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The purpose of this study is to examine the role of venture capital (VC) in supporting corporate growth and innovation through participation in private placements. While VC provides essential financial support to companies, it remains unclear whether this involvement serves a strategic investment role or a purely financial one. This study seeks to elucidate the role of VC by analyzing changes in the price discount of private placements following VC participation.

The authors take the private placement events of China A share listed companies from April 2005 to January 2023 as the sample, and examine the influence of VC subscriptions on price discount rate.

VC subscriptions to private placements increase information asymmetry, consequently raising the discount rate. This relationship is influenced by the transaction characteristics and information environment. Specifically, VC subscriptions further elevate the discount rate when VC are geographically dispersed from the issuers, possess industry expertise in the issuers’ sector, allocate raised funds for asset restructuring or non-digital investments and when the issuers are in their growth stages. Moreover, the positive correlation between VC subscriptions and the discount rate is more pronounced under conditions of lower internal control quality and weaker external media supervision. Higher discount rates in VC-subscribed private placements result in lower R&D investment and investment efficiency by the issuers, leading to larger-scale VC sell-offs and ultimately diminishing the market and financial performance of the issuers.

The issuers should diligently assess the behaviors and motives of VC and selectively choose issuance targets and methods to manage risks associated with price deviations in private placements. Additionally, this study recommends that regulatory authorities develop a more detailed regulatory framework that considers transaction characteristics and the information environment. This strategy should help optimize external regulatory measures like media coverage and protect the interests of small and medium-sized investors.

This study extends research on the “name chasing” motive and certification effect of VC in private placements, enriches the literature on the mechanisms forming discount rates and provides insights for refining regulatory policies on private placements.

The purpose of this paper is to determine: how much the residual curvature could be formed in sintered nano‐silver assembly when it is cooled to room temperature from the sintering temperature (normally 275°C); how the cyclic temperature load affects the residual curvature or stresses in sintered joint. Then the stress level and the reliability of sintered nano‐silver for high‐temperature applications can be understood.

5 mm * 2.5 mm silicon chip was bonded with 96 per cent Al₂O₃ substrate by sintering nanosilver paste. An optical system was developed to measure the curvature of the sintered assemblies. Reliability of the sintered assemblies was evaluated by temperature cycling of −40∼125°C. Finite element analysis was employed to simulate the behavior of the joint subjected to the temperature cycling from −40°C to 125°C by ANSYS. SEM images were taken to investigate the impact of temperature cycling on the reliability of sintered silver attachment.

This residual bending at room temperature was found concave towards the substrate (alumina) side. Also, with the bondline thickness increasing, the residual curvature decreases obviously. The severity of the residual bending in all the structures was mitigated to some extent with increasing number of cycles. There is no crack in the joint with the thickness of 25 μm. The drop of the residual curvature of the samples with bondline of 25 μm is caused mainly by stress relaxation in sintered silver before 300 cycles. Sample with thicker bondline is more susceptible to thermal cycling for the structure bonded with nanosilver than that with thinner bondline. The poor quality of bonding is due to the thicker sintered joint, which means that sintered nanosilver is not suitable for die‐attachment requiring thick bondline.

The paper describes: how a precise optical system was developed to measure the residual curvature of the sintered assemblies; how the evolution of the residual curvature of the sintered assembly with the temperature cycling was obtained by both experiment and simulation; and how microstructures of the sintered silver joint were analyzed for as‐sintered assembly and the sintered assembly after temperature cycling.

Scattered parts are laid randomly during the manufacturing process and have difficulty to recognize and manipulate. This study aims to complete the grasp of the scattered parts by a manipulator with a camera and learning method.

In this paper, a cascaded convolutional neural network (CNN) method for robotic grasping based on monocular vision and small data set of scattered parts is proposed. This method can be divided into three steps: object detection, monocular depth estimation and keypoint estimation. In the first stage, an object detection network is improved to effectively locate the candidate parts. Then, it contains a neural network structure and corresponding training method to learn and reason high-resolution input images to obtain depth estimation. The keypoint estimation in the third step is expressed as a cumulative form of multi-scale prediction from a network to use an red green blue depth (RGBD) map that is acquired from the object detection and depth map estimation. Finally, a grasping strategy is studied to achieve successful and continuous grasping. In the experiments, different workpieces are used to validate the proposed method. The best grasping success rate is more than 80%.

By using the CNN-based method to extract the key points of the scattered parts and calculating the possibility of grasp, the successful rate is increased.

