trust, which is higher than that of web celebrity live broadcasting with poor "contextualization" effect. In terms of resolving consumers' perceived risks to products, web celebrity live broadcast with good "contextualization" effect is also significantly better than web celebrity live broadcast with poor "contextualization" effect. Based on empirical analysis, this paper concludes that web celebrity live broadcasting will become a new breakthrough for the sustainable growth of the e-commerce industry, and puts forward Suggestions on the e-commerce marketing mode and the transformation of web celebrity live broadcasting industry.

Effect of Dietary Concentrate:forage Ratios and Undegraded Dietary Protein on Nitrogen Balance and Urinary Excretion of Purine Derivatives in Dorper×thin-tailed Han Crossbred Lambs

  • Ma, Tao;Deng, Kai-Dong;Tu, Yan;Jiang, Cheng-Gang;Zhang, Nai-Feng;Li, Yan-Ling;Si, Bing-Wen;Lou, Can;Diao, Qi-Yu
    • Asian-Australasian Journal of Animal Sciences
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    • v.27 no.2
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    • pp.161-168
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    • 2014
  • This study aimed to investigate dietary concentrate:forage ratios (C:F) and undegraded dietary protein (UDP) on nitrogen balance and urinary excretion of purine derivatives (PD) in lambs. Four Dorper${\times}$thin-tailed Han crossbred castrated lambs with $62.3{\pm}1.9$ kg body weight at 10 months of age were randomly assigned to four dietary treatments in a $2{\times}2$ factorial arrangement of two levels of C:F (40:60 and 60:40) and two levels of UDP (35% and 50% of CP), according to a complete $4{\times}4$ Latin-square design. Each experimental period lasted for 19 d. After a 7-d adaptation period, lambs were moved into individual metabolism crates for 12 d including 7 d of adaption and 5 d of metabolism trial. During the metabolism trial, total urine was collected for 24 h and spot urine samples were also collected at different times. Urinary PD was measured using a colorimetric method and creatinine was measured using an automated analyzer. Intake of dry matter (DM) (p<0.01) and organic matter (OM) (p<0.01) increased as the level of UDP decreased. Fecal N was not affected by dietary treatment (p>0.05) while urinary N increased as the level of UDP decreased (p<0.05), but decreased as dietary C:F increased (p<0.05). Nitrogen retention increased as dietary C:F increased (p<0.05). As dietary C:F increased, urinary excretion of PD increased (p<0.05), but was not affected by dietary UDP (p>0.05) or interaction between dietary treatments (p>0.05). Daily excretion of creatinine was not affected by dietary treatments (p<0.05), with an average value of $0.334{\times}0.005$ mmol/kg $BW^{0.75}$. A linear correlation was found between total PD excretion and PDC index ($R^2$ = 0.93). Concentrations of creatinine and PDC index in spot urine were unaffected by sampling time (p>0.05) and a good correlation was found between the PDC index (average value of three times) of spot urine and daily excretion of PD ($R^2$ = 0.88). These results suggest that for animals fed ad libitum, the PDC index in spot urine is effective to predict daily excretion of PD. In order to improve the accuracy of the spot sampling technique, an appropriate lag phase between the time of feeding and sampling should be determined so that the sampling time can coincide with the peak concentration of PD in the urine.

Role of NO in Activation of $NF{\kappa}B$ by PM2.5 in Lung Epithelial Cells (PM2.5로 자극한 폐상피세포의 $NF{\kappa}B$ 활성화에 NO의 역할)

  • Kim, Kyoung-Ah;Nam, Hae-Yun;Mun, Je-Hyeok;Jeong, Jin-Sook;Lim, Young;Kai, Hirofumi
    • Tuberculosis and Respiratory Diseases
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    • v.52 no.6
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    • pp.616-626
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    • 2002
  • Background : The present study was performed to further improve our understanding of molecular mechanisms involved in the activation of NFkB, a major transcriptional factor involved in the inflammatory response in the lung, by particulate matter in lung epithelial cells with an aerodynamic diameter of less than $2.5{\mu}m$(PM2.5). Materials and Methods : Immediate production of reactive oxygen species (ROS) and nitrogen species (RNS), with the PM2.5 induced expression of inducible nitric oxide synthase (iNOS), $I{\kappa}B$ degradation and $NF{\kappa}B$-dependent transcriptional activity, in 549 cells, were monitored. Addition, we also examined the effect of the iNOS inhibitor, L-N6-(1-iminoethyl) lysine hydrochloride (L-NIL), on the PM2.5-induced $NF{\kappa}B$ activation in A549 cells. Results : The rapid degradation of $I{\kappa}B$ and the increase of transcriptional activity of the $NF{\kappa}B$-dependent promotor were observed in A549 cells exposed to PM2.5. The immediate production of ROS in response to PM2.5 in A549 cells was not clearly detected, although immediate responses were observed in RAW264.7 cells. A 549 cells, cultured in the presence of PM2.5, produced an increase in NO, which was noticeably significant after 15 min of exposure with the expression of iNOS mRNA. The addition of L-NIL, an iNOS inhibitor, significantly inhibited the PM2.5-induced $I{\kappa}B$ degradation and the increase of the $NF{\kappa}B$-dependent transcriptional activity. Conclusion : These results suggest that PM2.5 stimulates the immediate production of RNS, leading to the activation of $NF{\kappa}B$ in the pulmonary epithelium.

Search for the Meaning of Social Support in Korean Society (Social Support의 한국적 의미)

  • 오가실;서미혜;이선옥;김정아;오경옥;정추자;김희순
    • Journal of Korean Academy of Nursing
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    • v.24 no.2
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    • pp.264-277
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    • 1994
  • In Korea the concept of social support was first used as a research concept in nursing and has not had much application in the clinical field. Another problem is that research on social support has used a direct translation of the words “social support” into Korean as “sawhejuk jiji”. Three questions were posed to direct the re-search. 1) Is there a concept of social support in Korean society? 2) if so, what words or expressions are used to de-scribe it? 3) further, if so, how is social support structured and how does it function? In order to answer the research questions a three-step research methodology was used : The first step consisted of a literature review on re-search related to social support and on information on the background of, and the way of thinking re-lated to interpersonal relations among Korean people. The second step, which was done to identify whether there is a concept of social support in korean society, involved interviewing a sample of the population. The third step involved a panel discussion that included the members of the research team and three consultants, a sociologist, a philosopher and a scholor in korean literature. A review of the literature on interpersonal relationships in traditional korean society identified a four cirole structure that explains interpersonal relationships. The first circle with “me” at the center is the family but here “me” disappears into the “we” that is essential for a cooperative agricultural society. In the second circle are those close to “me” but outside the family. The third circle includes those with whom “I ” have infrequent but regular contact and with whom correct conduct is important. The last circle is all the people with whom “I” have nothing in common. They are excluded in interpersonal relationships. The literature on interpersonal relationships showed that within the traditional Korean society people lived in villages where most people were very familiar with each other. “Yun”, the social network established the connection and “Jung”, the feeling of affection increased with time as the connection was strengthened. In the traditional village psychological support was provided through “Mallaniki”, “Pumashi” and “Kae” with the latter two also providing material support. In modern Korea there are more informal and formal social networks, like social services and community activities on the formal level and cultural and leisure groups along with “kae’s on the informal level. But even with this modern variety of groups, most social support comes from informal networks that resemble the traditiorlal “Pumashi”, “Kai” md “Mallaniki”. The six member research team interviewed 65 people in order to identify whether there is a concept of social support and then analysed their responses. There were 20 different words describing the reception of the social support and these could be grouped into seven major categories : virtuous, fortunate, helped, supported, blessed, attached(receiving affection) and receiving (grace) benevolence. there were 27 words describing the act of social support which could be categorized into seven major categories : love, looking after, affection(attachment), kindness(goodness), faith, psychological help and material help. for the meaning of social support translated as “sawhe juk jiji” there were a total of 14 different answers which could be categorized into 3 major categories : help, agreement, and faith. In third step, the results of the literature review and the answers to the questions were discussed in a pannel. The results of the discussion led to the following definition of social support in Korea which is shaped like a the four sided pyramid on a base. Social support is the apex of the pyramid and four sides are made up of : “do-oom” (both emotional and material help), “jung” (connectedness, or relationship bound by affection, regard or shared common experience ), “midum” (faith or belief in), “eunhae” (kindness or benevolence). The research team identified “Yun”( the basic network of relationships) as the base of the pyramid and as such the foundation for the components of social support in Korean culture. On “Yun” rest the other four components of social support : “Jung”, “Midum”, “Do-oom”, and “Eunhae”, For social support to take place there must be “Yun”. This is an important factor in social support. In private social network “Jung” is an essential factor in social support. But not in the public social network. “Yun” is a condition for “Jung” and “Jung” is the manifestation of support.