This method and robotic systems can be used in picking and placing of most industrial automatic manufacturing or assembly processes.

Unlike standard parts, scattered parts are randomly laid and have difficulty recognizing and grasping for the robot. This study uses a cascaded CNN network to extract the keypoints of the scattered parts, which are also labeled with the possibility of successful grasping. Experiments are conducted to demonstrate the grasping of those scattered parts.

The purpose of this paper is to investigate the relationship between corporate governance mechanism and firm value of the listed companies in China. Does the better corporate governance lead to the higher firm value? Or does the higher firm value make it easy to choose a better governance mechanism? Or they affect each other? In other words, this paper tries to answer whether the corporate governance mechanism is only decided by institutional arrangement, or by market choice according to firm value or performance or by the interaction of institutional arrangement and market choice? It tries to answer whether institutional arrangement maximizes the firm value, or an invisible hand pushes them to arrive at its maximum.

This paper establishes an analytic framework of simultaneous equations based on causality, which includes five endogenous variables: ownership of larger shareholders, managerial ownership, director compensation, debt financing and firm value. It adopts 1,644 data samples from 274 Chinese listed companies in Shanghai and Shenzhen Stock Exchange during 2007- 2012 after the non-tradable shares reform. Ordinary least squares (OLS) estimation of single equation, 2SLS and 3SLS estimation of simultaneous equations are respectively done to show the differences of these three kinds of estimations.

The empirical results show that differences exist among OLS, 2SLS and 3SLS estimation. Finally, 3SLS estimation should be adopted because the OLS and 2SLS estimation are biased. There are endogenous relationships between corporate governance mechanism and firm value. Through the 3SLS estimation, it is found that first, ownership concentration and firm value affect each other positively. Second, managerial ownership and firm value affect each other positively; third, director compensation and firm value affect each other negatively, while director compensation and firm performance affect each other positively. Finally, debt financing level and firm value are negatively related to each other.

It means that ownership of large shareholders, managerial ownership, director compensation and debt financing in the Chinese listed companies are found to have a root in the interaction between institutional arrangement and market choice. It is also found that adverse selection occurs when creditors loan to the listed companies. Managerial compensation is positively related to accounting profit, but it is negatively related to firm value because managers increase profit due by earning management. This could only increase the accounting profits and obtain huge cash compensation, but not increase firm value and even harm the interests of shareholders.

This paper not only shows the difference between OLS and 2SLS estimation but also compares the estimation of 2SLS and 3SLS in terms of empirical methods. It gives answers to the following questions: whether the relationship is one-way causality or bilateral causality between ownership concentration, managerial ownership, director compensation and firm value; whether governance mechanism affects firm value by institutional arrangement, or market drives both of them to strike a balance by an invisible hand. In other words, does it make them arrive at equilibrium through the competitive selection process when shareholders, directors, managers and creditors attempt to maximize themselves of their interests?

This paper aims to use nano-silver paste to design a new bonding method for super-large-area direct-bonded-aluminum (DBA) plates. It compared several frequently used bonding methods and proved the feasibility of an optimized low-pressure-assisted double-layer-printed silver sintering technology for large-area bonding to increase the thermal conductivity of power electronic modules with high junction temperature, higher power density and higher reliability.

The bonding profile was optimized by using transparent glasses as substrates. Thus, the bonding qualities could be directly characterized by optical observation. After sintering, the bonded DBA samples were characterized by nondestructive X-ray computed tomography system, scanning electron microscopy equipped with an energy dispersive spectrometer. Finally, bonding stress evolution was characterized by shear tests.

Low-pressure-assisted large-area double-layer-printed bonding process consisting of six-step was successfully developed to bond DBA substrates with the size of 50.8 × 25.4 mm. The thickness of the sintered-silver bond-line was between 33  and 74 µm with the average porosity of 12.5 per cent. The distribution of shear strength along the length of DBA/DBA bonded sample was from 9.7  to 18.8 MPa, with average shear strength of 15.5 MPa. The typical fracture primarily propagated in the sintered-silver layer and partially along the Ni layer.

The bonding stress needs to be further improved. Meanwhile, the thermal and electrical properties are encouraged to test further.

If nano-silver paste can be used as thermal interfacial material for super-large-area bonding, the thermal performance will be improved.

The paper accelerated the use of nano-silver paste for super-large-area DBA bonding.

The proposed bonding method greatly decreased the bonding pressure.