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An Investigation on the self-consciousness Symptoms of the Clerical Workers attendant upon Office Automation (사무 자동화에 따른 사무직 근로자의 건강과 연관된 자각 증상에 대한 조사연구)

  • Jung, Mi Wha
    • Korean Journal of Occupational Health Nursing
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    • v.3
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    • pp.54-70
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    • 1993
  • According as the automation of clerical work(OA ; Office Automation) develops, the use of VDT(Visual or Video Display Terminal) is increasing suddenly. But, in proportion to the spread of office automation(OA tendency), the self-conciousness syptom attendant upon the work is appearing also (Kim, Jung Tae, Lee, Young Ook, 1990). The apparatuses of office enable the clerical workers to be convenient and perform mass businesses. But, they are increasing the opportunity to be exposed to VDT syndrom, techno stress, computer terminal disease, pain by muscle strain(RSI), bradycausia of noise nature, and electromagnetic waves, etc. which are referred to as the new type of occupational diseases to the workers. It is the real situation that the workers to use VDT is complaining of the physical inconvenience sense in the recent newspaper and literature, it is the point of time that the sydrome to come from VDT use and computer terminal disease, etc. must be classified into the occupational disease(Lee, Kwang Young 1990, Lee, Kyoo Hak 1990, Lee, Won Ho 1991, Lee, Si Young 1991, Lee, Joon 1991, Choi, Young Tae 1991, Heo, Seung Ho 1989). In addition, it is the real situation that the scientifitic study result about the scope that electromagnetic waves has influence on the human body has not been suggested yet, and criticism on the stable exposure permission standard about electromagnetic waves to be emitted from VDT and on the problem in the health about electromagnetic waves is continuing. (IEEE Spectrum, 1990). In addition according to the experience of nursery business of industry field, it is the real situation that the patients who consult complaining of physical and mental inconvenience sence, among the users of apparatus of office automation, are reaching 10% of the patients coming to doctor's room. Therefore, it is necessary to confirm the self-consciousness symptom that the clerical workers complain of multilaterally with the actual state examination about the use of the apparatuses of offices automaton. Thus, this study was tried as th basic data for the cosultation and education for the maintenance and furtherance of the health of workers as the nurse of industry field, by confirming the contents of self-consciousness symptom attendant upon the use of the apparatus for office outomation making the financial institution in which the spparatus for office automation in most frequently used as the subject, and by examining whether there is the difference according to the subject of study, the data were collected, by using the questionnaire method, making 200 workers who consented to the study participation as the subject, among the persons who have spent over 3 months since they used the apparatuses for office automation and didn't receive the treatment in hospital due to the clerical disease for recent 3 years. The period of data collection was from Oct. 9, 1991 to Oct. 12. As for the measurement instrument about the complaint if self-consciousness symptom attendant upon the use of apparatuses fo office automation, the question item on the complaint symptom of health problem attendant upon the treatment of VDT that Kim(1991) developed and on CMI health problem and the question items on the fatigue degree due to industry were used by previous examination to 25 persons. Collected data were analyzed with the statistical method such as percentage, arithmetic mean, Person correlation coeffient, Kai square verfication, t-test, ANOVA, etc. by using SPSS/PC+ program, and the result is as follows : 1. The self-consciousness symptom that the clerical workers complained of most frequetly appeared high in 'My eyes are tired'(99.4%), 'I feel fatigue and weariness'(99.4%), 'I feel that my head is heavy5(90.0%), 'eyesight fell'(88.8%), 'I have a stiff neck'(88.8%), 'I fell pain in the shoulder'(85.0%), 'I feel cold and painful in the eyes'(76.9%), 'I feel the dry sense of eyeball'(76.2%), 'My nerves are edgy, and I an fretful, (75.6%), 'I feel pain in the waist'(73.2%) and 'I fell pain in the back'(72.8%). It emerged that the subject use the apparatuses for office automation complained of self-consciousness symptoms related to visual symptoms and musculoskeletal symptoms. 2. As for the general feature of examination subjects, the result to see the distribution by classifying into sex, age, school career, use career of apparatuses for office automation, skillfulness degree of the use of apparatus for office automation, use hours of the apparatuses for office automation per 1 day, type of business of the apparatus for office automation, rest hours during the use of apparatus for office automation, satifaction degree of business of office automation, and work circumstance, etc. emerged as follows : As for the sex of subjects, the distribution showed that men were 58.8% and women were 41.3%, Age was average 26.9. As the distribution of school career, the distribution showed that4below the graduation of high school' was 58.8%, 'graduation from junior college-university' was 35.0%, and 'over graduate school' was 6.3%. In the question to ask the existence or non-existence of experience of health consultation in connection with the work of office automation, the response that I had the consultation exprience and I feel the necessity emergerd as 90.1% And, the case that the subject who didn't wear the glasses or lens before using the OA apparatus wear glasses or lens after using OA apparatus emerged as 28.3% of whole. As for the existence or non-existence of use career of OA apparatus, the case under 3 years was highest as 52. 7%. As for the skillfulnness degree about the use of apparatus for office automation, most of them are skillful with the fact that 'common' was 44.4%, 'skill' was 42.5%, and 'unskillful' was 13.1% As for the use average hours of the apparatus for office automation per 1 day, the distribution showed that the case under 3-6 hours was 33.1%, the case under 6-9 hours was 28.1%, the case under 3 hours was 30.6%, and the case over 9 hours was 8.1% Main OA business and the use hours for 1 day showed in the order of keeping and retrieval, business of information transmission(162min), business of information transmission(79.3 min), business of document framing(55.5 min), and business of duplication and printing(25.4min). as for the rest during the use of apparatus for affice automation, that I take rest occasion demands the major portion, but that I take after completing the work emerged as 33.8%. Though the subiness gets to be convenient by the use of the apparatus for of office automation, respondents who showed the dissatisfaction about the present OA business emergd high as 78.1%. The work circumstances of each office was good with the fact that the temperature of office was 21.8, noise was average 42.7db, and the illumination was average 364.4 lx, in the light of ANSi/HFS 100 Standard. 3. Sight syptom, musculoskeletal symptom, skin and other symptoms showed the significant difference according to the extent of skillfulness of the apparatus for office automation. All the symptoms exept skin symptom showed the difference according to the use hours of the apparatus for office automation. All the question items exept the sytoms of digestive organs and the rest hours during the apparatus for office automation showed the signicant difference. The question item which showed the signicant difference from the satisfaction degree of present OA business showed the significant difference from all the question item classified into 6 groups. But, age and school career didn't significant difference from the complaint of any self-consciousness symptoms.

    . In conclusion, the self-consciousness symptoms of the subjects to use OA apparatus appeared differently, according to sex distiction, skillfull degree of OA apparatus, use hours of OA apparatus, the rest hours during th use of OA apparatus, and the satiafaction degree of persent business. Therefore, it is necessary that the nurse in the inuctry field must recognize to receive the education about the human technological physical condition which is most proper for te use of OA apparatus and about the proper rest method until they get accustomed to the use of OA apparatus. In addition, the simple exercise relax the tention of muscle due to the repetitive simple movement, and the education for the protection of eyesight are necessary.

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